New Delhi: The Insurance Regulatory Development Authority, on Tuesday, allowed health and general insurance companies to offer Aarogya Sanjeevani Policy with a sum insured options from minimum Rs.1 lakh to maximum of Rs 5 lakh in multiples of Rs 50,000.
Currently, the policy comes with a basic health cover of minimum sum insured of Rs 1 lakh and a maximum sum insured of Rs 5 lakh.
“Whereas the standard policy is required to be offered by all General and Health insurers for sum insured between Rs 1 lakh and Rs 5 lakhs, to further facilitate the general public, insurers are hereby allowed to offer minimum sum insured less than Rs 1,00,000 and the maximum sum insured greater than Rs 5,00,000 subject to the underwriting policy of the Insurers. The Sum insured options shall be offered in the multiples of Rs 50,000 only,” IRDAI said in a circular issued on Tuesday.
The IRDAI launched the 'Arogya Sanjeevani' on April 1 as a standard health insurance policy for individuals and families.
The regulator mandated all insurance companies to offer this policy which provides coverage of up to Rs 5 lakh for basic hospitalisation-related expenses.