Arogya Sanjeevani Policy For Your Insurance Needs
Feb 15, 2022

All About Arogya Sanjeevani Policy for Your Health Insurance Needs

There has been steep inflation for medical treatment in recent times. This rise is owing to the medical developments and they are definitely not cheap. Also, health insurance coverage is no luxury in the present day and age, and hence, it is imperative to have a backup for your medical needs. With a plethora of insurance plans to choose from, it can be a daunting task shortlisting a plan and then following it up with a purchase. Considering the importance of health insurance and the complexities involved in selecting a policy, the regulator, the Insurance Regulatory and Development Authority of India (IRDAI), has made it mandatory for all general and health insurance companies to mandatorily offer the Arogya Sanjeevani policy from 1st April 2020. This policy aims to make affordable medical insurance available to the masses and hence, is a standardized insurance product offered by health insurance companies. Being a standardized insurance product, its features across different insurance companies are the same. This article describes why you must consider the Arogya Sanjeevani policy for your health insurance requirements.  

Reasons to contemplate buying the Arogya Sanjeevani policy

Arogya Sanjeevani policy, which is a homogenous health insurance plan, has the following noteworthy features -
  • The sum insured of the Arogya Sanjeevani plan starts at a nominal coverage of ₹50,000 and goes all the way to ₹10 lakhs in multiples of ₹50,000. Thus, even if you are a little tight on your budget, you have policy coverage to choose from.
  • All Arogya Sanjeevani plans have a free-look period, which means the policy can be cancelled within a period of 15 days of purchase in case of unsatisfactory insurance coverage.
  • Like other insurance plans, the Arogya Sanjeevani policy offers deduction under section 80D of the Income Tax Act for any premiums paid. However, you must note that the quantum of such a deduction is subject to prevalent tax laws.
  • Such a policy can not only be purchased for individual coverage but also as a family floater policy. This way, you can ensure your entire family is covered within the policy’s scope.
  • Pre/post-hospitalisation cover is available under the plan for a period of 30 days and 60 days, respectively.
  • Alternative forms of treatments like AYUSH (Ayurveda, Yoga, Unani, Siddha and Homeopathy) are also covered by the policy.
  • In addition to the hospitalisation cover, Arogya Sanjeevani policy also includes coverage for day-care treatments. Thus, any medical procedures that do not require hospitalisation for a period of more than 24 hours are also covered by the insurance company.
  • Further, the policy does not require a medical check-up for a policyholder without any underlying medical conditions up to 55 years.
  • The Arogya Sanjeevani policy also has a cumulative bonus of 5% for every year when no claims are made. Such a cumulative bonus ensures that your sum insured increases each claim-free period subject to a maximum of 50%.
  • The cashless claims facility in the Arogya Sanjeevani policy also enables hassle-free treatment without the requirement to pay upfront for expensive repair costs.
  • Lastly, it also offers lifetime renewability to ensure health insurance coverage throughout your life.
*Standard T&C Apply   Considering the above listed benefits, an Arogya Sanjeevani policy is a worthy contender against other insurance products. Financial experts believe that such a policy is an excellent entry point for new buyers of health insurance to secure a comprehensive treatment at an affordable cost. Also, remember to make use of a health insurance premium calculator to know the premiums based on the choice of your insurance coverage. 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.  

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