LIC Arogya Rakshak (Plan 906) is new medical health insurance coverage by LIC. Arogya Rakshak is non-linked, non-participating common premium fastened profit well being plan. This plan covers hospitalization and surgical value. This plan is much like LIC Jeevan Arogya coverage. Earlier Jeevan Arogya Coverage might be discontinued as soon as LIC Arogya Rakshak coverage is launched. LIC Arogya Rakshak comes with a number of advantages. On this submit, I’d cowl all options, advantages, positives and negatives of this plan.
LIC Arogya Rakshak Key Options
- Non-linked, non-participating plan accessible as particular person medical health insurance in addition to household floater plan.
- As per Household floater plan definition head of household can be principal insured (PI) and he can embody partner, kids and fogeys in to coverage.
- Outlined profit plan that gives determined quantity regardless of precise hospitalization or surgical procedure expense.
- You may get hospital money profit, main surgical profit, day care process profit, different surgical profit, medical administration profit and so forth.
- The preliminary day profit is ranging between Rs.2500 to Rs.10000 per day.
Eligibility Circumstances or Arogya Rakshak Coverage
|Situation||Principal Insured||Insured Partner||Insured Kids|
|Minimal Age Entry||18 years||18 years||91 days|
|Most Age Entry||65 years||65 years||20 years|
|Cowl Ceasing Age||80 years||80 years||25 years|
|Minimal Preliminary Day by day Profit||Rs.2500||Rs.2500||Rs.2500|
|Most Preliminary Day by day Profit||Rs.10000||Much less or equal to PI||Much less or equal to PI|
|Cowl Interval||80 – (age at entry)||70 – (age at entry)||25 – (age at entry)|
Advantages of LIC Arogya Rakshak Coverage
Hospital Money Advantages
Hospital Money Profit (HCB) is payable throughout coverage protection interval. This profit is payable incase of hospitalization for twenty-four hours or above as a consequence of physique harm or illness. Any interval exceeding by 4 hours above 24 hours is taken into account as sooner or later.
- Hospitalization in Normal or Particular Ward – Preliminary every day profit can be payable for hospitalization for twenty-four hours or above.
- Hospitalization in ICU of Hospital – Two instances relevant every day profit is payable for hospitalization for twenty-four hours and above.
- Mixed Keep in ICU and Non ICU – Quantity might be paid as per the times admitted in every unit.
Above hospital money profit is relevant provided that hospitalization happens in India. Complete variety of HCB is payable within the first coverage yr is restricted to 30 days. For subsequent yr HCB payable is restricted as much as 90 days. Complete HCB payable days can not exceed 900 days in whole coverage tenure.
Main Surgical Advantages
Main surgical procedure profit (MSB) is payable in case of main surgical procedure. The profit can be 100 instances of HCB. The share of advantages payable varies primarily based on class of surgical procedure. The share varies from 20% to 100%. Premium waiver profit is given for 1 yr from the date of surgical procedure.
Surgical procedure must be carried out in India. In case of extra surgical procedures are carried out, quantity of most extreme surgical procedure shall be paid. Complete MSB payable can not exceed 100% of main surgical advantages relevant for that coverage yr.
Along with main surgical profit one can get ambulance profit, premium waiver profit and main surgical profit restoration.
Medical Administration Profit
In case insured is present process inpatient hospitalization inside the cowl interval as a consequence of illness like dengue, malaria, pneumonia, tuberculosis or viral hepatitis A one will get lump sum of two.5 instances of relevant every day advantages.
Prolonged Hospitalization Profit
Prolonged Hospitalization profit is an extra profit payable aside from hospital money profit, main surgical profit, different surgical profit. This profit is payable incase insured is present process inpatient hospitalization in extra of 30 days inside cowl interval as a consequence of unintended harm or illness.
On this coverage premium evaluate happen each 3 years. This implies premium is not going to stay fixed like your life insurance coverage coverage. The revised charge shall be assured for the additional interval of three years. The premium charge of this coverage can be primarily based on age entry. In case of conventional medical health insurance provided by different corporations premium is revised each 5 years. This implies LIC is revising premium a lot earlier.
Do you have to purchase LIC Arogya Rakshak Coverage?
LIC Arogya Rakshak coverage is outlined profit coverage which is plus level about this coverage. This implies advantages might be paid to insured regardless of quantity spend on hospitalization, surgical procedures or medicines.
The most important disadvantage of this coverage is you’ll not get cashless profit. This implies you must spend cash in case of hospitalization. As soon as hospitalization is finished you possibly can declare this quantity.
One other disadvantage of this plan is premium evaluate which is finished each 3 years. In different medical health insurance insurance policies premium evaluate happen each 5 years.
general options and particulars it’s advisable to go for conventional medical health insurance plan as a substitute of LIC Arogya Rakshak.