As per a report published by NITI Aayog, almost 40 crores Indians do not have any health insurance plan. It also means nearly 30% of the Indian population is devoid of any financial cushions against health-related expenditure.
The Government of India thus launched the Arogya Sanjeevani policy to bridge the gap between quality health care and its affordability.
What is the Arogya Sanjeevani Health Insurance Policy?
Arogya Sanjeevani policy is a standard, basic health insurance plan offered by all health insurers in India mandatorily. Although the benefits of this insurance plan are almost the same, you will see minor variations across insurers. Arogya Sanjeevani is a budget-friendly health insurance policy that works as the most affordable policy for all.
It is primarily an indemnity-based insurance plan wherein the sum insured ranges from Rs.50,000 to Rs.10 lakh. The beneficiaries can choose as per their needs. This particular health insurance plan is available both as individual and floater type.
Who is eligible?
People aged from 18 years to 65 years are eligible for the Arogya Sanjeevani policy. Additionally, children from 3 months to 25 years are also eligible for this insurance plan.
Note that if a child is above 18 years and financially independent, he/she cannot be covered with this policy.
Top Reasons to buy Arogya Sanjeevani Health Insurance Policy
Though Arogya Sanjeevani comes with an affordable premium it does not compromise with the benefits it offers. For the premium paid, this insurance provides just the right coverages. Here is a list of reasons to buy an Arogya Sanjeevani health insurance policy.
- Insurance premiums are affordable
The premium for the Arogya Sanjeevani policy depends primarily on the age group one falls under. Nevertheless, this plan accompanies the most affordable premium. One can pay premiums monthly, quarterly, half-yearly, and annually.
Note that for yearly premium payment, a grace period of 30 days is permissible. For other payment options, the fixed grace period is 15 days.
- Covers Covid-19 coverage
Unlike most health insurance plans, Arogya Sanjeevani policy covers the insured against COVID-19 treatment expenses, besides other illnesses.
Note that, to raise a claim under this insurance plan, insured individuals must be hospitalised for at least 24 hours.
- Extensive policy coverage and benefits
This health insurance plan launched by IRDAI offers extensive financial coverage as follow:
- Hospitalisation expenses, including hospital stay, operation costs, medicines, doctor charges). The pre and post hospitalisation benefits are available for 30 days before and 60 days after the hospitalisation.
- 5% Cumulative Bonus on the sum insured for every claim-free year.
- Room rent benefits are available up to 2% of the sum insured or a maximum of Rs.5000 per day.
- The ICU expenses are covered up to 5% of the sum insured with a maximum limit of Rs.10,000 per day.
- For every hospitalisation, ambulance charges are available with a cap of Rs.2,000.
- It also covers Daycare expenses
- Treatment costs towards cataract operations are also covered up to 25% of the sum insured or Rs.40,000.
Note that any claim under this health insurance plan mandates a copayment of 5% on the claim amount.
- Covers medical costs for AYUSH treatment (New Age Treatments)
Often elderly prefer alternative treatments like AYUSH. Fortunately, this health insurance plan covers the cost of treatments if done at certified hospitals or health facilities for Unani, Ayurveda, Siddha, and Homeopathy.
Under Arogya Sanjeevani policy, up to 50% of the sum assured is available for new-age treatment procedures. It includes the following:
- Oral Chemotherapy
- Balloon Sinuplasty
- Stereotactic radio surgeries
- IONM: Intra Operative Neuro Monitoring, Bronchial Thermoplasty
- Robotic surgeries
- Uterine Artery Embolization and HIFU (High intensity focused ultrasound)
- Deep Brain stimulation
- Stem cell therapy
The list of treatments may vary from insurer to insurer.
- Avail tax benefits
In an era where healthcare expenses are significantly high, an ideal health insurance cover not only provides financial security in cases of emergencies, but medical insurance tax benefits are also applicable under Arogya Sanjeevani health insurance plan.
There are provisions under which taxpayers can claim tax exemptions. Under section 80D of the Income Tax Act, amounts up to Rs.25,000 are exempt from taxable income. However, it is applicable only to insured individuals below 60 years of age.
Also, if your parents are senior citizens and are beneficiaries of this insurance policy, you are eligible for a deduction of Rs.50,000 in a financial year, and that brings your deduction to up to Rs.75,000.
- Speedy approvals for your claims
From purchasing this health insurance plan to raising a claim, everything can be done digitally with a leading insurance company. For more convenience, check the claim settlement ratio of the chosen insurer.
- Receive cashless medical care at your nearby hospital
Insured citizens can benefit from cashless treatments at more than 6400+ network hospitals in India or claim for reimbursement, depending on the actuals of this plan. All you have to do is display your e-health card at the hospital help desk and request a cashless claim. In case you are good to go, you can enjoy swift claim processing then and there. During times of health emergencies, such facilities can be extremely beneficial.
- Choose a sum insured that you are comfortable with
You can choose a customised sum insured as per your requirements. However, there is a cap of Rs.10 lakh on the sum insured. It helps avoid paying expensive premiums. Therefore, based on your requirement and convenience, you can get a suitable sum insured and stay financially protected in case of emergencies.
- Lifetime renewability
This particular health insurance plan accompanies lifelong renewability features for eligible citizens. Therefore, one gets the opportunity to reap the benefits of this policy as long as he/she lives. However, you need to renew it every year on time. Also, note that the entry-level of purchase for this policy is limited to those aged between 18 and 65 years. So, once you buy this policy, you’re good to go for lifetime renewals.
These are the key reasons why you should buy the Arogya Sanjeevani policy and leverage the customised additional benefits offered by the chosen insurer. Keep yourself and your family financially protected against any expensive health treatment against an affordable premium.