Health insurance plan Arogya Rakshak launched by LIC


Life Insurance Corporation of India (LIC) has launched Arogya Rakshak individual health insurance cover on Monday (July 19).

Zonal Manager (South Central Zone) M. Jagannath introduced the plan through video conference at the LIC Zonal Office unit in Bengaluru, with Regional Manager (Marketing) AP-Telangana S.Sainath and Regional Manager (Marketing) Karnataka Uday Kumar Navani among those in attendance.

Arogya Rakshak plan is a regular premium, non-linked, non-participating individual health insurance plan. This plan provides fixed-benefit health insurance coverage against specific health risks, as well as prompts assistance in the event of a medical emergency.

This plan varies from conventional health insurance plans in terms of method of payment. Arogya Rakshak provides fixed benefit health insurance coverage, whilst the conventional health insurance plan reimburses the actual cost of treatment. It provides a one-time payment regardless of actual medical expenses.

Arogya Rakshak plan also aids the insured and his family in remaining financially self-sufficient in times of adversity. A person can insure themselves (as principle insured (PI)), his or her spouse, all children, and parents under a single policy.

The plan is offered to principle insured’s/spouses/parents between the ages of 18 and 65, as well as children aged 91 days to 20 years. Coverage is available for PI/spouses/ parents up to the age of 80, and for children up to the age of 25.

You can select the amount of the Initial Daily Benefit (the daily Hospital Cash Benefit applicable in the first year of the policy) that best suits your needs from the options below:

This is the amount that will be paid to you on a per-day basis if you are hospitalized in the first year. You will be insured for a Major Surgical Benefit that is 100 times the Initial Daily Benefit you choose. As a result, the initial Major Surgical Benefit Sum Assured will be Rs 1 lakh, 2 lakh, 3 lakh, and 4 lakh.

Other benefits, such as Day Care Procedure Benefit, Other Surgical Benefit, and Premium Waiver Benefit, will be paid based on the daily Hospital Cash Benefit option selected.

This plan offers a variety of benefit limits to choose from, as well as flexible premium payment options, valuable financial protection in the event of hospitalization, surgery, or other medical procedures, a lump sum benefit regardless of actual medical costs, ambulance benefit, Health checkup benefit and also a no-claim benefit.

It also offers optional Riders are also available under the plan which is LIC’s New Term Assurance Rider and LIC’s Accident Benefit Rider.

The Auto Step-up benefit is a feature of this policy that automatically improves the overall health coverage over time.

If a policy covers more than one person, the premium for the additional insured(s) is waived in the event of the death of the initial principal insured, i.e. the policyholder, at the time of the policy’s start.

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