On July 20, 2021, the Life Insurance Corporation of India (LIC) launched a non-linked, non-participating, regular premium, individual, health insurance plan named – тАШArogya RakshakтАЩ to provide fixed benefit health insurance cover against certain specified health risks.
- The plan was launched by M. Jagannath, Zonal Manager (South Central Zone) of LIC.
Features of Arogya Rakshak:
i.The plan will provide timely financial support under medical emergencies to the insured and his family. An individual could insure the spouse, children and parents under one policy.
ii.Payment Method: Arogya Rakshak is a defined benefit policy and it has a different mode of payment than the regular health insurance plan, i.e it will pay the total benefit amount insured irrespective of actual medical costs.
iii.Minimum & Maximum Age at Entry: Insured Person(IP)/spouse/parents – 18 to 65 years; Children – 91 days to 20 years.
- Cover period – IP/spouse/parents – 80 years; Children – 25 years.
iv.It also provides Auto Health Cover Benefit in case of death of the original principal insured (PI).
v.Waiting Period: It has no waiting period for accidents but has 2 years of waiting period for illness.
vi.The premium under the plan could be paid on a yearly or half-yearly basis (with 30 days grace period); as it will support only specific health risks it is not a comprehensive health plan.
vii.This plan offers 2 additional riders like LICтАЩs New Term Assurance Rider and LICтАЩs Accident Benefit Rider for IP and Spouse alone.
viii.After 3 years of cover, health cover could be increased by way of Auto Step Up benefit and No Claim benefit.
Recent Related News:
Brand Finance, a London-based brand valuation consultancy firm in its annual report тАУ тАЬInsurance 100 2021тАЭ, reported the Life Insurance Corporation (LIC) as the 3rd strongest and the 10th most valuable insurance brand globally.
About Life Insurance Corporation of India (LIC):
Establishment -1956
Headquarters тАУ Mumbai, Maharashtra
Chairman – M R Kumar
