Indian insurance regulator has permitted non-life insurers to sell the standardized health insurance policy prior to April 1, 2020.
In a circular dated April January 24, 2020, the Insurance Regulatory and Development Authority of India (IRDAI) said insurers can offer the ‘Arogya Sanjeevani Policy’ – the standard health insurance policy- in a sum assured of one lakh rupees to five crore rupees- before April 1, 2020.
The insurance regulator has said general insurers and stand-alone health insurers selling health insurance policies should offer ‘Arogya Sanjeevani Policy’ on or before April 1, 2020.
The regulator also said those insurers currently not offering indemnity based health insurance policies will have to offer ‘Aroygya Sanjeevani Policy’ as and when they start selling the former product.
Earlier, the IRDAI had mandated non-life insurers to offer the standard health insurance policy from April 1, 2020.