The Arogya Sanjivani Policy was launched in view of the havoc of Coronavirus in the country. A circular in this regard was issued by the insurance regulator Irdai on 2 January. In this, he was directed to offer a standard product to the health and general insurance companies. Now a minimum of 50 thousand rupees and more than 5 lakh rupees will be covered under this. The IRDA has asked insurance companies to relaunch their policies with changes.
This policy aims to make health insurance easier and standard so that more people can buy it. Under this, general and health insurance companies were asked to compulsorily offer a product with a maximum of Rs 5 lakh and a minimum of Rs 1 lakh for basic health needs.
The Aarogya Sanjeevani policy covers hospitalization expenses such as cataracts with lower limits, dental treatment, plastic surgery required due to illness or accident, all types of daycare treatment and ambulance expenses.
Expenses for hospitalization for treatment under AYUSH, expenses of up to 30 days before hospitalization, and up to 60 days after discharge from the hospital will also be covered.
The IRDA said that the insurance amount (excluding bonus) will be increased by 5% for every year if no claim is made. The policy will be renewed without a break.
Aarogya Sanjeevani is one of the most affordable health insurance schemes in the world, but it also has a 5% co-pay and 2% sub-limit on room rent. This means that you will have to pay 5% of the claim amount.
The policy covers room, boarding, and nursing expenses but only up to 2 percent of the sum insured. The maximum expenditure per day is 5 thousand rupees. Experts say that due to the limit of Rs 5 lakh, this policy was not able to meet the needs of the policyholders.
Today the treatment has become very expensive and in view of this, there was a need to increase its cover. In view of this, the IRDA has taken this decision. With this in mind, policyholders will now be able to cover a higher amount at an affordable rate.
Treatment of coronas in private hospitals is beyond the reach of the common man. This is because of the expensive treatment costs. Many hospitals have put a rate list of COVID treatments on their banner.
Many hospitals are charging 25 to 72 thousand rupees daily. In such a situation, if a person stays for 6-7 days, then the cover of Rs 5 lakh will be settled in this amount.
The Aarogya Sanjeevani Policy was launched on 1 April 2020. It covers the basic medical needs of policyholders. As per IRDA instructions, portability is provided to the insured in the Arogya Policy.
The health insurance plan comes with a period of one year. However, this policy can be renewed throughout its life. Under the health insurance plan, premiums have been kept the same throughout the country.
For the annual premium payment mode, there will be a 30-day grace period. For other modes of payment, 15 days will be available as a grace period.
In the basic plan of the Arogya policy, you get cover from one lakh to five lakh rupees. A premium of 4000 to 7000 rupees has to be paid annually according to age.
In addition, this policy can be purchased as an individual or family floater plan, which includes spouses, children, parents, and in-laws. The term of this policy, which has the facility to renew, is one year, while 5% to 50% can avail the No Claim Bonus. From 4 thousand to seven thousand premium payments, cover up to five lakhs.
Individuals between the ages of 18 years and 65 years can buy this policy. Treatment of corona has also been included in the cover of this policy so that those taking this policy do not have to take corona cover separately.
After the issuance of guidelines by IRDA, not all insurance companies have to change the standard terms and conditions of this policy. They can name this policy as per their convenience but it is necessary to put Arogya Sanjeevani in it.
The best part of this policy is that you can pay it's premium monthly, quarterly, half-yearly, or annually. It can also cover in-laws with their parents. Experts say the policy is 20 to 50 percent cheaper than basic health insurance plans. In this, the cover is being given to many such diseases that are not present in the existing policies.
