LIC Arogya Rakshak for Quality Medicare
Medical emergencies strike when you are least prepared and may hamper your finances for the rest of the year. Thankfully, people now recognize the need for health insurance to protect themselves and their families from medical expenses. LIC of India shares the responsibility to take care of your family in times of financial crisis and brings the LIC Arogya Rakshak plan into the benefit-based health insurance plan category.
Table of Content
What is LIC Arogya Rakshak Plan?
LIC Arogya Rakshak is a non-linked, non-participating, regular premium paying, individual, health insurance plan. Instead of offering comprehensive medical coverage, the plan offers fixed benefits against specified health risks through health insurance coverage. Also, the plan provides timely financial support to all the family members during any medical emergencies. Hospitalization, medicine costs, consultation fees, daycare expenses, and many other facilities are covered under the LIC Arogya Rakshak Plan.
Highlights of LIC Arogya Rakshak
Below are the key highlights of the LIC Arogya Rakshak plan that make a suitable purchase to cover the medical expenses of you and your family.
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Plan Type
Health Insurance Plan
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Covered Members
Principal Insured, spouse, child, parents
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Benefit Limits
Flexibility to choose
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Cover Type
Increasing
Eligibility Criteria of LIC Arogya Rakshak
To buy the LIC Arogya Rakshak plan, an individual must meet the following eligibility criteria and restrictions.
| Particulars | Specifications |
|---|---|
| Minimum Entry Age | Principal Insured: 18 years Insured Spouse/ Parents: 18 years Insured Children: 91 days |
| Maximum Entry Age | Principal Insured: 65 years Insured Spouse/ Parents: 65 years Insured Children: 20 years |
| Cover Period | Principal Insured: 80 – Entry Age Insured Spouse: 70 – Entry Age Insured Children: 25 – Entry Age |
| Minimum Initial Daily Benefit | Rs. 2,500 |
| Premium Payment Term | Yearly/ Half-yearly |
| Tax Benefit | Yes |
LIC Arogya Rakshak Plan Details
The key objective of LIC Arogya Rakshak plan is to cover the medical expenses and prevent the stress from the life of the insured and their family. The insured can claim the following benefits under the LIC Arogya Rakshak plan.
Hospital Cash Benefit
Suppose the insured or the covered person is hospitalized due to Accidental Body Injury or Sickness for more than 24 hours. In that case, an amount equal to the Applicable Daily Benefit during the policy year will be payable.
If the insured is hospitalized in an intensive care unit, double the Applicable Daily Benefit will be payable.
Major Surgical Benefit
Suppose the insured is hospitalized and undergoing one of the listed surgeries in the Major Surgical Benefit Annexure due to Accidental Bodily Injury or Sickness. In that case, a percentage of the Major Surgical Sum Assured is payable. The Major Surgical Benefit Sum Assured equals one hundred times the Applicable Daily Benefit for that year. The following benefits are available in addition to the Major Surgical Benefit.
Ambulance Benefit:
LIC Arogya Rakshak provides an additional lump sum of Rs. 1,000 for the ambulance expenses.
Premier Waiver Benefit:
If an insured undergoes surgery and the major surgical benefits are payable, the total one-year policy premium, including the rider premium, will be waived from the instalment premium due with or after the surgery date. The premier waiver benefit can be availed only once a year, irrespective of the number of surgeries in that year.
Major Surgical Benefit Restoration:
If 100% of the Major Surgical Benefit Sum Assured is exhausted in a policy year, the next Major Surgical Benefit Claim will be covered under the following scenarios:
- The subsequent Major Surgical Benefit Claim should not arise due to the reason of the previous Major Surgical Benefit Claim.
- The subsequent Major Surgical Benefit Claim should be made for a different category/ surgery/ procedure than a previous one.
Initial Daily Benefit
In the first policy year, the insured can choose the amount of the Initial Daily Benefit. Each family member can avail from Rs. 2,500 to Rs. 10,000 per day. The amount will be payable if the insured is hospitalized anytime during the first three policy years. This hospital cash benefit increases by default by auto step-up benefit and no claim bonus. The initial Major Surgical Benefit Sum Assured will be from Rs. 2.5 Lakh to Rs. 10 Lakh.
Day Care Procedure Benefit
If an insured undergoes any specified day care procedure due to accidental bodily injury or sickness, 5 times the Applicable Daily Benefit is payable.
Other Surgical Benefit
If the insured undergoes a surgery not listed under Major Surgical Benefit or Day Care Procedure Benefit and is hospitalized for more than 24 hours, 2.5 times the Applicable Daily Benefit is payable.
Medical Management Benefit
If the insured is hospitalized due to Dengue, Malaria, Pneumonia, Pulmonary Tuberculosis, and Viral Hepatitis A, 2.5 times the Applicable Daily Benefit is payable under LIC Arogya Rakshak.
Extended Hospitalization Benefit
If the insured is continuously hospitalized for over 30 days due to Accidental Bodily Injury or Sickness, 10 times the Applicable Daily Benefit is payable under LIC Arogya Rakshak.
LIC Arogya Rakshak Premium Chart
Let’s understand the LIC Arogya Rakshak premium price and details for every insured individual, which will help you buy the plan.
The below tables mention the yearly premium for all the health benefits for the Additional Daily Benefit of Rs. 5,000 per day.
LIC Arogya Rakshak Premium Chart for Principal Insured (Male)
| Entry Age of the Principal Insured | Premium |
|---|---|
| 20 | Rs. 7,884 |
| 30 | Rs. 9,543 |
| 40 | Rs. 12,381 |
| 50 | Rs. 17,254 |
LIC Arogya Rakshak Premium Chart for Spouse (Female)
| Age of Principal Insured at the Time of Spouse Inclusion | Entry Age of the Spouse | Premium |
|---|---|---|
| 30 | 25 | Rs. 7,121 |
| 35 | 30 | Rs. 8,130 |
| 50 | 45 | Rs. 12,503 |
| 55 | 50 | Rs. 14,312 |
LIC Arogya Rakshak Premium Chart for Child
| Age of Principal Insured at the Time of Child Inclusion | Entry Age of the Child | Premium |
|---|---|---|
| 25 | 0 | Rs. 3,331 |
| 30 | 5 | Rs. 3,358 |
| 40 | 10 | Rs. 3,481 |
| 50 | 15 | Rs. 3,830 |
LIC Arogya Rakshak Premium Chart for Parent (Male)
| Age of Principal Insured at the Time of Inclusion of Other Member | Entry Age of the Parent | Premium |
|---|---|---|
| 25 | 50 | Rs. 16,727 |
| 30 | 55 | Rs. 19,799 |
| 40 | 60 | Rs. 22,961 |
| 50 | 65 | Rs. 26,105 |
* All the premium rates are provided from the LIC sources available on the official website of LIC of India.
Additional Features of LIC Arogya Rakshak
Besides the attractive benefits listed, LIC Arogya Rakshak provides some extended benefits so the insured can manage medical emergencies without worrying about the financial burden.
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Auto Step Up Benefit
LIC Arogya Rakshak adds up an amount equal to 15% of the Initial Daily Benefit to the Applicable Daily Benefit of the previous policy year.
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No Claim Benefit
If any insured covered has not claimed the LIC Arogya Benefit for every three claim-free policy years, then the insured receives the no claim benefit. At the end of the third policy year, an amount equal to 5% of the Initial Daily Benefit is added to the Applicable Daily Benefit as a no claim benefit.
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Health Check-Up Benefit
A health check-up benefit is provided under the LIC Arogya Rakshak policy once every three years for each insured. Under this benefit, LIC of India pays an amount equal to the actual expenses claimed but not more than one-half of the Applicable Daily Benefit.
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Death Benefit
The death benefit under LIC Arogya Rakshak is payable in the following manner.
- In case of the death of the insured covered other than the Principal Insured, the policy remains active, but the further premium payments in the name of the deceased will cease after the date of death.
- In case of the death of the Principal Insured, the Auto Health Cover Benefit is eligible for each of the insured.
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Principal Insured Exit Provision
Suppose the Principal Insured exits the LIC Arogya Rakshak in case of death or expiry of the cover. In that case, the surviving spouse or parents become the new Principal Insured, and the policy will continue. The further premium rates are revised.
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Flexible Premium Payments
The insured can make the LIC Arogya Rakshak premium payment regularly, yearly or half-yearly.
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Rebates
Some discounts are available under the LIC Arogya Rakshak plan based on the payment frequency and Hospital Claim Benefit.
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Grace Period
A grace period of 30 days from the date of the first unpaid premium is provided to the policyholder. If LIC Arogya Rakshak premium payment is not made on time, the policy lapses and all the benefits under the plan cease.
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Policy Revival
The Principal Insured can revive the lapsed policy within a period of 5 consecutive years from the date of the first unpaid premium but before the expiry of the cover.
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Free Look Period
If you are satisfied with the terms and conditions of the policy, you can return the policy to the company within 15 days of receipt of the policy. You just need to state the reason for the objection, and the corporation will cancel the policy and return the premium after deducting certain applicable charges.
Optional Benefits of LIC Arogya Rakshak Plan
The LIC Arogya Rakshak plan offers multiple optional benefits a policyholder can select and enhance.
Addition of New Member
The Principal Insured can add a new member to the LIC Arogya Rakshak policy in the following way after taking the policy.
- The Principal Insured must add their spouse during the cover period within 12 months of the marriage.
- A child (born or legally adopted) can be covered under the LIC Arogya Rakshak plan from the next immediate policy anniversary after the child completes 91 days.
Removal of Existing Member
The Principal Insured needs to request in writing to remove a member covered under the LIC Arogya Rakshak plan. Upon request, no further premiums will be paid in the name of the insured coverage.
Migration Policy
Once the covered child completes 25, he/she can purchase a new health insurance policy on any subsequent policy anniversary.
Quick Cash Facility
If an insured undergoes surgery in any network hospital listed, the Principal Insured can avail of the quick cash facility. Under this facility, 50% of the eligible Major Surgical Benefit is availed during the hospitalization.
Waiting Period
A general waiting period is 90 days from the effective date of the cover, during which no benefits are payable in case of hospitalization or surgery.
Riders Offered by LIC Arogya Rakshak
The insured can avail of the following riders under the LIC Arogya Rakshak plan by paying an additional premium amount.
LIC New Term Assurance Rider
The LIC New Term Assurance Rider can be opted by the Principal Insurance or Insured Spouse at the time of inception/ inclusion of the policy. Under this rider benefit, the LIC of India pays Term Assurance Sum Assured in case of an unfortunate death during the rider term.
LIC Accidental Benefit Rider
The LIC Accidental Benefit Rider can be chosen if the LIC Term Assurance Rider has already been selected. Under this rider benefit, a sum equal to the Accident Benefit Sum Assured is payable to the beneficiaries in case of an accidental death.
Final Words
LIC Arogya Rakshak is one of the best health insurance plans to back you and your family in a medical emergency. With a list of benefits, the Arogya Rakshak LIC comes up with extended flexibility. For more details on the inclusions and exclusions of the LIC Arogya Rakshak plan, you can speak to LIC customer support or reach the nearest LIC branch office directly. You can buy this LIC health plan online and offline at your convenience. Once you purchase the policy, you can manage it online on the LIC customer portal, including LIC policy status track, LIC premium payment, LIC lapsed policy revival, and renewal of LIC policy. Before investing in a health insurance plan, we suggest you take an expert suggestion.
Connect with the life insurance agent or LIC agent near you from RenewBuy Advisor Connect to compare and buy suitable health insurance.