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What is Arogya Sanjeevani Policy? Research Team | Posted On Saturday, January 04,2020, 04:15 PM

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What is Arogya Sanjeevani Policy?



The increasing number of insurance companies at every nook and corner, along with their online policies can be confusing to common people.  When it comes to health insurance, the situation is more disappointing as it is a mandatory insurance policy everyone looks forward to. Customers are facing the dilemma of a vast number of policies offered, each having a distinctive set of features.

So, in order to resolve this issue, the Insurance Regulatory and Development Authority of India (IRDA) had come up with a standard health insurance policy on January 2nd, 2020, which is the first of its kind. This is called "Arogya sanjeevani".

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What is Arogya Sanjeevani Policy?

IRDA declared that this policy will be known by no other name but "arogya sanjeevani"  followed by the insurance company's name. This will give better clarity to the policy customers. No other name can be used in any of the documents as well. Every insurance company (standalone and general) must offer the arogya sanjeevani policy.

The policy is expected to cover 22 diseases. Waiting time varies depending on the treatment required. This can range from 24 to 48 months. Depending on the coverage, along with IRDA guidelines, the pricing of the policy will be decided by the insurance companies. They are expected to be economical, as the policy is introduced with the objective of ensuring the easy availability of health insurance policies.

The minimum age to avail the policy is 18 years and it can be renewed across your life. There is no age cap. The policy term is for one year. Also, this policy must not be combined with other benefits covers or critical illness covers.

See Also: The A - Z of Health Insurance

The compulsory covers under the arogya sanjeevani policy include the following:

  • Hospitalization expenses.
  • Necessary Dental treatment and plastic surgery due to diseases or injury.
  • Cataract treatment (with sub-limits).
  •  On-road ambulance and daycare expenses with a maximum limit of Rs 2,000 for every single hospitalization
  • Pre-hospitalization expenses (30 days prior to day of hospitalization)
  • Post-hospitalization expenses (60 days after the date of discharge)
  • Expenses on AYUSH treatment(AYUSH stands for Ayurveda, yoga & naturopathy, Unani, Siddha and homeopathy)

Arogya Sanjeevani policy aims to cover the basic health needs of the customers irrespective of their age. Most of the current health insurance policies in India have an age limit of 60 years. In some cases, this might go up to 80 years. However, in arogya sanjeevani, there is no age limit and you can claim the benefits for a lifetime. It will require a yearly renewal.

Another highlight of this policy is that it offers a 5% increase on the sum insured if a claim is not made for a year. This increment happens each year. Even if you do not get the benefits of your policy during a particular year, a portion of it gets carried over to the next year. Cumulative bonus is offered by most of the health insurance plans. But in this case, the increment is on the sum insured exclusively of bonus. However, this is subject to conditions. Arogya Sanjeevani policy will be implemented from April 1st, 2020.

See Also: Health Insurance Importance and Features

To understand how beneficial this policy is; let's take a look at the drawbacks of a normal health insurance plan in India:

 Waiting Period:  Waiting period is nothing but the time period after which the insured begins to get the benefits of a health insurance plan. The waiting period is for pre-existing diseases, for newborn babies and much more. Now, the important fact here is that, the waiting period for pre-existing diseases are the maximum. We all take health insurance policies to reduce the burden of hospital charges, and nobody looks forward to getting a new disease/illness in order to make a claim. Makes sense? This pretty much sums up, why health insurance policies are absurd.

  • limit:  As we get older, the frequency of hospital visits also increases. It could be in the later years of life that medical assistance would be required the most. But most of the health insurance policies have age limit. The maximum age limit is 60 years in most health insurance policies, which means you need to have a retirement plan to take care of your medical expenses in the 60s.
  • Each health insurance plan is different. Affordable health insurance plans cover a few diseases. In most cases, not even basic needs are covered.
  • Health insurance policies are costly! If you wish to avail of a policy with decent coverage, you will have to pay higher premiums. Even after this, if you are stuck with a disease not covered in the plan, the claim will not be settled. This means financial security is not assured even after subscribing to a particular health insurance policy.

See Also: Upgrade Your Health Insurance

Arogya Sanjeevani is a well-crafted health insurance policy initiated by IRDA that looks forward to solving all these shortcomings to ensure a standard health insurance policy is available to each person.

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