It might be challenging to purchase health insurance for first-time buyers. Some people may find it hard to choose the most suitable one from the vast array of alternatives in the market with numerous features, benefits, coverage, exclusions, etc.
Nevertheless, the newest entrant in India's health insurance market is the Arogya Sanjeevani policy. The policy's terms, conditions, and exclusions are the same for all insurance providers, except for premium prices, making it a good starting point for new health insurance purchasers.
What is the Arogya Sanjeevani Health Insurance plan?
The IRDAI has introduced a new, standard health insurance policy called Arogya Sanjeevani, effective from April 1st, 2020. It is a basic health insurance plan that covers up to Rs. 5 lakhs on hospital or medical bills. The sum insured varies from Rs. 3 lakhs to Rs. 2 crores.
All general and health insurance providers in the country offer this policy. Most importantly, this plan provides several advantages and pays for pre-and post-hospitalization costs such as nursing, bed fees, ICU doctor consultation costs, etc.
The objective of Arogya Sanjeevani Health Insurance aims to shield people from mounting debt in the event of a medical emergency.
The Arogya Sanjeevani Insurance Policy offers two fundamental plans:
Under this plan, just one policyholder may be added as a beneficiary.
Family floater plan:
With this plan, every family member can access the advantages of the Arogya Sanjeevani Policy coverage. As a result, the policyholder may cover dependents like their spouse, children, parents, and parents-in-law under a single policy.
Reasons to opt for this plan
The Arogya Sanjeevani insurance policy has a lot of perks. A few of those are –
The cost of the Arogya Sanjeevani policy's premium may vary from one insurer to the other, but it is still quite reasonable. Compared to other health insurance plans, the premiums under this plan are relatively affordable. If you want the same coverage under other health insurance policies, you might have to pay more.
Arogya Sanjeevani's health insurance offers a wide range of benefits. The plan covers various medical costs, including ambulance, daycare, hospitalization, etc. Additionally, it pays for the price of cosmetic and dental surgery.
It also offers coverage for therapies, including oral chemotherapy, stem cell therapy, immunotherapy, etc. Other health plans often charge a greater premium for this level of coverage.
The Arogya health plan offers significant flexibility. Compared to other health plans, it enables extending coverage to family members like parents and parents-in-law for a minimal cost. Additionally, it provides the choice of paying premiums all at once or monthly, quarterly, or semi-annually.
4. Standardised coverage
The fact that the Arogya Sanjeevani health insurance plan offers uniform coverage among all insurers is one of the best aspects of it. Consequently, it eliminates any uncertainty or confusion while choosing a suitable policy from those available in the market.
5. Lower co-payment
Typically, a policyholder is expected to contribute approximately 10% of the insured amount toward the cost of settling a claim. But, compared to other plans, the co-payment for the Arogya Sanjeevani insurance is cheaper at around 5% of the covered amount.
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6.No zonal pricing
Unlike other insurance plans, zone pricing is not part of the Aroya Sanjeevani health insurance plan. This factor indicates that the premium rate will not change depending on the city one resides. In contrast to other health plans that are currently available, one will pay the same premium whether they live in a metropolis or a tier-2 city.
Hence, it is evident that for first-time health insurance purchasers, the Arogya Sanjeevani insurance policy can be an ideal choice. This insurance policy offers coverage similar to comprehensive health insurance at reasonable premium costs. Also, this is one of the few health insurance plans that offer coverage for expenses related to Covid-19.
However, like any other policy, there are some exclusions in Arogya Sanjeevani policy that one should be aware of before buying the policy.