InvestorQ : Should I buy the new LIC Arogya health insurance or take Medical Health insurance?
Shreya Mashelkar made post

Should I buy the new LIC Arogya health insurance or take Medical Health insurance?

Answer
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riya Ranade answered.
1 year ago
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LIC Jeevan Arogya Plan:
This is a non-linked health insurance policy that helps individuals to cope up with the soaring medical costs. In this plan, one could cover itself, spouse, children, parents, and even mother-in-law and father-in-law. So, it is a comprehensive insurance plan for the entire family.

Features:

  • This plan covers hospitalization, surgery costs, and more.
  • Provides benefit payout irrespective of the actual medical cost incurred
  • You can avail of this plan along with your existing Mediclaim policy for the same hospitalization/surgery.
  • You can also extend the cover in case of marriage or the birth of a new member of the family.
  • Quick cash facility is available on hospitalization instead of waiting to claim the benefit after discharge from the hospital. Under this, 50% upfront payment is made by the LIC
  • Payout shall be made based on the photocopy of bills.
Here are some of the drawbacks of this plan:

  • All the benefits shall be payable for hospitalization or surgery in India.
  • If both parents (including MIL and FIL) are alive and eligible for cover, then either both of them are to be covered, or none shall be covered, it does not have an option to choose either one of them.
  • You can claim for one surgery only, even if more than surgery happened during a season.
  • No benefit shall be paid for the first 24 hours of hospitalization. This means if your hospitalization is for five days, you will be paid for only 3 days. However, if the period of hospitalization exceeds seven days, you will be eligible for all.
  • The maximum sum assured is Rs 4 lakh, which is too low for any major surgery, and it does not cover actual hospitalization expenses.
This shows that LIC Jeevan Arogya cannot be considered an adequate health insurance plan, as it does not cover actual hospitalization costs. There are other options available that come with easy conditions and even lower premiums. So, you should reconsider your option.
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