Life Insurance Corporation Arogya Rakshak
Life Insurance Corporation (LIC) has launched a non-linked, health insurance plan (individual), known as Arogya Rakshak, that provides timely cover in the case of medical emergencies. The plan ensures that the policyholder and his/her family are provided financial support during emergencies.
The plan is different from other health insurance plans due to the payment method. Under Arogya Rakshak, a lump sum amount is paid in the case of treatment and it does not depend on the medical expenses.
Benefits of Arogya Rakshak
The main benefits of the Arogya Rakshak are mentioned below:
- Health check-up benefit is provided.
- Ambulance benefit is provided.
- In case you are undergoing a surgery that comes under Category I or Category II (Major Surgical Benefit Annexure), a Premium Waiver Benefit for one year will be provided.
- A lump sum amount is paid in the case of treatment and it does not depend on the medical expenses.
- Various premium payment options are provided.
- You can choose from several flexible benefit limits.
Eligibility Criteria
Category | Principal Insured | Insured Parents/ Spouse | Children |
Minimum Age of Entry | 18 years | 18 years | 91 days |
Maximum Age of Entry | 65 years | 65 years | 20 years |
Cover Period |
|
| 25 years (minus age of entry) |
Inpatient Hospitalisation Benefits
The main benefits that are provided in the case of inpatient hospitalisation are mentioned below:
- Hospital Cash Benefit
- Major Surgical Benefit
- Day Care Procedure Benefit
- Medical Management Benefit
- Extended Hospitalisation Benefit
Premium Calculation Example:
An example of how the premium is calculated is mentioned in the tables below:
Assumption: Initial Daily Benefit: Rs.5,000
Principal Insured - Male
Entry Age | Premium |
20 | Rs.7,884 |
30 | Rs.9,543 |
40 | Rs.12,381 |
50 | Rs.17,254 |
Spouse - Female
Entry Age of Spouse | Age of the Principal Insured when the Spouse is Added | Premium |
25 | 30 | Rs.7,121 |
30 | 35 | Rs.8,130 |
45 | 50 | Rs.12,503 |
50 | 55 | Rs.14,312 |
Parent
Entry Age of Parent | Age of the Principal Insured when the Parent is Added | Premium |
50 | 25 | Rs.16,727 |
55 | 30 | Rs.19,799 |
60 | 35 | Rs.22,961 |
65 | 40 | Rs.26,105 |
Child
Entry Age of Child | Age of the Principal Insured when the Child is Added | Premium |
0 | 25 | Rs.16,727 |
5 | 30 | Rs.19,799 |
10 | 40 | Rs.22,961 |
15 | 50 | Rs.26,105 |
Features
The main features of the Arogya Rakshak policy are mentioned in the table below:
Category | Details |
Grace Period | In the case of half-yearly and yearly premiums, you will be allowed a grace period of 30 days. |
Revival | In case the policy has lapsed because the premium has not been paid, the Principal Insured can revive the policy within 5 years (consecutive) from the last date of the initial unpaid premium. However, the Principal Insured's cover must have not expired. |
Free Look Period | 15 days |
Assignment | Assignments are not allowed. |
Loans | Loans cannot be availed against the cover. |
Exclusions
The main exclusions of the Arogya Rakshak policy are mentioned below:
- No cover will be provided for pre- and post-hospitalisation.
- Stem cell therapies will not be covered.
- Hormone replacement therapy.
- No cover will be provided for any injuries that have occurred due to unlawful or criminal acts.
- No cover will be provided for any injuries that have been caused due to radioactive exposure.
- No cover will be provided for any injuries that have been caused due to war.
- No cover will be provided in case the policyholder has suffered any injuries when intoxicated or under the influence of drugs.
- No cover will be provided for dental treatment. However, in the case of any treatment that has been caused because of an accident, cover will be provided.
- No cover will be provided in case you have been admitted to a hospital abroad.
- No cover will be provided for any pre-existing conditions. However, cover will be provided in case they are disclosed.
FAQs of Life Insurance Corporation Arogya Rakshak
- Can I avail a loan against the Arogya Rakshak policy?
No, you cannot avail a loan against the Arogya Rakshak policy.
- Are assignments provided under the Arogya Rakshak plan?
No, assignments are not provided under the Arogya Rakshak plan.
- How long is the free-look period under the Arogya Rakshak policy?
The free-look period of the Arogya Rakshak policy is 15 days.
- Is a surrender value provided by the Arogya Rakshak plan?
You will not have a surrender value under the Arogya Rakshak plan.
- How long is the grace period under the policy?
The grace period under the Arogya Rakshak policy is 30 days.
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