SBI Arogya Sanjeevani Policy: Purchasing health insurance has become easier than before. At times, many buyers face problems while comparing different health insurance plans. But now, buying health covers without much comparison has been made possible by the insurance regulator. IRDAI has made it compulsory for all general and health insurance companies to offer a Standard Health Insurance Product that will have similar policy wordings and most of the primary features.
Here, we look at the key features of SBI General Insurance Arogya Sanjeevani Policy:
The minimum Sum Insured is Rs 1 lakh and the maximum sum insured is Rs 5 lakh. The premium payment can be made annually, Half Yearly, Quarterly or Monthly. For every claim-free year, the cumulative bonus will accumulate at 5 per cent of the sum insured up to a maximum of 50 per cent, provided policy is renewed without break. There is no requirement of health check-up for those up to 45 yrs with no pre-existing diseases. The minimum entry age is 3 months while the maximum entry age is 65 years and the premium paid will qualify for section 80D of the Income Tax Act.
The premium of the SBI General Insurance Arogya Sanjeevani Policy can be calculated out from the insurer’s website which has the premium calculator.
Here are some indicative premium at different ages for a sum insured of Rs 5 lakh:
- For someone who is of age 30: Yearly premium of Rs 4400
- For someone who is of age 35: Yearly premium of Rs 5311
- For someone who is of age 40: Yearly premium of Rs 6181
One may add family members in the same policy and the purchase can be made online by visiting the insurer’s website and filling up the medical questionnaire.
What are the inclusions
i) Room Rent, Boarding & Nursing Expenses – 2 per cent of sum insured subject to max of Rs 5,000 per day
ii) ICU and ICCU Expenses – 5 per cent of sum insured subject to maximum of Rs 10,000 per day
iii) Surgeon, Anaesthetist, Blood, Medical Practitioner, Consultants, Specialist Fees whether directly paid to treating doctor/surgeon or Hospital.
iv) Anaesthesia, blood, oxygen, operation theatre charges, surgical appliances, medicines and drugs, costs towards diagnostics, diagnostic imaging modalities and similar expenses.
v) Other Expenses
i) Cataract – subject to a limit of 25 per cent of sum insured or Rs 40,000, whichever is lower, per each eye in one policy year.
ii) Dental treatment due to disease or injury
iii) Plastic surgery due to disease or injury
iv) All day care treatments
v) Road Ambulance – Rs 2,000 per hospitalization
The policy also covers Ayurveda, Unani, Siddha and Homeopathy Inpatient treatment up to the Sum Insured.
The pre-existing diseases will be covered after a waiting period of 48 months but make sure you disclose any such ailments in the application form for better claim management.
Like all other health covers, there is a waiting period of initial 30 days for claim settlement except for hospitalization due to accidents.
Treatment for joint replacement 48 months, except for accidents
Age-related Osteoarthritis & Osteoporosis – 48 months
Certain Specific illnesses – 24 months
What to do
If you do not have any health insurance policy, its better to get it as early as possible. Irrespective of age and occupation, medical insurance is a must-have keeping the rising hospital costs in consideration. One may compare the premium of Arogya Sanjeevani Policy across a few preferred insurers and then decide before buying.