What is LIC Arogya Rakshak Health Insurance Plan?
A health insurance plan offers several benefits to policyholders when they suffer from major illnesses. With medical costs increasing day by day, it becomes difficult to manage them while undergoing treatment in a hospital. LIC is a leading public insurance company in India that offers customers a wide range of health insurance plans. At the same time, one should evaluate them with more attention while investing money. Buying the right type of health insurance from LIC allows policyholders to protect their families from high medical expenses.
LIC’s Arogya Rakshak health insurance plan gives ways to ensure more security in life to experience peace of mind from financial crunches. It is suitable for individuals and families that will help minimize risks significantly. Moreover, the policy makes feasible ways to remain financially independent during difficult times. The primary benefit of Arogya Rakshak LIC health insurance is that it provides a lump-sum benefit irrespective of actual costs. Therefore, policy buyers should know more about the features, benefits, and other details when buying this plan from the markets.
6 Features of the LIC Arogya Rakshak Health Insurance Plan
Here we listed the top 6 features of LIC Arogya Rakshak Health Insurance Plan as mentioned below:-
- Coverage for daycare procedure
- Health check-ups
- Extended hospitalization benefit
- Medical management benefit
- Coverage for surgical expenses
- Flexible hospital cash benefit limits
1. Coverage for daycare procedure
The plan offers coverage for daycare procedures when a policyholder undergoes surgery or other treatments that don’t require hospitalization less than 24 hours. It provides five times the chosen daily benefit as a lump-sum amount. Thus, a policyholder can get daycare coverage for a maximum of three procedures in a policy year.
2. Health check-ups
Arogya Rakshak LIC health insurance policy enables policyholders to undergo health check-ups once every three policy years. In addition, it provides ways to get an amount that is equal to half of the benefit.
3. Extended hospitalization benefit
When a policyholder undergoes treatment in a hospital for more than 30 days, then he/she will get a lump-sum benefit which is 10 times equal to the chosen daily benefit. On the other hand, the coverage is available only once a year.
4. Medical management benefit
The Arogya health insurance plan offered by LIC covers in-patient hospitalization expenses when a patient undergoes treatment in a hospital for specific diseases. It provides 2.5 times the applicable daily benefit to a policyholder to minimize high medical costs.
5. Coverage for surgical expenses
A policyholder will get 100% coverage for surgical expenses due to accidental injuries or sickness. In addition, he/she is eligible to get hospital cash benefits over and above the lump-sum benefit.
6. Flexible hospital cash benefit limits
The Arogya LIC health policy offers multiple hospital cash benefits for policyholders, and they can choose them based on their convenience. The daily cash benefit will range from Rs. 2500 to Rs.10000 per day.
Benefits of the LIC Arogya Rakshak Health Insurance Plan?
- LIC Arogya Rakshak’s plan allows a policyholder to get a lump-sum benefit when it comes to treatment expenses.
- Flexible premium payment options for policyholders will help save more time.
- It comes with auto sum-up benefit and No-claim benefit, allowing a policyholder to enhance the coverage.
- The policy will cover ambulance coverage up to Rs.1000 to a policyholder.
- Policy buyers can get premium waiver benefits that give ways to reduce expenses.
- Rider coverage for accidental injuries
- A free look of 15 days is available for customers when they want to buy this policy.
- The policy offers a grace period of 30 days for policyholders when they forget to renew their health insurance policy on time.
- Policyholders can claim tax deductions on paid premiums under the income tax act. 1961
Eligibility for buying LIC Arogya Rakshak Health Insurance Plan
The minimum age for individual and floater plans is 18 years, and the maximum age is 65. On the other hand, the minimum age is 91 days, and the maximum age is 20 years for children when a policyholder wants to include them in the plan.
5 Things you must consider while buying LIC Arogya Rakshak Health Insurance Plan
Anyone who wants to buy a health insurance plan, including LIC medical insurance, should consider certain factors that will help gain significant advantages. Some of them include:
- Age: Age is a crucial factor that determines the premium of a policy and one should consider buying a policy at a young age. The costs of premiums will increase for elder people due to high risks.
- Income: A policy buyer should evaluate his/her financial background while buying a LIC health policy that will help determine the budget.
- The number of dependants: When buying a family floater plan, it is imperative to consider the number of dependents with more attention. This, in turn, gives ways to get coverage for all of them under a single plan allowing a policyholder to manage the same without any hassles.
- Waiting period: All health insurance plans, including the LIC Mediclaim policy come with a waiting period for specific diseases and critical illnesses. Therefore, policy buyers should give more importance to them while investing money.
Is it wise to buy LIC Arogya Rakshak Health Insurance Plan?
Arogya Rakshak health insurance plan is a non-linked, non-participating health insurance plan that provides coverage for certain diseases. It is not a comprehensive plan that provides high protection against health emergencies. While the benefits of the policy will attract major investors, policyholders can’t get full coverage for surgeries. Some of them include quick cash benefits, auto health cover, affordable premiums, and so on. It is wise to read reviews online before buying this plan.
Where to buy this policy?
Those who want to purchase the LIC Mediclaim plan can compare the premiums online that will help get more ideas. Discounts are available for customers while buying this plan which gives ways to save more money. A policy buyer can also calculate the premium amounts online by entering certain essential details. In addition, the policy provides coverage for medical emergencies to overcome unwanted issues. At the same time, a policy buyer should read the terms and conditions of health insurance plans to claim amounts with ease.