There is steady rise in the medical inflation each year. This steep increase has made it difficult for people to keep up in having a corpus in case of emergencies to treat such medical emergencies. This is when a health insurance policy comes to the rescue. Health insurance plans help to provide a financial backing to manage the soaring treatment costs. However, there are reasons like high premiums which keep many people away from buying one. Identifying this need, the regulator, Insurance Regulatory and Development Authority of India (IRDAI), has introduced the Arogya Sanjeevani policy from 1st April 2020.
The primary purpose of the Arogya Sanjeevani policy is to ensure affordable health insurance cover is available to all. From the various types of health insurance plans available, the Arogya Sanjeevani policy is a standard health insurance product offered by all health insurance companies. Since this policy is regulated by IRDAI, the features are similar across all insurers.
How does Arogya Sanjeevani policy address the need for a basic health policy?
Arogya Sanjeevani policy is a homogenous health insurance cover introduced by the regulator that has the following key features –
- With sum assured starting from ₹50,000 going all the way up to ₹10 lakhs, in multiples of ₹50,000, there is a policy for every type of budget.
- All Arogya Sanjeevani plans have a freelook period where the policy can be cancelled withing 15 days of purchasing in case there isn’t satisfactory coverage.
- Any premium paid towards these plans qualify for deduction in Section 80D of the Income Tax Act thereby lowering the tax liability.
- Generally, insurance companies require a medical check-up based on which the premium is determined when issuing coverage. Under this policy, no such medical check-up is required for policyholders up to 55 years having no underlying conditions.
- Arogya Sanjeevani policy offers the facility of lifetime renewability thereby ensuring coverage throughout your entire life.
- The facility of cumulative bonus ensures a higher sum assured for ever claim-free policy tenures.
- Cashless health insurance is also a highlight feature of this policy that ensures hassle-free treatment and its settlement.
- In addition to standard treatments, it also covers AYUSH treatments thereby expanding the scope of medical procedures for which coverage is offered.
How Does Arogya Sanjeevani Health Insurance Help Tackle Medical Inflation?
Developments in medical technology help to ensure more and more ailments can now be treated. However, the expenses for these treatments are steep and generally expensive. It often can result in draining your hard-earned savings. With a health insurance like the Arogya Sanjeevani policy, it covers the cost of hospitalisation and other treatment expenses thereby offering several benefits. Since the coverage is available even for a small sum insured, people with limited means can also have some form of medical insurance for them. It helps elevate the financial stress leaving you one less thing to worry about during times of medical exigencies.
Thus, with the help of a policy like Arogya Sanjeevani plan, everyone can have access to health insurance helping them secure their finances. 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.