Medical inflation has witnessed a steep rise since more than a couple of decades. The development in medical technology that makes it possible to treat ailments that were once fatal is one among the many reasons that are pushing the premiums northwards. That being said, health insurance is no luxury in today’s day and age. It is a must-have coverage for every individual, right from birth. The regulator, Insurance Regulatory and Development Authority of India (IRDAI), identified this need and thus introduced the Arogya Sanjeevani policy from 1st April 2020.
The principal objective of this health cover is to ensure affordable health insurance policy is available thereby making health insurance plans accessible to people all income strata. IRDAI is the regulator of such Arogya Sanjeevani policy and thus all health insurance companies with a valid license are required to offer this product. Moreover, this is a standardised policy and thus its features are similar across the board.
Features of the Arogya Sanjeevani policy
The homogenous health insurance policy, Arogya Sanjeevani, introduced by the regulator that has the following key features –
- Arogya Sanjeevani policy has sum insured from a sum of ₹50,000 to all the way up to ₹10 lakhs, in multiples of ₹50,000. Thus, a policy is available for every budget.
- There is a freelook period to all Arogya Sanjeevani plans. This feature allows a policy to be cancelled within 15 days of purchase in case of unsatisfactory coverage.
- Premiums paid under this policy qualify for a deduction in your income tax computation under Section 80D. However, these tax benefits are subject to change in prevalent tax laws.
- Arogya Sanjeevani policy is not only available as an individual cover, but also as family floater health insurance. Thus, coverage for the entire family can be ensured under the Arogya Sanjeevani policy.
- Arogya Sanjeevani plans do not require a medical checking for policyholders up to 55 years of age having no underlying conditions. The same is not the case for other types of policies.
- This policy also offers lifetime renewability to ensure continued coverage for all your life.
- Moreover, it also has the cumulative bonus feature that increases the sum assured for every claim-free policy tenure.
- Cashless claims can also be made under this policy thereby ensuring hassle-free treatment without the need to pay first for the expensive treatment costs.
- In addition to standard treatments, Arogya Sanjeevani plan covers AYUSH treatments which expand the scope of medical procedures for which coverage is offered.
* Standard T&C Apply
So, when it comes to deciding whether you should consider buying this policy, there are contrasting opinions. Some financial experts believe that this policy is an excellent entry point to ensure some level of financial coverage for treatment. Also, the customisation offered in the sum insured makes it suitable for people of different income groups. On the other hand, some believe that the coverage may prove to be insufficient.
Since the policy is affordable, it makes health insurance accessible to all. In addition, features like cumulative bonus benefit young buyers of this plan to ensure medical cover for themselves and their families. Before you finalise a policy, make sure to understand what is health insurance and the different features it offers. Also, keep in mind that insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.