The Life Insurance Corporation of India or LIC introduced a benefit-based health insurance policy, Arogya Rakshak, on July 19. The policy is unrelated, non-participating, regular premium individual health insurance.
According to LIC, “The Arogya Rakshak policy provides fixed benefit health insurance coverage against certain specified health risks and provides timely assistance in the event of a medical emergency and helps the insured and their family to remain financially independent. in difficult times. “
Arogya Rakshak policy is different from regular comprehensive health insurance in terms of reimbursement method. As a general rule, multi-risk policies reimburse the actual costs incurred by the medical treatment, up to the limit of the sum insured.
On the other hand, the Arogya Rakshak policy pays a lump sum compensation equal to the sum insured regardless of the actual costs of medical treatment.
Individuals can insure (as the primary insured), their spouse, all their children and their parents under a single policy.
The policy is available to primary insureds / spouse / parents aged 18-65 and children aged 91 days to 20 years.
The period of coverage available for the primary insured / spouse / parents can be up to 80 years, while it is only available for children up to 25 years.
Some of the benefits of the policy are listed below
â¢ Flexible benefit limit of your choice
â¢ Flexible premium payment options
â¢ Valuable financial protection is available in the event of hospitalization, surgery, etc.
â¢ Lump sum compensation regardless of actual medical costs
â¢ Increase in health coverage through Auto Step-up Benefit and No Claim Benefit.
â¢ Suppose more than one member is covered by a policy. In this case, a waiver of premiums for the other insureds is available in the event of the unfortunate death of the main insured, that is to say of the policyholder at the origin of the contract.
â¢ Premium waiver guarantee for one year for any insured undergoing surgery under Category I or Category II for certain major surgical benefits.
â¢ Ambulance installation, health check-up service available
In addition, optional endorsements such as a new term insurance rider and an accident benefit rider are available as part of the policy.
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