LIC launches new benefit-based health insurance plan, Arogya Rakshak

The Life Insurance Corporation (LIC) of India recently has launched a new health insurance plan—Arogya Rakshak, a non-linked, non-participating, regular premium, individual health insurance plan. This plan primarily aims at providing timely support to the insurance holders in case of medical emergencies and helping their families to remain financially independent in challenging times.

This plan is different from the conventional health insurance plan in terms of the method of payment. While the latter reimburses the actual cost that has been incurred on treatment, Arogya Rakshak provides fixed benefit health insurance cover. This plan pays a lump sum benefit irrespective of actual medical expenses. Besides, this plan is not comprehensive as it works only against certain specified health risks.

One can purchase the plan for them as well as for their family members. It is available for Principal Insured/spouse/parents aged 18 to 65 years and children of age 91 days to 20 years. The cover period for principal insured, spouse, and parents will be available up to 80 years, while in the case of children, it is available only till the age of 25 years. This policy increases the overall health cover with time automatically through the Auto Step-up benefit.