Hyderabad::
The insurance regulator IRDAI has now allowed the general and health insurers to offer mandatory,“Arogya Sanjeevani Policy” for a minimum sum insured of less than Rs.1 lakh and maximum sum assured of above Rs 5 lakhs .
According to the earlier IRDA norms,the standard health insurance product which was launched by all the general and health insurers on Apr 1, was supposed to be between Rs.1 lakh and Rs.5 lakhs,
With immediate effect,insurers are now allowed to offer minimum sum insured less than Rs.1 lakhs and maximum sum insured greater than Rs.5 lakhs subject to the underwriting policy of the insurers,said IRDAI on Tuesday..
The sum insured options to the policy holders will be offered in the multiples of Rs. 50,000, added IRDA. .
The use of the name “Arogya Sanjeevani” and the “Use and File” procedure are permitted only if the standard terms and conditions of “Arogya Sanjeevani’ product are followed, said IRDAI.
The idea behind such mandatory,“Arogya Sanjeevani Policy” was to offer customers a health insurance policy that has standard coverage and policy wordings across all 29 insurers who have launched this product since Apr 1..
The policy can be purchased for an individual and for family like spouse, children, parents and parents-in-law under the floater plan. This policy will cover costs associated with hospitalisation expenses, AYUSH treatment, mental illness, new treatments like stem cell therapy, robotic surgeries, etc.
Policyholders of this product will be allowed to make payment of premium in instalments (annual, half yearly, `uarterly or monthly) with a lifetime renewal benefit.
A grace period of 15 days would be given to the policy holder to pay the installment premium due for the Policy. During such grace period, coverage will not be available from the installment premium payment due date till the date of receipt of premium by the company.