Insurance / Companies will bring standard health policy ‘Arogya Sanjeevani’ from April 1, to cover basic health needs

The Insurance Regulatory and Development Authority of India (IRDA) on Thursday issued a guideline for Standard Individual Health Insurance. Under this, general and health insurance companies have been asked to compulsorily offer a product with a maximum of Rs 5 lakh and a minimum of Rs 1 lakh for basic health needs. All companies have been asked to name this product as ‘Arogya Sanjeevani Policy’. However, after this the company will be able to add its name. These products will be released from 1 April 2020.

Due to more policy in the market, there is difficulty in choosing
  • According to IRDA, due to more policy in the market, the customer has to face difficulty in choosing the insurance policy. It was therefore decided to direct the general and health insurance companies to bring a standard policy. 
  • The standard product will include some fixed covers. Companies will be able to determine the price of the product based on what they offer from certain facilities. Standard products will be offered on an indemnity basis and the policy will be for one year.
these features
  • This policy covers hospitalization expenses, other expenses like cataracts with lower limits, dental treatment, plastic surgery required due to illness or accident, all types of daycare treatment, ambulance expenses (maximum Rs 2,000 per hospitalization) Huh.
  • The expenses of hospitalization for treatment under AYUSH, expenses up to 30 days before hospitalization and expenses up to 60 days after discharge from the hospital will also be covered.
  • Irda stated that the sum insured (excluding bonus) will be increased by 5 percent for each claim free policy year. There will be conditions with it. The policy will be renewed without break.
  • No products are permitted in this product.
  • The plan will also be offered on a family floater basis . It will not be combined with critical illness cover or benefit based cover.
  • IRDA has fixed a minimum limit of 18 years and maximum 65 years for taking the policy. The policy will be renewed throughout its life.
  • Portability related rules will apply to this policy. Its premium will be fixed at All India level. This policy can be launched without any approval with some conditions.
What is a family floater plan?
In the floater plan, you can take your family i.e. spouse, child, parents as well as in-laws in the form of extended family cover. Many companies also cover pre-existing parental illness in the floater plan. However, you will have to pay a higher premium for this. In total, you can cover 15 family members in a floater plan. With this, you do not have to insure family members separately, this will also save money.
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