LIC launches Arogya Rakshak insurance plan

The Life Insurance Corporation of India (LIC) has introduced Arogya Rakshak, a non-linked, non-participating, regular premium, individual, health insurance plan. The plan provides fixed benefit health insurance cover against certain specified health risks. It provides timely support in case of medical emergencies and helps the insured and his family to remain financially independent in difficult times.

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Features of Arogya Rakshak policy:

  • The Arogya Rakshak policy is different from the regular comprehensive health insurance in terms of method of payment reimbursement.
  • Generally, the comprehensive health policies reimburse the actual cost incurred on the medical treatment, up to the limit of the sum insured.
  • On the other hand, the Arogya Rakshak policy pays a lump sum benefit equal to the sum insured irrespective of actual medical treatment costs.
  • Individuals can insure themselves (as the principal insured), their spouse, all children, and parents under one policy.
  • The policy is available for principal insured/spouse/parents aged between 18 and 65, and children of age 91 days to 20 years.
  • The cover period available for principal insured/spouse/parents is up to 80 years, while the same is available for children up to 25 years only.

Important takeaways for all competitive exams:

  • LIC Headquarters: Mumbai;
  • LIC Founded: 1 September 1956;
  • LIC Chairman: M R Kumar.

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