LIC unveils Arogya Rakshak health insurance plan; know how it will work

Life Insurance Corporation (LIC) has launched a new health insurance plan called Arogya Rakshak. It is a non-linked, non-participating, regular premium and individual health insurance plan. The Arogya Rakshak policy “provides fixed 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.”

One can cover themselves as the principal insured (PI), their spouses, all children, and parents under the policy. Principal insured refers to the policyholder at the time of taking the policy. Principal insurers, spouses, and parents in the 18-65 age bracket and children in the 91 days-20 years age bracket can avail of the Arogya Rakshak plan.

The cover period will be available for principal insurers, spouses and parents up to 80 years and for children up to 25 years, according to the LIC.

Benefits offered under LIC Arogya Rakshak health insurance: -

• Flexible benefit limit to choose from
• Flexible premium payment options
• Major financial protection in case of hospitalisation and/or surgery
• Lumpsum benefits irrespective of actual medical costs
• If more than one member is covered under the policy, a premium waiver is available for other insured persons in the event of unfortunate death of the original principal insured, that is the policyholder at inception of policy
• If a policyholder or others covered under the plan have to undergo a surgery falling under Category I or Category II, he/she is eligible for Premium Waiver Benefit.
• To increase the plan coverage, policyholders can avail of options like Auto Sum Up Benefit and No Claim Benefit. They also get benefits on calling an ambulance and while going for a health check-up
• Policyholders can avail these benefits with optional riders like LIC’s New Term Assurance Rider and LIC’s Accident Benefit Rider

Edited by Mehak Agarwal

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