LIC unveils new health policy Arogya Rakshak
India’s life insurance behemoth Life Insurance Corporation of India on Monday introduced a new health insurance plan Arogya Rakshak. The new health insurance product which came into effect from Monday is a nonlinked, non-participating and regular premium individual health insurance plan.
According to the largest life insurer in the country, “the plan provides a fixed benefit health insurance cover against certain specified health risks and provides timely support in case of medical emergencies and helps the insured and his family to remain financially independent in difficult times.”
The insurer said an individual can insure himself or herself as the principal insured, spouse, all children and parents under one policy.
“The plan is available for principal insured, spouse, parents aged up to 65 years, and children aged between 91 days to 20 years. The cover period available for PI, spouse, parents up to age 80 years and for children up to 25 years.”
Arogya Rakshak would offer a flexible benefit limit to choose from, flexible premium payment options, and valuable financial protection in case of hospitalisation, surgery etc.
The LIC health insurance plan also offers a lump sum benefit irrespective of actual medical costs and allows a higher health cover through Auto Step Up Benefit and No Claim Benefit.
If more than one member was covered under a policy, Arogya Rakshak offers Premium Waiver for other insured persons if the original principal insured or the buyer dies. The plan also offers the Premium Waiver Benefit for one year if the insured undergoes certain major surgeries.
Apart from providing ambulance benefit and health check-up benefit, Arogya Rakshak also offers optional riders such as LIC’s New Term Assurance Rider and Accident Benefit Rider.
THE LIC HEALTH insurance plan also offers a lump sum benefit irrespective of actual medical costs and allows a higher health cover through Auto Step Up Benefit and No Claim Benefit.