On July 20, 2021, the Life Insurance Corporation of India (LIC) launched a non-linked, non-participating, regular premium, individual, health insurance plan named – ‘Arogya Rakshak’ 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 LIC’s New Term Assurance Rider and LIC’s 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 – “Insurance 100 2021”, 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):
Headquarters – Mumbai, Maharashtra
Chairman – M R Kumar