Most people have doubts regarding what is health insurance and how does it help. For those who don’t know, health plans can be used as a financial backup during medical emergencies. In return, you will have to pay premiums to the insurance provider.
However, there is a newly-launched standard health insurance policy customized for individuals as well as families, known as the Arogya Sanjeevani policy. This particular policy provides coverage for the basic expenses related to hospitalization. The IRDAI has set up the coverage as well as the terms & conditions of Arogya Sanjeevani health insurance policy, and so it remains the same for all health insurance companies in India. This means you can purchase the policy from any insurer of your choice. However, the customer service, as well as premium rates, may differ from one insurer to another.
All the general and standard health insurance providers will have to come up with a standard health insurance policy from April 1 this year, as per the latest guidelines declared by the Insurance Regulatory Development Authority of India. This policy is named ‘Arogya Sanjeevani Policy’ and it will be a standardized product that will cover the basic hospitalization requirements of customers.
Given below are some features of Arogya Sanjeevani Policy, take a look:
- The coverage, terms & conditions for all the insurers are universal
- You can purchase it along with individual as well as family floater plans
- The policy can be issued online
- This particular policy is more economical than the other health insurance plans
- The sum insured ranges from Rs. 1 lakh to Rs. 5 lakhs
- Provides coverage for hospitalization expenses related to COVID-19
Is the Arogya Sanjeevani Policy good for first-time buyers?
This plan is well suited for individuals purchasing health insurance policies for the first time. The reason being, new buyers are mostly concerned about the coverage and confused as to what to look at while buying the policy. Looking at the different types of health insurance policies available in the market today, it may get even more difficult to choose the right plan.
However, you need not worry because the Arogya Sanjeevani health insurance policy will serve as a boon for first-time buyers. You will receive the coverage right from the hospitalization expenses to new-age treatments.
Purchasing the policy
You can simply purchase the Arogya Sanjeevani health policy online, as permitted by the IRDAI. Due to this, the operating or servicing costs of the insurance companies reduce, and it also becomes more economical for the buyers.
Before buying the medical insurance, you can compare the premium quotes with the help of an online premium calculator. Once you’ve done that, you will need to fill up the proposal form and lastly pay the premium amount online. The policy will then be issued to you online itself.
However, even if you’ve bought the plan online, the insurance providers must issue the policy document in physical form. As directed by the IRDAI, you must receive a certificate of insurance that specifies the policy details of the Arogya Sanjeevani, along with the terms and conditions, by the insurance companies.