Arogya Sanjeevani policy is a standardised health product, designed by the Insurance Regulatory and Development Authority of India (IRDAI). The policy aims at making health insurance more affordable and accessible thus, offering pocket-friendly premiums with all basic benefits included. All registered health insurance companies are required to offer the Arogya Sanjeevani plan from 01st April 2020. You can visit the official website of IRDAI for further details.
The sum insured in an Arogya Sanjeevani policy starts at ₹50,000 and goes all the way up to ₹10 lakhs in a stepped fashion of ₹50,000. The eligibility of the Arogya Sanjeevani health plan is for all individuals between the age group of 18 to 65, both inclusive. Further, the policy also allows to add three dependents. Further, it is also allowed to add children as dependents below the age of 18 along with spouse, parents, and in-laws. This health insurance policy has a lifetime renewability. * Standard T&C Apply
Should you consider buying the Arogya Sanjeevani cover?
Financial experts are of the opinion that such policy is a good entry product as it offers adequate coverage. However, considering the medical inflation levels, a coverage of ₹10 lakhs in some cases might be inadequate, especially when one of the beneficiaries has pre-existing diseases. The affordable price tag for such insurance policy provides a pocket-friendly way to seek health insurance coverage. Also, such Arogya Sanjeevani plan has a 5% co-pay requirement which otherwise is not required for fully loaded insurance policies.
In addition, the regulator, Insurance Regulatory and Development Authority of India (IRDA) has mandated a 5% increase in sum assured as the cumulative bonus for Arogya Sanjeevani plans. this ensures that the coverage amount increases for each year without any insurance claims. But the maximum cumulative benefit that you can get is capped at 50%. You can visit the official website of IRDAI for further details.
Considering the above pointers, if you are new in the insurance world, i.e., a first-time buyer, it is a good starting point considering the affordable premium along with a wide insurance coverage. Moreover, the terms for such policy are standard across insurance companies considering it is one of the standard insurance products mandated by IRDAI. Thus, migrating to a different insurance company is an ease. Some experts also recommend the Arogya Sanjeevani plan for someone who is working and has no dependents while being single. If need be, such Arogya Sanjeevani plan can also be bought for your family. Thus, is not only available as an individual cover, but also by way of a family floater health insurance.
* Standard T&C Apply
What are key benefits of the Arogya Sanjeevani policy?
- Affordability: Being a standard insurance product, the policy is designed to be affordable for the masses and hence the premiums are priced competitively to be lower than that of a regular health insurance plan.
- Cashless hospitalisation: The Arogya Sanjeevani plan also offers cashless health insurance enabling you to opt for cashless facility whenever available.
- Instalment option for payment: Insurance companies also provide flexible payment options for payment of premium in Arogya Sanjeevani policy which can be either annual, half-yearly, quarterly and even monthly.
- Lower co-payment: While the co-payments are set at 5%, it helps keep the out-of-pocket expenses to a limited level.
* Standard T&C Apply
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.