LIC launches Arogya Rakshak health insurance plan
MAS Team | 23 July 2021
Life insurance giant LIC has launched a new health insurance plan called Arogya Rakshak. It is a benefit-based long-term plan that pays a lump-sum on the occurrence of the specified health risks.
Conventional health insurance plans sold by health and general insurance companies are indemnity-based, which means they reimburse the actual cost incurred on treatment.
On the other hand, life insurers offer benefit-based plans which pay a lump sum benefit irrespective of actual medical costs.
One can purchase the Arogya Rakshak policy on an individual as well as family floater basis. It is available for principal insured/spouse/parents aged 18 to 65 years and for children of age 91 days to 20 years.
The cover period for principal insured, spouse and parents is available up to 80 years while in case of children, the same is available only till the age of 25 years.
This policy comes with a feature that increases the overall health cover with time automatically by way of the Auto Step-up benefit.
The other features of the policy are free health check up benefit paid every three years, one-year premium waived if insured undergoes surgery, hospital daily cash benefit, day care procedures benefit, no claim bonus, etc.