Arogya Sanjeevani Policy: A standard health insurance policy
When you consider buying a health insurance policy, there are various companies, offering the same, and they also have various plans with different features. This often leads to confusion as to which health plan to opt. The Insurance Regulatory and Development Authority of India (IRDAI) has announced a standard product with all the basic understandable features. This product is named ‘Arogya Sanjeevani Yojana’, followed by the name of the insurer. Say, for instance, if Max Bupa is providing this standard health insurance plan then the name of the product would be ‘Arogya Sanjeevani Policy – Max Bupa’. A universal name makes it easier for people to determine its unique features, as the product is standardized and not company-specific.
Features of Arogya Sanjeevani Policy
A family is defined as the spouse, mother, father, mother-in-law, father-in-law, and dependent children of age group between 3 months to 18 years. In case, you have an independent child of over 18 years of age, he or she is not eligible to be included in the plan.
Like the other health insurance policy, the period for this policy is also one year. This means that you need to renew the policy every year. Having said that, the policy offers a lifelong renewable option as well.
For cataract surgery, sub-limits are actual expenses, 25 per cent of the sum assured or Rs 4 lakh, whichever is lower.
Although it covers the hospitalization expenses, such as room, boarding, and nursing expenses, they are capped up to 2 per cent of the sum assured or a maximum of up to Rs 5,000 per day.
This policy also covers AYUSH (Ayurvedic, Yoga, and Naturopathy, Unani, Siddha, Homeopathy) treatments.
There are certain exclusions as well, such as treatments related to weight loss, change of gender, plastic surgery, hazardous adventure sports, breach of the law, or due to war.
You have the facility to cancel the policy. So, if you opt to cancel the policy within 30 days, then you will get 75 per cent of the premiums paid, by 31 to 90 days you will receive 50 per cent of the premiums, by 3 to 6 months you will get 25 per cent, and if you cancel by 6 to 12 months, you would not get anything in return.