This pandemic has been an eye-opener for a lot of people. The current report by IRDAI observed an increase in the number of health insurance purchases. With an unpredictable future ahead, a lot of people are now shifting to buy health insurance online. There was a lot of debate around whether health insurances will cover COVID-19 or not.
Amidst this ambiguity, IRDAI launched Arogya Sanjeevani Policy and made this mandatory for all the insurance providers. The plan has clear guidelines around COVID-19 and other illness as well. It has brought new hope for families who are looking for their family protection.
What is Arogya Sanjeevani Policy?
This health policy is like regular insurance which provides standard coverage in times of medical emergency. It covers all the cost of treatment and hospitalisation up to the sum insured. The sum insured depends on what you choose when you are filling out the policy form. The terms and conditions, inclusion and exclusion of the policy may differ from insurer to insurer. The premium of this policy is low and is easily affordable. This makes it one of the best courses that one could get, especially in these difficult times.
Is the policy sufficient for all?
The cap of the policy is at 5 lakh, thus people living in big cities won’t be much benefitted. The cost of medical treatment in these cities is already very high. In metro cities due to huge pharmaceutical rates, the policy is not able to cover all the expenses. If an individual is getting this policy at a young age then it is almost perfect. For a family, however, the 5-lakh cover may not cover all the expenses.
Benefits of Arogya Sanjeevani Policy
Renewability: The policy is available for people in the age group 18-65. However, it can be renewed for a lifetime as long as the person pays the renewable premium.
Cost-effective premium: This policy is standard policy, thus the premium is low in comparison to the other policies that are currently available in the market.
Individual and Floater: The policy can be bought in two plans. One of them is individual while the other is a floater plan. In the floater plan, the person can get coverage for all the family members including dependent children. Thus, with a single plan, you can get security for your whole family.
Does the policy provide enough coverage?
After looking at the numbers it is totally up to the person whether they want to get the policy or not. The only thing to know is that it is necessary to have health insurance in these difficult times. As a standard policy, it works well. If you are looking for a low premium with enough coverage you should go for this one. However, if you want more coverage and can afford more premiums it is better to go for high-end policies. The amount of 5 lakh cannot be fulfilling at all times.
You can compare multiple health insurance plans. After analysing your affordability choose the best one which will suit all your needs.