Covid-19 has changed the perspective of masses towards life insurance policies. Cost of hospitalization could be quite high and in absence of a health cover it could become a huge financial burden. An affordable policy with a good cover is something which a common man would look for in a health insurance. Arogya Sanjeevani has been one such insurance policy that can be relied upon even by first timers.
Aarogya Sanjeevani Policy
The Insurance Regulatory and Development Authority of India (IRDAI) has mandated all health insurers to come up with the basic and standard health insurance policy for both individuals and families. It is a universal policy for general and health insurance companies in India with many benefits. It covers pre-hospitalization expenses incurred 30 days before the date of hospitalization as well as post hospitalization expensed incurred 60 days from date of discharge. Expenses such as bed charges, nursing charges, ICU and doctor’s consultation charges and so on are covered.
Type of plans: There are two types of plans under this policy-
1.Individual Plan: Only one policy holder is the beneficiary under this plan.
2.Family Floater Plan: The benefits can be availed of by the family members too under this plan. The policy holder can include dependents such as spouse, children, parents and parents-in-law in a single policy.
The minimum entry age is 18 years, and the maximum is 65 years, dependent children between the age of 3 months and 25 years will be covered. A financially independent child of above 18 years shall not be covered in subsequent coverage.
Aarogya Sanjeevani provides coverage from Rs.50,000 to Rs.10 lakh from May 1st which was limited up to Rs.5 lakhs before. The maximum amount could be opted for the entire family plan. Further it has an option for a top up where you can extend the policy to a higher amount.
It offers corona insurance protection and pays for any expenses incurred on hospitalization due to contracting corona virus illness.
It includes hospitalization expenses incurred on obtaining alternative treatments such as Ayurveda, Homeopathy, Siddha etc. at an approved hospital.
Treatment cost of catract surgery are allowed only up to 25% of the sum insured or Rs.40,000 whichever is lower. The sub limit for modern treatment methods and advancements in techonology are upto 50% of the sum insured.
All daycare treatment expenses are covered for medical and surgical treatments under general or local anesthesia in a hospital or daycare center in less than 24 hours due to technological advancements which otherwise could have taken more than 24 hours.
Since the terms are standardized, it is a perfect fit for those who are looking for an affordable plan with very less knowledge of health insurance policies. Additionally, in an event where you are covered under the corporate health insurance plan, but if the job gets terminated or you get retired, you stop getting benefits by its coverage. It is suggestible to buy this policy as comes with lifetime renewability and you can protect your health coverage in addition to the corporate plan.
Premium can be paid by a policyholder on a yearly, half-yearly, quarterly and monthly basis. A fixed 30-day grace period is allowed for the yearly mode of payment. And a 15-day grace period for all other modes of payment.
Factors to be considered before you choose Aarogya Sanjeevani Policy:
Though Aarogya Sanjeevani comes with many apparent benefits for masses, it contains a room rent limit of 2% and a Co-payment of 5% on sum insured. So, when compared to other policies which do not have any limit on room rent or any copayment clause, this policy clearly shows a probability of out-of-pocket expense when need arises. you have to resort to add-ons if you want to include specific benefits or exemptions for maternity, diabetes and other critical illnesses.