The insurnace regulator IRDAI has hinted that the proposed mandatory standard indemnity health insurace policy would have a sum assured ranging from Rs 1,00,000 to Rs 5,00,000 on individual as well as family floater basis,
The objective of this policy is to facilitate the public to choose a suitable health insurance policy which provides coverage to basic hospitalisation related expenses,The only differential would be the premium rates that are charged by various insurers, said the IRDAI .
In fact, the IRDAI has invited suggestions from the public for a suitable name, simple and catchy, to the proposed standard health product and has announced a cash prize of Rs 10,000 for the proposer of the selected name of the standard product along with a certificate of appreciation by Chairman, IRDAI.Suggestions about the names can be sent to the email id: firstname.lastname@example.org by 10th December, 2019..
“it is considered important to have to the proposed standard health product which would appeal through-out the country,'' said Suresh Mathur, executive director, IRDAI .
The Indian health insurance market is having a number of individual health insurance products. Each product has its own benefit feature and corresponding terms and conditions, he