LIC launches Arogya Rakshak health plan; check 9 features

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Life Insurance Corporation of India (LIC) has introduced a benefit health plan called Arogya Rakshak. It offers a lump sum amount against certain specified health risks in case of a medical emergency. It is a non-linked, non-participating, regular premium individual health insurance plan. There are two types of health insurance policies-indemnity and benefit. A basic health insurance plan is an indemnity plan that reimburses hospitalisation costs for all types of illnesses. Arogya Rakshak is a benefit plan that offers a lump sum amount on the diagnosis of the specified illnesses.

“This plan provides fixed benefit health insurance cover against certain specified health risks and provides timely support in case of medical emergencies and helps the insured and his family to remain financially independent in difficult times,” LIC said in a statement.

9 features

1. Eligible members: Self, spouse, children and parents

2. Entry age: Spouse and parents aged 18 years to 65 years, respectively and children from 91 days to 20 years.

3. Maximum age: The cover period for spouse and parents is up to age 80 years and for children up to 25 years.

4. Sum insured and premium amount: The plan offers the flexibility to choose the amount according to one’s choice.

5. Coverage: Offers financial support in case of hospitalisation, surgery, etc.

6. Premium waiver benefit: The policy offers a premium waiver for other insured persons in case of the unfortunate death of the policyholder. It also offers a one-year premium waiver benefit if the policyholder undergoes surgery falling under Category I or Category II.

7. Additional benefits: The policy provides ambulance and health check-up benefits.

8. Riders: You can also buy term insurance and accidental benefit rider by paying an extra premium.

9. What should you do? It is always advisable to buy a basic health insurance policy as the first layer of coverage, as it covers all types of illnesses. Critical illness plans should be considered as a second layer of protection for building your health insurance portfolio.