The insurance regulator IRDAI  has now allowed the insurers to offer “Arogya Sanjeevani” Policy,the standard individual health insurance policy,to the public also as a group policy under the same name “Arogya Sanjeevani”.

The terms and conditions of the standard policy have to be retained in the group policy except for the premium which is to be fixed by the insurers,said the IRDAI on Friday..

All the insurers dealing with health insurance are presently offering the standard policy to the public.

The standard group policy is expected to be useful to various private and public establishments for covering the medical needs of their employees.IRDAI has also clarified that “Arogya Sanjeevani” policy, whether in individual or group form, also covers Covid – 19, said the IRDAI..

The group policy is expected to provide protection to a large number of employees engaged in manufacturing, services, SMEs, MSMEs,logistics sector and migrant workers, catering to their medical needs, said IRDAI.

Insurers are allowed to use the standard product name for the group policy after adding the word “group” provided all terms and conditions as applicable to the standard individual policy remain the same except premium rate and specification on operation of group policy,said the IRDAI. 

Insurers are also allowed to set their own minimum and maximum sum limits under this group policy,subject to the board approved underwriting policy.The mandate of offering sum insured in multiples of Rs 50000 (Rupees fifty thousand only) is not insisted for the group product.

The product can be filed on Use and File basis by duly complying with the norms.