INSURANCE
Irdai lowers minimum cover, raises max cover under Arogya Sanjeevani policy
Mar-19-2021

In order to enhance health insurance coverage in the country, the Insurance Regulatory and Development Authority of India (Irdai) has lowered the minimum limit of coverage to Rs 50,000 while raising the maximum limit to Rs 10 lakh under standard health insurance policies. In July last year, it had issued guidelines on the standard cover Arogya Sanjeevani Policy, asking the insurers to mandatorily offer sum insured options ranging from minimum of Rs 1 lakh to maximum of Rs 5 lakh.

It said in order to enhance the coverage available under Arogya Sanjeevani Policy, in partial modification of the extant guidelines, insurers shall mandatorily offer the sum insured between Rs 50,000 to Rs 10,00,000 under the standard product Arogya Sanjeevani w.e.f 1st May, 2021 or earlier. However, the modified guidelines do not apply on the two specialised government owned general insurers ECGC and AIC. Agricultural Insurance Company of India Limited (AIC) is for the farm sector. ECGC provides export credit insurance support to Indian exporters and is controlled by the Ministry of Commerce.

The regulator said insurers may launch the modified version of the Arogya Sanjeevani Policy after filing the same on certification basis. It said the UIN (unique identification number) allotted by the Authority will be retained, and added that this has approval of the competent authority. The popular Arogya Sanjeevani Policy covers hospitalisation, pre- and post-hospitalisation, AYUSH treatment, and cataract treatment The policy is a standardised insurance product offering to take care of the basic requirements of policyholders.

  RELATED NEWS >>