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Blog > Health Insurance > Is the Arogya Sanjeevani health insurance policy well enough?

Is the Arogya Sanjeevani health insurance policy well enough

The Insurance Regulatory and Development Authority of India (IRDAI) has issued the guidelines for all insurance companies to provide the Aarogya Sanjeevani Policy from April 2020. Arogya Sanjeevani health insurance policy is available for individuals and families with coverage of up to INR 5 lakh. There are no riders and other variants with this policy. It is a basic policy designed to meet basic hospitalization expenses. The motto of IRDAI for launching this plan is to meet the health insurance plan by offering a standard plan.
 

For whom Arogya Sanjeevani health insurance policy is suitable?

 
Arogya Sanjeevani health insurance policy is a perfect plan for all the first-time health insurance buyers. Across all the insurers, the terms and conditions and related cover are the same.
 
Is it perfect for all?
 
There is a cap of INR 5 lakh cover under this policy, hence it is not recommended for the people living in big cities. Due to heavy hospitalization and treatment cost in the metro cities, the plan is not able to cover all the expenses. If a person can pay higher premiums then he must go for other health insurance plans offering big cover. For a first time individual insurance buyer of young age, this plan is quite suitable. For a family, this 5 lakh cover doesn’t seem to cover all the health expenses, mostly in critical illness.
 

 2 options to choose under Arogya Sanjeevani health insurance policy 

 
The policy provides 2 options to choose – either you can go for an individual policy or family floater plan, with an option to choose between INR 1 to 5 lakhs for each family member. With Family Floater Health Insurance of Arogya Sanjeevani health insurance policy, a person can cover the entire family with one insurance plan.
 

Cover of Arogya Sanjeevani health insurance policy

 
Hospitalization expenses – All pre and post hospitalization expenses due to an illness or accident are covered in this policy. COVID-19 hospitalization and treatment are also covered under this expense.
 
AYUSH – Alternative treatment under the policy gets covered in this insurance scheme. Eligible patients can opt for Ayush treatment.
 
Cumulative Bonus – For all the claim-free years, there is a 5% bonus reward for the sum insured.
 
Room Rent – A maximum of INR 5000 per day is covered for the room rent expenditure under this policy.
 
ICU/CCU – A cover of up to INR 10,000 per day.
 
Ambulance charges – A maximum of INR 2,000 per hospitalization included as ambulance charge under this policy.
 
Plastic surgery or dental treatments – Expenses related to plastic surgery or dental treatments.
 
Cataract Surgery – The expenses related to the treatment of cataract for each eye is covered under this policy, with coverage of up to INR 40,000 OR 25% of the total sum insured, whichever is lower.
 
New Age Treatments - Modern treatments, including Immunotherapy, Balloon Sinuplasty, and Stem Cell Therapy, can be covered to a maximum of 50% of the total sum insured.
 

Some interesting benefits of Arogya Sanjeevani health insurance policy

 
Lifetime renewability – The policy is for the age group 18 to 65 as on entry-level but the same can be renewed for a lifetime, as long as renewal premium is paid on time.
 
Cost-effective premium – As it is a standard policy, the premium rate for this policy is comparatively lower than the other health insurance policies available in the market.
 
Low copayment – Unlike other limitations of 10-20% copayment with several insurance policies, Arogya Sanjeevani Policy comes with a minimum of 5% copayment.
 
Individual and Family Floater Health Insurance – The policy comes with two plans – individual health policy in which there is one policy for a family member and another one is family floater health insurance policy in which there is one policy for the entire family.
 

Now the main question - Is Arogya Sanjeevani health insurance policy well enough?

 
After analyzing the facts and figures above, now it is up to you to decide whether this policy is well enough or not. As a standard health insurance policy, it seems good but when we talk about the several aspects of medical expenses amid the ongoing pandemic; then there is a need to rethink it. With the ongoing increase in the bed charges and the several consumables and treatment procedures of coronavirus, the amount of INR 5 lakh does not seem fulfilling the purpose. Private hospitals of good reputations are charging huge and huge and it is unaffordable for middle-class families. In such a case, a normal person with a standard insurance policy will have to pay a lot even after deducting the full coverage amount of that policy.
 

Which policy should we choose now?

 
To avoid a huge financial loss or instead of going in debt; it is always better to opt for the high coverage insurance policy. We should do a proper market analysis and choose the trending insurance policy to meet our coverage requirement. 
  
HDFC ERGO Health, as a trusted insurer by 1 Cr+ customers is offering multiple insurance policies covering all the pre and post hospitalization for coronavirus pandemic. Within the affordable premium policies of health insurance, we can get great health cover benefits and avail the maximum advantages along with financial protection.

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