Know the frills Arogya Sanjeevani Health Insurance has to offer

A lot of first-time buyers of health insurance are often confused about the standard features that a basic plan should offer. To address this issue, Insurance Regulatory Authority of India (IRDAI), has decided that all general and health insurers will offer a standard individual health insurance product to take care of the basic health needs of people.

The product will have a common policy wordings across the industry. Early this year, IRDAI had issued guidelines on Standard Individual Health Insurance Product specifying the details of the product. The standard health insurance policy, called Arogya Sanjeevani, will ensure that buying a health insurance policy is accessible and affordable for the consumers. 

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One of the key objectives for introducing this policy is to facilitate seamless portability among insurers. The policy, which was launched on April 1 by general and health insurance companies, also provides coverage for hospitalization treatment due to Coronavirus, thus making it suitable for a consumer in the current scenario. 

The policy is a good buy for first-time consumers and those especially living in small towns who can not afford a health insurance policy of higher sum insured. However, it is always advisable to get the maximum cover one can afford because of rising healthcare expenses. 

WHAT's IN IT FOR YOU?
"Since all the companies will have the same product, therefore, the judgment regarding which plan to buy now falls in the consumer’s lap. Consumers will decide on the basis of the company they trust with the claim, service and price of the product," Tarun Mathur, Chief Business Officer, Policybazaar.com said.  

"The cost of the plan is anywhere between 35-50% cheaper than any other plans offered by companies of the same sum insured. The premium ranges anywhere from Rs 5,000-12,000 depending on how many people are covered," he added. 

The premium of this policy will be pan India basis and no zone pricing is allowed. It can be paid in installments: half-yearly, quarterly or monthly. Claims will be given through cashless service and reimbursements. The policy is available on a family-floater basis also. This will include you, legally wedded spouse, parents and parents-in-law, dependent children (i.e. natural or legally adopted) between the age of 3 months to 25 years. If the child above the age of 18 years is financially independent, he or she shall be ineligible for coverage in the subsequent renewals.    

While the policy is eligible for people in the age between 18-65 years, the policy comes with lifelong renewability. There is a waiting period of 48 months from the date of the inception of the policy for pre-existing diseases. Similarly, treatment for joint replacement unless arising from accident, age-related Osteoarthritis and Osteoporosis will be also covered after 48 months. Medical expenses of 20 diseases including Bening ENT disorders, cataract and age-related eye ailments, hernia of all types among others will be covered after 24 months. The period of the policy will be for a year.

EXCLUSIONS
Major exclusions of the policy are expenses for diagnostic and evaluation purposes, enforced bed rest, custodial care at home, surgical treatment of obesity which isn’t on the advice of a doctor, change of gender treatments, cosmetic or plastic surgery unless for an accident, burn or cancer which is medically necessary etc. 

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