Life Insurance Corporation of India released fixed benefits and one of the best health insurance plans on 19th July 2020 after the outburst of the Pandemic Covid-19. The plan was largely accepted due to its advantages and affordable premium. The name of this plan is LIC Arogya Rakshak Plan.
Since the premium of any health insurance plan plays a major role so here in this article we are going to discuss the LIC Arogya Rakshak Plan premium calculator.
LIC Arogya Rakshak Plan: A Brief Overview
LIC Arogya Rakshak is a non-linked and non-participating health insurance plan. The plan is available in both individual and family floater variants.
Read more: LIC Term Insurance Premium Calculator
LIC Arogya Rakshak Premium Calculator
LIC Arogya Rakshak premium calculator calculates the amount of premium that you have to pay against the policy benefits for your family. This online calculator is very easy to use.
Steps to Use LIC Arogya Rakshak Premium Calculator
Go to LIC’s website and select Arogya Rakshak Plan and then select the ‘Premium Calculator & Benefit Illustrator tab. After that follow the below steps to use the LIC Arogya Rakshak calculator:
- Step 1: Select the number of family members you want to include in this plan. You can add up to 8 family members to this plan.
- Step 2: Now choose the payment mode, it can be half-yearly or yearly.
- Step 3: Provide the details of the primary policyholder such as his/her age, gender, etc.
- Step 4: If you want to add more members to your Arogya Rakshak Plan, click the ‘add details’ checkbox provided at the Arogya Rakshak calculator and give the details.
- Step 5: As soon as all the members are added, click the ‘Calculate Premium’ button to calculate the premium of your insurance policy.
- Step 5: If you want to know the benefits of the policy as per your details provided, you can click the ‘Show Benefit Calculation’ button to calculate the benefit through the Arogya Rakshak plan calculator.
Benefits of Using LIC Arogya Rakshak Plan Premium Calculator
Here are the advantages of using the LIC Arogya Rakshak premium calculator:
1. You Get to Know the Premium of Your Health Insurance Policy Beforehand
Knowing the premium of your family health insurance plan is the best way to know how much you need to invest to get its benefits.
2. You Can Compare Different Health Plans
Knowing the premium beforehand gives you the freedom to compare various health insurance plans. You can compare the premium of different plans with the inclusions and this will give you a clear idea of whether you should opt for one or not.
3. Simple to Use
LIC Jeevan Arogya’s premium calculator is very simple to use. All you need to do is follow the steps mentioned above and you can see the premium that you have to pay for this plan.
4. Free Tool
You do not have to pay even a single penny to use this tool. It is available for free online and you can use it.
5. Saves Time
It saves a lot of time as you do not have to go to the nearest branch of the insurance provider to meet different insurance agents to understand various policies and compare. Everything is done online and within a few clicks. So, it saves time.
Read more: LIC Jeevan Arogya Plan 904
Eligibility Criteria of Using LIC Arogya Rakshak Plan Premium Calculator
The eligibility criteria to purchase this plan is mentioned below:
|Minimum Age to Enter||Children – 91 Days
Adult – 91 Days
|Maximum Age to Enter||Children – 20 Years
Adult – 65 Years
|Policy Type||Non-participating and non-linked health insurance|
|Riders Offered||Accidental Benefit Rider/ New Term Assurance Rider|
|Type of Coverage||Family Floater/ Individual|
Key Features of LIC Arogya Rakshak Plan
LIC Arogya Rakshak Plan is a family health insurance policy that has the following features:
- Hospital Cash Benefit
- Day Care Procedure
- Major Surgical Benefit
- Quick Cash Availability
- Other Surgical Benefits
- Extended Hospitalization Benefits
- Medical Management Benefit
Factors Affecting the Premium of LIC Arogya Rakshak Plan
The below factors affect the premium of the LIC Arogya Rakshak plan:
- Plan Type: Plan type such as individual or family floater affects the premium of the policy. The premium of the family floater variant of the plan differs from the premium of individual health insurance.
- Several Family Members: The number of family members included in the plan also affects its premium.
- Rider(s) Selected: If you have selected rider benefits also, then the premium of the plan changes.
- Gender of the Primary Insured: The gender of the primary insured affects the premium of the policy. Health insurance providers generally charge less premium to the female primary insured than males as the former has fewer chances of heart stroke, heart attack, etc.
- Age of the Primary Insured: If you purchase a health insurance plan at lesser age or say in your early 30s or late 20s, then its premium would be lesser than when you purchase it in your late 30s or early 40s.
- Premium Payment Frequency: The frequency to pay the premiums also affects the premium of your health insurance plan.
After knowing the steps to use this tool, the key advantages of using the LIC Arogya Rakshak calculator, and factors affecting the premium of this plan, let us now learn something about the LIC Arogya Rakshak plan.
Inclusions of LIC Arogya Rakshak Plan
The inclusions of the LIC Arogya Rakshak Plan are:
- Surgery and Hospitalization: LIC Arogya Rakshak’s health insurance policy offers lumpsum amounts in case of hospitalization and surgeries.
- Premium Waiver Option: The policy also provides the premium waiver feature when the insured member has to undergo surgery that falls under Category I/ Category II. The premium waiver option is also available in case of the unfortunate death of the policyholder.
- Rider/ Add-On Benefit: A rider or add-on is an additional cover that you can add to your base insurance policy to enhance its coverage. LIC Arogya Rakshak plan offers the rider benefit option. You can add any of the rider options available and improve the coverage of your health insurance plan.
- Provides Ambulance Cover As Well: Even the expenses of the ambulance are covered in LIC Arogya Rakshak policy.
- Tax Benefit on Premium Paid: The premiums that you pay for this LIC health insurance policy also give you tax benefits under section 80D of the Income Tax Act.
- The Benefit of Auto Sum-Up: For enhancing the coverage of your LIC Arogya Rakshak plan, the company also offers the features of ‘No Claim Bonus’ and ‘Auto-Sumup’.
Exclusions of LIC Arogya Rakshak Plan
The following conditions are not covered in LIC Arogya Rakshak policy:
- Any injury because of a nuclear weapon attack, war, military or naval operations, participation in riots, etc. is not covered.
- Illegal or criminal acts are also not covered.
- Injury or loss due to natural calamities like floods, earthquakes, etc. is not covered.
- Suicide and self-inflicted injuries are also not covered.
- Injury or poor health conditions due to alcohol abuse, use of drugs, etc. are not covered
- Plastic surgery unless it is required during the treatment of an accident is not covered.
- Congenital conditions are not covered.
- Dental treatment is also not covered.
- Infertility treatment is not covered.
Over to You!
Using an online LIC Arogya Rakshak Plan calculator gives you a brief idea of the premiums that you have to pay. With simple and easy steps you can calculate the premium of this policy and make an informed decision.