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When it comes to securing your family’s health, having a robust health insurance plan is indispensable. LIC Arogya Rakshak is a comprehensive health insurance plan designed to offer extensive coverage and financial protection against various medical expenses. In this guide, we’ll delve into the features, benefits, and other crucial aspects of LIC Arogya Rakshak to help you make an informed decision.
Table of Contents
Key Takeaways
- LIC Arogya Rakshak offers extensive health coverage for families.
- Flexible benefit limits and premium options cater to individual needs.
- Increasing coverage through Auto Step-Up and No Claim Benefits.
- Provides financial protection during hospitalizations, surgeries, and prolonged illnesses.
What is LIC Arogya Rakshak?
LIC Arogya Rakshak (Plan No: 906, UIN: 512N318V01) is a non-linked, non-participating, individual health insurance plan. It provides a fixed benefit health insurance cover against specified health risks and supports you during medical emergencies. This plan ensures financial independence for you and your family during challenging times.
Key Features of LIC Arogya Rakshak
- Comprehensive Coverage: Covers the Principal Insured (PI), spouse, children, and parents under one policy.
- Flexible Benefits: Choose your benefit limit and premium payment options.
- Lump Sum Benefit: Offers a lump sum payment irrespective of actual medical costs.
- Increasing Health Cover: Auto Step-Up Benefit and No Claim Benefit increase your coverage over time.
- Premium Waiver: Premium waiver in case of the policyholder’s death or major surgeries.
Eligibility and Restrictions
- Minimum Age at Entry:
- Principal Insured: 18 years
- Spouse/Parents: 18 years
- Children: 91 days
- Maximum Age at Entry:
- Principal Insured: 65 years
- Spouse/Parents: 65 years
- Children: 20 years
Benefits of LIC Arogya Rakshak
1. Hospital Cash Benefit (HCB)
If the insured is hospitalized due to accidental injury or sickness for more than 24 hours, they will receive a fixed daily benefit. The amount doubles for ICU stays.
2. Major Surgical Benefit
In case of major surgeries, a lump sum amount is paid. This includes additional benefits such as ambulance expenses and premium waiver.
3. Day Care Procedure Benefit
Covers specified day care procedures with a lump sum amount, even for short-term hospitalizations.
4. Other Surgical Benefit
For surgeries not covered under major or day care benefits, a daily benefit is paid based on the hospitalization duration.
5. Medical Management Benefit
Provides a lump sum for treatment of specified conditions like dengue, malaria, pneumonia, etc.
6. Extended Hospitalization Benefit
For hospital stays exceeding 30 days, a substantial lump sum is paid.
7. Auto Step-Up Benefit
The Hospital Cash Benefit increases by 15% every three years.
8. No Claim Benefit
An additional 5% of the initial daily benefit is added every three claim-free years.
9. Health Check-up Benefit
Reimburses half of the daily benefit amount for health check-ups every three policy years.
10. Death Benefit
In case of the policyholder’s death, premiums are waived for the family, and the policy continues.
Premium Calculation
Premiums depend on the age, gender, and chosen benefit limits. It is crucial to choose a suitable initial daily benefit to ensure adequate coverage.
Example of Premium Calculation
| Age | Initial Daily Benefit | Annual Premium |
|---|---|---|
| 30 | ₹2000 | ₹4500 |
| 40 | ₹3000 | ₹6500 |
| 50 | ₹4000 | ₹9000 |
Claim Process
- Notification of Claim: Inform the insurance company about the hospitalization or surgery as soon as possible.
- Submission of Documents: Provide necessary documents such as hospital bills, discharge summary, and claim form.
- Claim Assessment: The insurance company will review the documents and assess the claim.
- Claim Settlement: Upon approval, the claim amount will be disbursed as per policy terms.
Exclusions
- Pre-existing conditions unless disclosed and accepted by the insurer.
- Injuries due to self-inflicted harm, suicide attempt, or substance abuse.
- Treatment for obesity, cosmetic surgery, or infertility.
- Hospitalization outside India.
Conclusion
LIC Arogya Rakshak is an ideal health insurance plan for those looking to secure comprehensive health coverage for their families. With flexible benefits and extensive coverage, it offers financial stability during medical emergencies. For personalized assistance and to purchase this plan, contact Somenath Naskar, the best LIC Agent in Kolkata, at 7980031260.
FAQs
What is the maximum daily benefit under LIC Arogya Rakshak?
The maximum initial daily benefit is ₹10,000 per day.
How does the Auto Step-Up Benefit work?
Every three years, the daily benefit increases by 15% of the initial amount, up to a maximum of 1.5 times the initial benefit.
Are there any restrictions on the number of claims?
No, there are no restrictions on the number of claims. However, benefits depend on the chosen coverage and policy terms.
Can I include my parents under this policy?
Yes, parents can be included, provided they meet the age eligibility criteria.
What happens if the Principal Insured passes away?
The policy continues with a premium waiver for the family members, ensuring continued coverage.
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