Excelsior Correspondent
JAMMU, July 19: Life Insurance Corporation (LIC) of India has introduced Health Insurance Plan ‘Arogya Rakshak’ with effect from today. It is a Non-linked, Non-Participating, Regular Premium, Individual Health Insurance Plan.
‘Arogya Rakshak’ provides fixed benefit health insurance cover against certain specified health risks and provides timely support in case of medical emergencies and helps the insured and his family to remain financially independent in difficult times.
An individual can take the cover for himself/herself. This individual will be addressed as Principal Insured (PI) for the purpose of insurance under this plan. The Spouse, Children and Parents of PI can also be covered under the same policy. The plan is available for PI/spouse/parents aged 18-65 years and children aged 91 days to 20 years. The cover period is available for PI/spouse/parents up to age 80 years and for children up to 25 years.
There shall be no restriction on the number of dependent children to be covered under a policy. The inclusion of additional members will be subject to payment of additional premium in respect of each of the additional members. The plan also offers a default provision for Insured Spouse/Parent to become Principal Insured on the exit of original PI from the policy.
This plan offers two additional riders like LIC’s New Term Assurance Rider and LIC’s Accident Benefit Rider shall also be available on the life of Original PI and/or Insured Spouse only. One can pay the premium on a yearly or half-yearly basis.
The benefits under this plan are flexible benefit limit, flexible premium payment options, valuable financial protection in case of hospitalization, surgery, etc, lump sum benefit irrespective of actual medical costs, increasing health cover by way of Auto Step Up Benefit and no Claim Benefit, Ambulance benefit, Health checkup benefit and premium Waiver benefit for one year in the event of any insured undergoing surgery falling under Category I or Category II for certain major Surgical Benefits.
If more than one member is covered under a policy, Premium is waived for other Insured(s) in case of unfortunate death of the original Principal Insured i.e. Policy holder at inception of the policy.
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