AYUSH is short form of Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homeopathy. The Government of India set up the Department of AYUSH in 2003 to promote traditional medicine. The department paved the way for the formation of the Ministry of AYUSH in 2014. The Ministry of AYUSH has control over various institutes and research councils related to alternate medicine.
One major advantage of AYUSH treatment is that the cost is low. Many people are now getting AYUSH treatment because they find it very effective. After AYUSH has become a part of the central government, it has become easy for insurance companies in India to provide coverage for alternate medicine. Also, in the year 2012-2013, IRDA (Insurance Regulatory and Development Authority) had asked health insurance companies in india to provide coverage for alternate medicine.
Insurance Companies Offering Health Insurance for AYUSH Treatment:
|Insurer Name||Plan Names||Overview||Link to Plan Details|
|Cholamandalam MS Insurance||Individual Health Line Plan||The Individual Health Line Plan of the Company offers coverage of up to 7.5% of the Sum Insured for Ayurvedic treatment and the Chola Healthline plan also covers AYUSH treatment.||Know more about Individual Health Line|
|Chola Healthline Plan||Know more about CholaHealth Line|
|Apollo Munich Health Insurance||Easy Health Exclusive Plan||This Company offers various health insurance policies that provides coverage for AYUSH treatment. For example – Easy Health Exclusive Plan offers AYUSH Benefit of up to Rs.25, 000, if the sum insured is between Rs.3 Lakhs and Rs.10 Lakhs. The same plans offers AYUSH Benefit of up to Rs.50,000, if the sum insured is between Rs.15 Lakhs and Rs.50 Lakhs.||Know more about Easy Health Exclusive Plan|
|HDFC Ergo||Health Suraksha Plan||The Company offers AYUSH Benefit under its Health Suraksha Medical Insurance Plan. The AYUSH treatment expenses that policyholders incur are reimbursed to them by the Company. There is a limit on the amount they will receive. If the insured chooses co-pay worth 10% or 20% then also they will receive AYUSH benefit.||Know more about Health Suraksha|
|Star Health||Medi-Classic Insurance Policy||Under its Medi-Classic Insurance Policy (Individual), the Company offers AYUSH benefit up to a certain limit.||Know more about Medi-Classic Insurance Policy|
Even though some insurance companies are now providing coverage for traditional medicines under as part of their health insurance policies, many still have not included this benefit yet. Most of the policies have certain conditions that customers have to meet before they can claim the AYUSH benefit. Also, there is a limit on the amount they will receive when they make a claim. It is advisable that policyholders read the policy carefully and understand all the terms and conditions before making a claim for AYUSH treatment.
GST rate of 18% applicable for all financial services effective July 1, 2017.
Disclaimer: Premiums may vary depending upon factors like age, location and prevailing taxes/GST.