LIC’s new ‘Arogya Rakshak’ plan


The Life Insurance Corporation of India launched a new health insurance plan called ‘Arogya Rakshak’ which is a non-linked, non-participating, regular premium, individual health insurance plan. The aim of this new insurance plan is to provide financial assistance in times of medical emergencies to the insured person and his or her family.

Unlike the other health insurance plans where the reimbursement of the actual cost incurred on treatment takes place, this new plan will provide a fixed benefit health insurance cover by paying a lump sum amount of benefit irrespective of the actual medical expenses. However, this plan is not comprehensive, it works only against some specified health risks. The ‘Arogya Rakshak’ plan can be purchased for an individual as well as for the entire family. Available for Principal insured/spouse/parents between the age of 18 to 65 (with a cover period of up to 80 years) years and also for children between the age of 91 days to 21 years (with a cover period till the age of 25 years).

Quoting directly from LIC employees, the new policy will: “provide fixed benefit health insurance cover against certain specified health risks and provides timely support in the case of medical emergencies and helps the insured and his/her family to remain financially independent in difficult times.

Insured persons avail a lot of benefits after the insurance is claimed such as flexible benefit limit, financial protection in case of hospitalization, premium payment options, surgery charges, a lump sum benefit irrespective of the medical costs, increasing health cover by auto step-up benefit, and no-claim benefit. Also, for including more than one member in the insurance the new policy offers a premium waiver for the other insured persons in the scenario if the original Principal insured person dies. Premium waiver benefit for one year in the event of any insured person undergoing surgery falling under Category I or Category II for certain major surgical benefits. Ambulances and regular health check-ups are also included.

LIC was established in 1956 and since then the insurance company has stood by its name. The Indian government-owned (by Ministry of Finance, India) has won various awards – was voted India’s most trusted brand (from 2011 to 2014) in the BFSI category according to Brand Trust Report, rated as the number 6 most trusted service brand of India in The Economic Times Brand Equity Survey of 2012, and has been continuously winning the Readers’ Digest Trusted brand award since 2006.

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