AROGYA SANJEEVANI POLICY |
|
|
No one should have to choose between medicine and other necessities. No one should have to use the emergency room every time a child gets sick. And no one should have to live in constant fear that a medical problem will become a financial crisis.
- Brad Henry |
|
WHAT IS AROGYA SANJEEVANI POLICY ?
Arogya Sanjeevani Health Insurance Policy
A STANDARD HEALTH INSURANCE POLICY
03.01.2020 : Presently both General Insurance companies and health insurance companies are permitted to issue health insurance policies . There are number of health insurance policies issued by various insurance companies and each policy is uniquely created by the insurance company . Each policy has its own inclusions & exclusions , co-pay terms , waiting period ,hospital list , premium & terms and conditions .
If you want to buy a health insurance , it is difficult for you to compare as there are innumerable differences . It is very difficult to know whether you are paying the right price for the policy .
In order to mitigate the problem , Insurance Regulatory & Development Authority of India ( IRDAI ) has come out recently with proposed common health insurance policy to be mandatorily issued by all insurance companies licensed to issue health policies . The policy is called AROGYA SANJEEVANI POLICY . Though Plan will have common features , premiums can be decided by individual insurance companies .
The prime objective of the policy is to provide basic health insurance for general public with transparent common features which is portable , in case of poor service by the insurer .
The policy is being issued from 1st , April , 2020 by all the general / health insurers .
03.01.2020 : Presently both General Insurance companies and health insurance companies are permitted to issue health insurance policies . There are number of health insurance policies issued by various insurance companies and each policy is uniquely created by the insurance company . Each policy has its own inclusions & exclusions , co-pay terms , waiting period ,hospital list , premium & terms and conditions .
If you want to buy a health insurance , it is difficult for you to compare as there are innumerable differences . It is very difficult to know whether you are paying the right price for the policy .
In order to mitigate the problem , Insurance Regulatory & Development Authority of India ( IRDAI ) has come out recently with proposed common health insurance policy to be mandatorily issued by all insurance companies licensed to issue health policies . The policy is called AROGYA SANJEEVANI POLICY . Though Plan will have common features , premiums can be decided by individual insurance companies .
The prime objective of the policy is to provide basic health insurance for general public with transparent common features which is portable , in case of poor service by the insurer .
The policy is being issued from 1st , April , 2020 by all the general / health insurers .
AROGYA SANJEEVANI POLICY WILL HAVE NO COVER LIMIT NOW : IRDAI
Dated 08.07.2020 : Hitherto Arogya Sanjeevani Policy could be issued for sum insured between Rs.1 lakh and Rs.5 lakhs,. Now to further facilitate the general public, Insurance Regulatory & Development Authority of India ( IRDAI ) has come outi with modified guidelines and now insurers are allowed to offer minimum sum insured less than Rs.1,00,000/- and maximum sum insured greater than Rs.5,00,000/- .The Sum insured options shall be offered in the multiples of Rs. 50,000 only.
Hence now insurance companies can issue Arogya Sanjeevani policies cover starting from Rs 50,000 and in multiples of Rs 50,000 . New circular cites no maximum cover and hence insurance companies will be free to issue policies with higher covers also .
To read IRDAI CIRCULAR DATED 07.07.2020 , CLICK HERE
Dated 08.07.2020 : Hitherto Arogya Sanjeevani Policy could be issued for sum insured between Rs.1 lakh and Rs.5 lakhs,. Now to further facilitate the general public, Insurance Regulatory & Development Authority of India ( IRDAI ) has come outi with modified guidelines and now insurers are allowed to offer minimum sum insured less than Rs.1,00,000/- and maximum sum insured greater than Rs.5,00,000/- .The Sum insured options shall be offered in the multiples of Rs. 50,000 only.
Hence now insurance companies can issue Arogya Sanjeevani policies cover starting from Rs 50,000 and in multiples of Rs 50,000 . New circular cites no maximum cover and hence insurance companies will be free to issue policies with higher covers also .
To read IRDAI CIRCULAR DATED 07.07.2020 , CLICK HERE
PREMIUM FOR AROGYA SANJEEVANI POLICY
PREMIUMS FOR AROGYA SANJEEVANI POLICY ANNOUNCED BY TWO INSURERS
Dated 01.05.2020 : Many of the insurance companies permitted by IRDAI have come out with prospectus of the Arogya Sanjeevani Policies being issued by them and require one to contact them for the premium to be paid . However Public sector Insurer New India Assurance company and Private Sector Universal Sompo Insurance Company have given the premium charts on their websites itself saving you from the hazard of sharing your information .
The New India Assurance company limited charges premiums between Rs 3,626 and Rs 6,665 for insurance between Rs 1.00 lakhs to Rs 5.00 Lakhs for a person aged below below 35 years for both individual and floater policies . GST is extra . Premiums go on increasing with age . The table of premium is valid up to 31.03.2021 . A maximum of 6 % increase may be effected every year for future renewals . For the Prospectus and Premium chart , CLICK HERE
The Universal Sompo General Insurance company limited charges premiums between Rs 1,649 and Rs 4,164 for insurance between Rs 1.00 lakhs to Rs 5.00 Lakhs for a person aged below below 35 years for self only . GST is extra . Premiums go on increasing with age as well as the number of persons included in the floater policy . The table of premium is valid up to 31.03.2021 . A maximum of 6 % increase may be effected every year for future renewals . For the Prospectus and Premium chart , CLICK HERE
Dated 01.05.2020 : Many of the insurance companies permitted by IRDAI have come out with prospectus of the Arogya Sanjeevani Policies being issued by them and require one to contact them for the premium to be paid . However Public sector Insurer New India Assurance company and Private Sector Universal Sompo Insurance Company have given the premium charts on their websites itself saving you from the hazard of sharing your information .
The New India Assurance company limited charges premiums between Rs 3,626 and Rs 6,665 for insurance between Rs 1.00 lakhs to Rs 5.00 Lakhs for a person aged below below 35 years for both individual and floater policies . GST is extra . Premiums go on increasing with age . The table of premium is valid up to 31.03.2021 . A maximum of 6 % increase may be effected every year for future renewals . For the Prospectus and Premium chart , CLICK HERE
The Universal Sompo General Insurance company limited charges premiums between Rs 1,649 and Rs 4,164 for insurance between Rs 1.00 lakhs to Rs 5.00 Lakhs for a person aged below below 35 years for self only . GST is extra . Premiums go on increasing with age as well as the number of persons included in the floater policy . The table of premium is valid up to 31.03.2021 . A maximum of 6 % increase may be effected every year for future renewals . For the Prospectus and Premium chart , CLICK HERE
IRDAI CLEARS 29 INSURANCE COMPANIES FOR ISSUE OF AROGYA SANJEEVANI POLICY
Dated 09.04.2020 : Now IRDAI has allowed 29 General as well as Health insurers to issue the policies under Arogya Sanjeevani plan as per press release dated 01.04.2020 .
For IRDAI Press Release , CLICK HERE FOR THE WEBSITES OF INSURANCE COS , CLICK HERE
Dated 09.04.2020 : Now IRDAI has allowed 29 General as well as Health insurers to issue the policies under Arogya Sanjeevani plan as per press release dated 01.04.2020 .
For IRDAI Press Release , CLICK HERE FOR THE WEBSITES OF INSURANCE COS , CLICK HERE
AROGYA SANJEEVANI SCHEME - IN DIGITAL FORMAT
AROGYA SANJEEVANI POLICY TO BE ISSUED IN DIGITAL FORMAT
Dated 08.03.2020 : Now IRDAI has allowed insurers to issue the policy contract of Arogya Sanjeevani Policy in electronic / digital format . The digital form of the policy contract may be forwaded through email or a link shall be provided in the certificate of insurance. However, where policyholder specifically seeks the physical form of the policy contract, the same shall be provided by the insurer.
However every insurer offering Arogya Sanjevani Policy shall provide a certificate of insurance to the policyholder indicating the availability of health insuarnce coverage.The certificate shall have a reference to access detailed terms and conditions of the policy contract.
However every insurer offering Arogya Sanjevani Policy shall provide a certificate of insurance to the policyholder indicating the availability of health insuarnce coverage.The certificate shall have a reference to access detailed terms and conditions of the policy contract.
FAMILY FLOATER POLICIES WILL BE AVAILABLE
Arogya Sanjeevani Policy Details
AROGYA SANJEEVANI PLAN / POLICY
BASIC FEATURES :
1. Policies issued by all insurance companies will comply with IRDAI Notification on Arogya Sanjeevani Policy
2. All policies will have same cover , co-pay , terms & conditions
3. No policy will have additional / optional cover or add-on
4. Policy will be issued for a period of one year only .
5. Minimum insured amount is Rs 1.00 lakh with a maximum of Rs 5 lakhs
6. Minimum entry age of 18 years with a maximum of 65 years with life long cover
7. 5 % uniform co-pay by the insured
8. 5 % cumalative bonus for each claim free year completed .
9 Family floater policies to be made available including insured , spouse , parents / parents in law with dependent children aged up to 25 years .
10 . Premium can be paid monthly / quarterly , half yearly or annually .
11. The policy will carry same premium pan India
12. THE POLICY IS PORTABLE WITH ANY OTHER INSURER
TO KNOW INSURANCE AVAILABLE ON COVID 19 , CLICK HERE
1. Policies issued by all insurance companies will comply with IRDAI Notification on Arogya Sanjeevani Policy
2. All policies will have same cover , co-pay , terms & conditions
3. No policy will have additional / optional cover or add-on
4. Policy will be issued for a period of one year only .
5. Minimum insured amount is Rs 1.00 lakh with a maximum of Rs 5 lakhs
6. Minimum entry age of 18 years with a maximum of 65 years with life long cover
7. 5 % uniform co-pay by the insured
8. 5 % cumalative bonus for each claim free year completed .
9 Family floater policies to be made available including insured , spouse , parents / parents in law with dependent children aged up to 25 years .
10 . Premium can be paid monthly / quarterly , half yearly or annually .
11. The policy will carry same premium pan India
12. THE POLICY IS PORTABLE WITH ANY OTHER INSURER
TO KNOW INSURANCE AVAILABLE ON COVID 19 , CLICK HERE
|
|
WHAT THE POLICY WILL COVER ?
1. HOSPITALISATION EXPENSES :
A. Room Rent at 2 % of insured amount per day with a maximum of Rs 5,000 per day
B. Doctor / Surgeon Fees
C. Cost of diagnostics , operation theater , anesthesia , blood , oxygen , medicine , drugs and related expenses
D. Intensive care unit ( ICU / ICCU ) charges maximum of Rs 10,000 per day and 5 % of the insured
amount per day
E. Ayush treatment allowed .
F. Cataract has a sub-limit of 25 % of the sum insured with a a mximum of Rs 40,000
G. Specific diseases have waiting period ranging 24 months to 48 months .
H. Dental treatment if necessitated from disease / accident
I . Plastic surgery if necessitated from disease / accident
OTHER EXPENSES :
H. Ambulance Charges maximum of Rs 2,000
I. Pre- hopitalisation charges up to 30 days
J. Post- hopitalisation charges up to 60 days
1. HOSPITALISATION EXPENSES :
A. Room Rent at 2 % of insured amount per day with a maximum of Rs 5,000 per day
B. Doctor / Surgeon Fees
C. Cost of diagnostics , operation theater , anesthesia , blood , oxygen , medicine , drugs and related expenses
D. Intensive care unit ( ICU / ICCU ) charges maximum of Rs 10,000 per day and 5 % of the insured
amount per day
E. Ayush treatment allowed .
F. Cataract has a sub-limit of 25 % of the sum insured with a a mximum of Rs 40,000
G. Specific diseases have waiting period ranging 24 months to 48 months .
H. Dental treatment if necessitated from disease / accident
I . Plastic surgery if necessitated from disease / accident
OTHER EXPENSES :
H. Ambulance Charges maximum of Rs 2,000
I. Pre- hopitalisation charges up to 30 days
J. Post- hopitalisation charges up to 60 days
PLAN N PROGRESS compares premiums quoted by various insurance companies on Arogya Sanjeevani plan : CLICK HERE FOR DETAILS
NEW ARTICLE
SECURING HEALTH FOR SENIOR CITIZENS
WITH OR WITHOUT ENTRY AGE RESTRICTION
TO READ THE ARTICLE CLICK HERE
TO GET ANSWERS FOR FAQs on MANAGEMENT OF POLICIES , CLICK HERE
SECURING HEALTH FOR SENIOR CITIZENS
WITH OR WITHOUT ENTRY AGE RESTRICTION
TO READ THE ARTICLE CLICK HERE
TO GET ANSWERS FOR FAQs on MANAGEMENT OF POLICIES , CLICK HERE
DO YOU KNOW ?
From a report of Sample Survey Office , it is revealed that 80 percent of Indians , who mainly rely up on private health care , do not have any medical insurance . The government has brought only about 12 % of population under health protection schemes like Rashtriya Swasthya Bima Yojana . In the absence of health insurance , 75 % of Indians use their hard earned savings while 18% have to borrow . In order to escape from financial gloom in the events of medical emergencies , one has to definitely require some form of Health insurance .
PRE-MEDICAL TEST FOR AROGYA SANJEEVANI PLAN :
The notification issued by IRDAI is silent on the issue of requirement of Pre-medical test .
Generally some insurance companies require a health check up to be conducted for the persons to be covered under a health insurance policy . Some companies may not insist for people aged up to specific year or if they don't have any adverse medical conditions . Normally insurance companies pay for such medical exam . We have to wait for any guideline will be issued by IRDAI in future before launch of the product . We may check with the insurance company about the condition before applying .
The notification issued by IRDAI is silent on the issue of requirement of Pre-medical test .
Generally some insurance companies require a health check up to be conducted for the persons to be covered under a health insurance policy . Some companies may not insist for people aged up to specific year or if they don't have any adverse medical conditions . Normally insurance companies pay for such medical exam . We have to wait for any guideline will be issued by IRDAI in future before launch of the product . We may check with the insurance company about the condition before applying .
KNOW ABOUT TAX ON RETIREMENT BENEFITS , CLICK HERE
FOR INCOME TAX NEWS , CLICK HERE NEWS ON INTEREST RATES CLICK HERE
ARTICLE ON INVESTMENT OPTIONS FOR RETIREES , CLICK HERE WHAT IS SYSTEMATIC INVESTMENT PLAN ? CLICK HERE
NEW ARTICLES ON
SMALL FINANCE BANKS PAYMENT BANKS
UNIFIED PAYMENT INTERFACE BHARAT BILL PAYMENT SYSTEM
BHIM APP AADHAR
e-INSURANCE Account ( eIA )
WHAT IS NEW ON PLAN N PROGRESS ?
FOR INCOME TAX NEWS , CLICK HERE NEWS ON INTEREST RATES CLICK HERE
ARTICLE ON INVESTMENT OPTIONS FOR RETIREES , CLICK HERE WHAT IS SYSTEMATIC INVESTMENT PLAN ? CLICK HERE
NEW ARTICLES ON
SMALL FINANCE BANKS PAYMENT BANKS
UNIFIED PAYMENT INTERFACE BHARAT BILL PAYMENT SYSTEM
BHIM APP AADHAR
e-INSURANCE Account ( eIA )
WHAT IS NEW ON PLAN N PROGRESS ?
TAX BENEFIT UNDER SECTION 80D OF INCOME TAX ACT
Deduction allowed on Medicliam Policies under 80 D is Rs. 50,000/- for senior citizens and up to Rs. 25,000/- for others from the financial year 2018-19 . For senior citizens , if no insurance amount is paid , hospital expenditure up to Rs 50,000 is allowed . An assessee can claim additional Rs 50,000 for his / her parents if they are senior citizens and Rs 25,000 in other cases . Overall claim cannot exceed Rs 1,00,000 . All payments should have been made in any mode other than cash . Cost of preventive health check up up to Rs 5,000 can be claimed within the overall limit and it could have been made in cash also .
TAX BENEFIT UNDER SECTION 80D OF INCOME TAX ACT
Deduction allowed on Medicliam Policies under 80 D is Rs. 50,000/- for senior citizens and up to Rs. 25,000/- for others from the financial year 2018-19 . For senior citizens , if no insurance amount is paid , hospital expenditure up to Rs 50,000 is allowed . An assessee can claim additional Rs 50,000 for his / her parents if they are senior citizens and Rs 25,000 in other cases . Overall claim cannot exceed Rs 1,00,000 . All payments should have been made in any mode other than cash . Cost of preventive health check up up to Rs 5,000 can be claimed within the overall limit and it could have been made in cash also .
ADVANTAGES / DISADVANTAGES WITH THE AROGYA SANJEEVANI PLAN :
1. PORTABILITY : If the services of any particular insurance company is not satisfactory , one can easily migrate any other insurance as all the terms & conditions are same
2. PRICE COMPARISON : We can easily compare the premiums demanded by various insurance companies . Further the price has to be competitive issued by them to survive in the market and hence premium will become quite attractive . Further if any other product issued by the insuror , a benchmark will be created in the form of AT Plan .
3. For other products also , it is expected that prices will become optimum , as otherwise customers will migrate to the standard plan
4. AT Plan just covers the basic minimum with a maximum cover of Rs 5.00 lakhs . Further no add-on is permitted . In the present costs of medical treatment , the cover may not be sufficient . Hence public will be forced to buy another health policy .
5.Entry age is restricted to 65 years . Hence many senior citizens will not be able to take up the plan
1. PORTABILITY : If the services of any particular insurance company is not satisfactory , one can easily migrate any other insurance as all the terms & conditions are same
2. PRICE COMPARISON : We can easily compare the premiums demanded by various insurance companies . Further the price has to be competitive issued by them to survive in the market and hence premium will become quite attractive . Further if any other product issued by the insuror , a benchmark will be created in the form of AT Plan .
3. For other products also , it is expected that prices will become optimum , as otherwise customers will migrate to the standard plan
4. AT Plan just covers the basic minimum with a maximum cover of Rs 5.00 lakhs . Further no add-on is permitted . In the present costs of medical treatment , the cover may not be sufficient . Hence public will be forced to buy another health policy .
5.Entry age is restricted to 65 years . Hence many senior citizens will not be able to take up the plan
ISSUERS OF HEALTH COVERS
Mediclaim policies are issued by specialized Health / Medical Insurance companies , Life Insurers as well as General Insurers . To get the list and visit their websites , Click Here
Mediclaim policies are issued by specialized Health / Medical Insurance companies , Life Insurers as well as General Insurers . To get the list and visit their websites , Click Here
ARTICLES ON
INSURANCE LIFE INSURANCE HEALTH INSURANCE VEHICLE INSURANCE HOUSEHOLD INSURANCE
SMALL FINANCE BANKS PAYMENT BANKS UNIFIED PAYMENT INTERFACE BHARAT BILL PAYMENT SYSTEM
BHIM APP AADHAR
INSURANCE LIFE INSURANCE HEALTH INSURANCE VEHICLE INSURANCE HOUSEHOLD INSURANCE
SMALL FINANCE BANKS PAYMENT BANKS UNIFIED PAYMENT INTERFACE BHARAT BILL PAYMENT SYSTEM
BHIM APP AADHAR
