*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
The entire world has been caught in the grasp of the coronavirus disease. The pandemic has infected millions of people worldwide and has turned the phrase ‘survival of the fittest’ true, quite literally. While India is also braving the outbreak of COVID-19, the focus has shifted on availability and affordability of healthcare facilities in the country. The need for health insurance has gained some prominence amidst the pandemic scare making people wonder if Arogya Sanjeevani health insurance is the ideal policy for them.
Arogya Sanjeevani is the latest entrant in the health insurance sector in India. It is a standard health insurance policy that provides wider coverage at affordable premium rates. The policy is considered the stepping stone for new buyers in the health insurance domain as the policy coverage, terms and exclusions remain the same across all insurance providers with only the difference in premium rates.
Presently, 29 health insurance companies have been permitted to offer Arogya Sanjeevani health insurance policy. With the launch, there has been a lot of comparisons between Arogya Sanjeevani and other health insurance plans available in India. People are wondering is the Arogya Sanjeevani is sufficient to cover their health insurance needs. To help them arrive at a decision, here are the pros and cons of Arogya Sanjeevani health insurance:
The Arogya Sanjeevani health insurance comes with extensive coverage. The plan covers a wide range of medical expenses, including hospitalization expenses, day care treatments, AYUSH treatment, ambulance charges and cataract surgery. It also covers the cost of dental treatment and plastic surgery. Moreover, it also provides coverage for modern treatments, such as stem cell therapy, oral chemotherapy, immunotherapy, etc. This level of coverage generally comes at a higher premium under other health plans.
The premium amount for Arogya Sanjeevani policy may vary from one insurer to another but it is still extremely affordable. The premiums payable under this plan are very low as compared to other health insurance plans. You will have to shell out more money if you want the same level of coverage under other health insurance plans.
The Aroya Sanjeevani health insurance plan does not include zone pricing. This means that the premium rate will not vary as per the zone of the city. Thus, whether you stay in metropolitan cities or tier-2 cities, you will be charged the same premium unlike other health plans available in India.
Generally, a policyholder is required to pay 10% of the sum insured as co-payment at the time of claim settlement. This means you will have to pay at least 10% of the total claim amount. However, Arogya Sanjeevani policy comes with a co-payment of 5% of the sum insured, which is lower than other plans.
One of the biggest takeaways from Arogya Sanjeevani health insurance plan is that it offers standardised coverage across all insurers. As a result, it puts a stop to any confusion arising due to the plethora of health insurance plans available in the market. You don’t have to compare different health plans to find a plan that provides you with maximum coverage at an economical cost.
The Arogya health plan is extremely flexible. It allows you to extend the coverage for your parents and parents-in-law at a nominal rate as compared to other health plans. Besides, it gives you the option for paying premiums at one go or at instalments that can be monthly, quarterly or half-yearly.
The Arogya Sanjeevani health insurance comes with a sum insured ranging from Rs 1 lakh to Rs 5 lakh. Given the skyrocketing cost of healthcare facilities in India, this sum insured amount is way too low. It may not be sufficient to cover the cost of expensive treatments, especially in metro cities. Thus, if you feel the need for a higher sum insured under your health cover, you will have to opt for some other medical insurance plan.
Most health plans come with no room rent capping or only 1% of the sum insured as sub-limit. However, the Arogya Sanjeevani policy comes with 2% of sum insured up to Rs 5000 as room rent sub-limit. Moreover, the ICU sub-limit is also higher at 5% of the sum insured up to Rs 10,000 under the Arogya plan.
The Arogya Sanjeevani health insurance also comes with limitations when it comes to the cost of cataract surgery or modern treatments. It covers Rs 40,000 for an eye or 25% of sum insured under cataract surgery and up to 50% of the sum insured under modern treatments. On the other hand, most health plans do not have any coverage limit for these treatment costs. Even the No Claim Bonus is limited to 5-50% of the sum insured under Arogya plans as opposed to 100% of the sum insured in basic health plans.
Health insurance plans usually come with a few riders that allow buyers to expand their policy coverage. However, the Arogya plan does not provide any riders or add-ons to its buyers at all.
In a Nutshell
Arogya Sanjeevani health insurance is a people’s product designed to provide maximum benefits at the lowest possible cost. The plan is ideal for people with limited health needs and first-time buyers who do not have extensive knowledge about the nitty-gritties of health insurance. But if you want a health policy with higher coverage and more benefits, Arogya Sanjeevani is not the correct plan for you.