What is the LIC Arogya Rakshak health insurance plan?

Health insurance policies play a pivotal role by offering financial assistance to insured policyholders and their families during the time of healthcare emergencies. The Life Insurance Corporation has launched a benefit-based health insurance policy, LIC Arogya Rakshak on 19th July 2021. Arogya Rakshak policy is a non-linked and non-participating policy. This Arogya Rakshak LIC policy offers a pre-decided lump sum amount to policyholders during hospitalization/surgery. This policy also offers a fixed health insurance cover against some specific ailments.

Eligibility criteria for LIC Arogya Rakshak Policy

Key highlights of Arogya Rakshak health policy

• Flexible premium payment options
• Imperative financial protection in case of hospitalization, surgery, etc.
• Lump-sum benefit irrespective of actual treatment costs
• You can enhance your coverage by opting for the Auto step-up benefit and “No Claim Benefit”
• If more than one member is covered under a policy, premium waiver for other insured people in case of ill-fated death of the principal insured person
• Premium Waiver Benefit for one year if the insured needs to undergo surgeries that fall under the category I or category II
• The policy offers ambulance and health check-up benefits
• The policy offers no maturity benefit
• No loan will be available under the plan

Some special features of the policy

• LIC Arogya Rakshak health insurance plan is different from other traditional health insurance plans in terms of method of payment. Conventional health insurance plans reimburse the actual cost of treatment, but LIC Arogya Rakshak policy offers fixed benefit health insurance cover. This policy embraces policyholders with a hefty sum insured amount irrespective of actual treatment costs.
• You can choose the hospital cash benefit in the first year of the policy from Rs. 2500 per day to Rs. 10,000 per day as per your needs.
• No waiting period in case of hospitalization or surgery due to accidental injuries

Inclusions in LIC Arogya Rakshak Health insurance plan

• Hospitalization/surgery cover: This policy plan offers a lump sum amount to insured policyholders in the event of hospitalization and medical surgeries
• Ambulance coverage: This plan allows all the expenses for ambulance coverage (Rs.1000 per hospitalization) if the policyholder needs any hospitalization in case of a health emergency
• Rider benefits: There are optional riders available under the plan such as LIC’s New Term Assurance Rider and LIC’s Accidental Benefit Rider.
• Auto sum-up benefit: You can uplift your coverage by opting for the Auto step-up benefit and “No Claim Benefit”
• Premium waiver benefit: If the insured policyholder needs to perform a surgery that falls under the category of I/II, then premium waiver benefit can be applied. This benefit is also available in the case of the unfortunate death of the policyholder.
• Tax-saving benefit: All your paid premiums will be exempted from tax deduction under section 80D.

Exclusions in LIC Arogya Rakshak Health Insurance plan

• Any injury due to war, naval or military operation
• Criminal or illegal acts
• Natural calamities like earthquakes, floods, etc
• Non-allopathic treatment
• The routine eye check-ups, and dental treatment
• External congenital disease
• Drug addiction or alcoholism
• Self-inflicted injuries from suicide or any suicidal attempt
• Medical expenses for the treatment of STD
• In-vitro fertilization treatment and infertility treatment
• Sports injuries like racing, scuba diving, bungee jumping
• Cosmetic surgery unless it is recommended by doctors as a part of your treatment
• Pre-and-post hospitalization treatments are not covered under this plan
• Treatments related to sleep disorders are not covered

Arogya Rakshak Health Insurance Policy Cancellation

Policyholders are eligible to cancel their policies within a 15-days free look period. The insurance company will refund the amount minus the proportionate risk premium for the period on cover, medical examination expenses, and stamp duty charges.