LIC launches Arogya Rakshak health insurance plan

Life insurance giant LIC has launched a new health insurance plan called Arogya Rakshak. It is a benefit-based long-term plan that pays a lump-sum on the occurrence of the specified health risks.
 
Conventional health insurance plans sold by health and general insurance companies are indemnity-based, which means they reimburse the actual cost incurred on treatment.
 
On the other hand, life insurers offer benefit-based plans which pay a lump sum benefit irrespective of actual medical costs.
 
One can purchase the Arogya Rakshak policy on an individual as well as family floater basis. It is available for principal insured/spouse/parents aged 18 to 65 years and for children of age 91 days to 20 years.
 
The cover period for principal insured, spouse and parents is available up to 80 years while in case of children, the same is available only till the age of 25 years.
 
This policy comes with a feature that increases the overall health cover with time automatically by way of the Auto Step-up benefit.
 
The other features of the policy are free health check up benefit paid every three years, one-year premium waived if insured undergoes surgery, hospital daily cash benefit, day care procedures benefit, no claim bonus, etc.
 

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Changes in Our Business Model
 
 
25th Sept 2020
 
Greetings from Moneylife Advisory Services
 
Between financial years 2019-21, SEBI has come up with extensive changes to investor advisor regulations. On Sep 23, 2020, SEBI had issued new additional guidelines. This comes just two months after extensive changes announced in July 2020. Earlier, in December 2019 there was an ad hoc circular
 
As a result of these changes, IAs, cannot accept fees through credit cards, will have to sign a 26-clause investor agreement, have to maintain physical record written & signed by client, telephone recording, emails, SMS messages and any other legally verifiable record for five years. IAs were already asked to record the suitability and rationale for every piece of advice given, sign them and store them for five years.
 
While these extensive and frequent changes, designed to strengthen the conduct of IAs are well-meaning, these have sharply increased compliance efforts and cost. We, being online advisors, find many of changes harder to implement, compared to advisors working in the physical space. We will have to have an army of advisors, administrative and tech staff to be compliant. If we do this, we will have to divert money to these areas and the cost of our service will double. We want to remain the least-cost service in the market to benefit more and more people. In the circumstances, we are forced to change our business model from “advisory” to “research”. This will mean the following:
 
What remains the same:
  • Recommendations on insurance, investment and Lion stocks, will continue as a part of the MAS premium subscription. Our strength has always been research and this will remain available to you through our recommendations.
  • The magazine and all textual content will remain as part of the service
  • We will have to suspend the restructuring tool.
 
What changes:
  • The interactions in Ask / Handholding will offer investment advice but not specific to your situation. It will offer information on investment products and also clarify your doubts about various financial products. It will be a forum for information, not for advice. This will be implemented with immediate effect and our guidelines in Ask, reflect this now.
 
Over the next few weeks our site and our communication to you will reflect these and other additional changes.
 
We feel this will not affect you much in terms of what really matters in investing: knowing what to buy and when to buy. This is our edge and it will still be available to you.
 
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Debashis Basu
Founder