What are the pros and cons of the Arogya Sanjeevani policy?

Posted on: Mar 3, 2021 | | Written by:

What are the pros and cons of the Arogya Sanjeevani policy?

The novel coronavirus pandemic has changed our priorities in life and taught us many lessons. One important lesson learnt is to prioritise health and take the right steps for the well-being of your loved ones. Apart from following healthy lifestyle habits, make sure you take a health plan that covers you and your loved ones.

Considering a sharp increase in healthcare costs, the complexity of healthcare covers, and high premium rates, the IRDAI (Insurance Regulatory and Development Authority of India) has introduced the ArogyaSanjeevani policy. This simple and affordable health insurance product was launched on April 1, 2020.

About Arogya Sanjeevani Health Insurance Policy

ArogyaSanjeevani is a standard health insurance policy provided by all general insurance providers across the country. It offers basic health insurance of INR 1 lakh to 5 lakhs and covers hospitalisation expenses, daycare procedures, COVID-19 treatment, AYUSH treatment, and more. This all-in-one plan helps you avail of quality and timely treatment without worrying about financial contingencies. It has no add-ons or complicated terms that often prevent people from buying a health plan.

The two plans available through this health insurance policy are

Individual Plan: Only one person or the policyholder is the beneficiary of this plan.
Family Floater Plan: This plan is suitable for the entire family. In this, multiple family members of the policyholder can be the beneficiaries.

Pros of ArogyaSanjeevani

Simplicity: This health plan has standard features and uniform coverage. It has some fixed terms and conditions that are easy to understand. This clarity makes policy purchase and claim filing process a breeze.
Comprehensive coverage: The plan offers wide coverage to policyholders. It covers hospitalisation expenses, AYUSH treatment, cataract surgeries, and dental treatment. What’s more, the plan includes pre and post hospitalisation expenses, daycare procedures, and road ambulance charges as well. Hence, this holistic health plan offers financial protection against different types of medical expenses.
No-claim bonus: If you do not make any claims during the policy term, you will get a 5%no-claim bonus for health insurance. This bonus is offered as a discount on your policy premium. If the bonus accumulates over multiple years, you may be entitled to a discount of up to 50%.
Affordable: ArogyaSanjeevani health plan provides limited coverage at affordable premium rates. Hence, this reasonably priced policy helps you access quality healthcare for yourself and your loved ones.
Flexibility: This is an important and distinct benefit of the policy. It allows you to pay the premium at flexible instalments.Also, you can extend the policy coverage to different family relations, such as in-laws.
Renewability: The ArogyaSanjeevani health plan is valid for one year. After policy term completion, you may either pay the premium and renew it or discontinue the plan.

Cons of ArogyaSanjeevani

Low sum insured: Considering the increasing cost of healthcare facilities in the country, especially in the metro cities, the sum insured of 1 lakh to 5 lakhs may be inadequate for certain conditions.
Limited coverage: The health plan has some limitations when you file a claim for cataract surgeries and other modern treatments. It covers 25% of the sum insured or INR 40,000 for the cataract surgery on one eye. For modern treatments, the policy covers up to 50% of the sum insured.
No riders: ArogyaSanjeevani has no riders or add-on covers. Hence, there is no scope for policyholders to expand their policy coverage.

ArogyaSanjeevani – Inclusions and Exclusions

Inclusions:

Hospitalisation expenses
Pre-hospitalisation expenses
Post-hospitalisation expenses
Daycare procedure
Cataract surgery
Dental treatment
AYUSH treatment
Road ambulance cover

Exclusions:

Self-inflicted injuries
Adventure sports injuries
War-related injuries
Injuries related to participation in defence operations
STD treatment
Obesity treatment
Cosmetic surgeries

These are the main inclusions and exclusions of the ArogyaSanjeevani health plan. However, make sure you check the policy documents thoroughly before taking the insurance cover.

Conclusion:

India is braving the novel coronavirus outbreak and the need for affordable health insurance has gained prominence during this period. This makes ArogyaSanjeevani a preferred option among many, especially the middle-income group. However, if you are looking for varied sum insured options, you can opt for the holistic Lifeline Health Insurance plan. Take a suitable health insurance plan today and prevent the ever-increasing healthcare expenses from burning your savings.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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