Aarogya Sanjeevani is a new Insurance Scheme launched by IRDA to ensure better health and safety for all in India. Here we will discuss the advantage and disadvantage of Arogya Sanjivani policy. This is a plan which provides medical insurance coverage which is required typical medical benefits for a small premium with the intention of getting everybody. It has only recently started.
Advantages
- It comes at a small premium : it comes at a lower premium than other policies.
- Very easy to join : All insurance companies have a Arogya Sanjivani policy. Its coverage and premium is the same everywhere .It is a simple policy.
- It can be transferred from one company to another. It has portability.
- It gives cashless coverage. We get coverage without paying money.
- You should ensure coverage of the cashless facility at the hospital where you use this policy.
- This policy covers all the medical related things that have been done 30 days before and 60 days later. pre or post hospitalization can be claimed .
- Aayush has been covered in this policy. ( Ayurveda Unani Siddha homeo pathi)
- It has no claim bonus : If we pay an year and we are not treated that year, we get a no- claim bonus .
- That means our coverage will increase next year. Increasing coverage will increase 5 lakhs to 7 1/2 lakhs.
- If you cancel this policy ,you will get a refund. If you cancel within one month of joining this policy ,this company will return 75 % premium to us .50 % of the premium will be refunded within 3 months . 25 % of the premium will be refunded within 6 months.
Disadvantages
- It has very little coverage . its coverage is from Rs 1,00,000 to 5,00,000.
- The coverage is pretty basic
- This policy does not apply to people with large medical conditions .
- It has to pay 5% of co-pay.
- example : If we spend Rs 100 ,we will pay Rs 5 and Company will pay Rs 95
- If we joined with the policy, it becomes active after 30 days.
- It has no Maternity coverage .
- It has a sub limit.
- In this policy, the room rent is 2 %. That is Rs 10,000 policy of Rs 5 lakh .
- 5 % of ICU under this policy .
- Cataract surgery of the eye 25 %.
- It has no other Riders. Some health insurance policies include accident/ critical Riders of these there are none.
Some characteristics
- One can take any numbers of Arogya Sanjivani policies.
- Already, if you are a medical insurer take a Arogya Sanjivani policy and top up your policy .
- The premium is the same for all companies in India.
- All companies cover the same things.
- This is a very good policy for those who do not currently have medical insurance and for those who have little medical condition
- In hospitals that we normally depends on, choose a company that give a cashless facility and select that company policy. Never cancel an existing policy and take Arogya Sanjeevani . It is very important