Health Insurance 386 views August 3, 2021

LIC Arogya Rakshak Plan helps individuals plan for health emergencies beforehand. This plan offers individuals coverage against specific health risks. You can cover yourself, your spouse, children and your parents under the policy. It could help individuals stay financially independent during a medical crisis.

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Do check the key features of the plan mentioned above to get an overview of the same.

  1. Flexible Daily Benefit Limit Options
  2. Financial Protection in case of Hospitalization
  3. Lump Sum Benefit
  4. Ambulance Benefit
  5. Auto Set-Up and No Claim Bonus Facility
  6. Premium Waiver Benefit
  7. Health Check-up Benefit
  8. Multiple Premium Payment Options
  9. Option to Choose from Multiple Rider
  10. A Free Look Period of 15 Days
  11. A 30-day Grace Period
  12. Tax Benefits under Income Tax Act, 1961

Continue reading this page to understand these features and benefits in detail. Let’s start without any further delay.

Features and Benefits of LIC Arogya Rakshak Plan in Detail

LIC Arogya Rakshak Plan is a non-linked, non-participating regular premium individual health insurance plan. We have talked about its features and benefits in detail below.

Flexible Hospital Cash Benefit Limits

Policyholders can choose from multiple hospital cash benefit (Initial daily benefit) options according to their convenience. The daily benefit amount ranges from INR 2,500 to 10,000 per day (in multiples of INR 500). The major surgical benefit will be 100 times the chosen hospital cash benefit. So, it ranges from INR 2.5 lakh to INR 10 lakh in multiples of INR 50,000.

What Will be Your Cover Period?

For principal insured persons, spouses and parents, the cover period will be 80 minus the age at entry. For insured children, the cover period will be 25 minus the age at entry.

Coverage Benefits During the Policy Term

Hospital Cash Benefit

If an insured person is hospitalized (for a minimum of 24 hours) due to an accidental bodily injury or sickness, the policy will provide the applicable daily benefit regardless of actual treatment costs. In case of an ICU hospitalization, insured persons will get two times the daily benefit. The coverage period will be up to 30 days during the first policy year. From the second year onwards, you can get coverage up to 90 days in a year.

Major Surgical Benefit

Under this benefit, if an insured person is undergoing one of the listed surgeries due to an accidental bodily injury or sickness, the policy will cover up to 100% of the major surgical benefit sum assured (Equal to 100 times the applicable daily benefit for a policy year).

Policyholders will get hospital cash benefits over and above the lump sum major surgical benefit sum assured depending on the length of hospitalization. Under this benefit, you will get the following offers too.

Ambulance Benefit

The policy will cover up to INR 1,000 towards ambulance expenses incurred on the transportation of an insured person.

Premium Waiver Benefit

In case of major surgery, the policy will waive off the premium including rider premium (if any) from the date of installment premium due to the date of surgery. This benefit will be available once during the policy term.

Major Surgical Benefit Restoration

If you have exhausted 100% of the major surgical benefit sum assured in a policy year, the policy will cover the next major surgical benefit. However, the next claim should be for a different procedure to get this benefit.

Day Care Procedure Benefit

LIC Arogya Rakshak Plan will offer five times the chosen daily benefit as a lump sum amount if an insured person needs to undergo a day care procedure (Treatments that do not require a minimum 24-hour hospitalization). In a policy year, you can get coverage against a maximum of three day care procedures.

Medical Management Benefit

The plan from LIC will offer 2.5 times the applicable daily benefit if an insured person is undergoing in-patient hospitalization due to any of the following illnesses.

  1. Dengue
  2. Malaria
  3. Pneumonia
  4. Pulmonary Tuberculosis
  5. Viral Hepatitis A

Note: The benefit will be applicable for a maximum of 2 times in a policy year.

Extended Hospitalization Benefit

If an insured person is undergoing a single period of continuous in-patient hospitalization of more than 30 days (due to accidental bodily injury or sickness), he/she will get a lump sum benefit. This amount will be 10 times the chosen daily benefit and is available once in a policy year.

Health Check-up Benefit

This policy also provides a health check-up benefit to each insured person once every three policy years. Under this benefit, you will get an amount equal to the actual expenses incurred up to half of the daily benefit. To get this benefit, he/she needs to undergo a health check-up and share a copy of the medical report and bills with the insurer.

Multiple Premium Payment Options

You can prefer to pay the premium at yearly or half-yearly intervals during the policy term. To know about the modal factor, check the below table.

Premium Payment ModeLoading (As a % of the Annual Premium)
YearlyNIL
Half-yearly1.50%

Rider Options Available for You

LIC also offers the following rider options with which individuals can enhance their coverage.

  1. LIC New Term Assurance Rider
  2. LIC Accident Benefit Rider

LIC Arogya Rakshak Plan Eligibility Criteria

Please check the conditions related to the LIC Arogya Rakshak Plan mentioned in the below table.

Type of IndividualMinimum Age at EntryMaximum Age at Entry
Principal Insured18 years65 Years
Insured Spouse/Parents18 years65 Years
Insured Children91 days20 years

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