Universal Sompo Launches Arogya Sanjeevani Policy
Published On Apr 27, 2020, Updated On Feb 15, 2021
Universal Sompo General Insurance is the next insurance company in line to introduce Arogya Sanjeevani Policy in its vast product range. The standard health insurance will provide basic mandatory covers under sum insured options ranging between Rs. 1 Lakh up to Rs. 5 Lakh, in multiples of Rs. 50,000.
With minimum entry age 3 months and maximum entry age 65 years, Arogya Sanjeevani Policy, Universal Sompo offers lifelong renewability. The policy eliminates the requirement of pre-policy medical tests for people up to the age of 55 years.
Customers will be allowed to buy the Arogya Sanjeevani Policy, Universal Sompo either on individual sum insured basis or family floater sum insured basis. The policy premium is expected to be low, due to the inclusion of 5% co-payment factor for all ages.
The coverage offered by Arogya Sanjeevani Policy, Universal Sompo will include the costs of hospitalization treatment modern treatment and procedures like Stem Cell Therapy, Oral Chemotherapy, Balloon Sinuplasty, and others.
The basic coverage under the policy will include inpatient hospitalization, inpatient care treatment under AYUSH, pre & post hospitalization, cataract treatment, day care treatment, dental treatment & plastic surgery due to an illness or disease, etc.
To keep the level of uniqueness, IRDAI has instructed all insurance companies not to include deductibles or riders and variants in the policy. Additionally, policyholders will gain an increase in cover, 5% for each claim-free year, subject to a maximum of 50% of the sum assured.
Arogya Sanjeevani Policy, Universal Sompo, like other health insurance policies will benefit its policyholders with tax benefits under Section 80D of the Income Tax Act, 1961 under the premium paid for the policy.
Universal Sompo, like other insurers, has come up with grace period of up to 30 days, for a yearly mode of payment for Arogya Sanjeevani Policy, Universal Sompo. However, for policyholders choosing the instalment basis premium payment mode, the grace period will remain 15 days. In case, a policyholder wants to cancel the policy, he or she will get a period of 15 days from date of receipt of the policy so as to review the terms and conditions of the policy and return the same if not acceptable