IRDAI: Non-Life insurers can offer Arogya Sanjeevani Policy before April 1, 2020

The insurance regulator had earlier mandated non-life insurance providers to offer the standard health insurance policy from April 1, 2020, onward.

IRDAI: Non-Life insurers can offer Arogya Sanjeevani Policy before April 1, 2020

In a circular dated January 24, 2020, the Insurance Regulatory and Development Authority of India (IRDAI) has permitted non-life insurance companies to sell the standardised health insurance policy called Arogya Sanjeevani Policy before April 1, 2020. 

The insurance regulator had earlier mandated non-life insurance providers to offer the standard health insurance policy from April 1, 2020, onward. This stipulation has now been changed to allow selling of standard health insurance policy before April 1, 2020. 

General insurers and standalone health insurers can offer the Arogya Sanjeevani Policy on or before April 1, 2020. 

The regulator specified that all insurance agencies not offering indemnity-based health insurance policies will have to offer the 'Aroygya Sanjeevani Policy' as and when they add an indemnity-based product to the portfolio. 

Related: How Mediclaim differs from a health insurance policy 

What is 'Aroygya Sanjeevani Policy'? 

The 'Aroygya Sanjeevani Policy' is a standard health insurance policy that will provide an indemnity-based health insurance cover and will work on a reimbursement basis.  

The standard health insurance policy is designed to bring uniformity in health policies and make it easier for customers to understand what they are getting while buying a cover. The standard health insurance policy will take care of basic health insurance needs, standardise policy wordings, and ensure seamless portability among insurers. 

Aroygya Sanjeevani Policy cannot be combined with benefit-based insurance covers such as critical illness plans. However, there will be a basic mandatory coverage that will include hospitalisation expenses, pre-post hospitalisation costs, Ayush treatment, amongst others. 

Related:Insurers to offer standard health policy ‘Arogya Sanjeevani’: IRDAI 

What are the specifications of 'Aroygya Sanjeevani Policy'? 

  1. Under the 'Aroygya Sanjeevani Policy', customers will be able to purchase both an individual as well as a family floater policy.  
  2. Under the family floater policy, cover can be availed for self, spouse, parents, parents-in-law and dependent children. 
  3. The minimum and maximum entry age will be 18 years and 65 years, respectively. The minimum sum insured under the policy is Rs 1 lakh, and the maximum cover available is for Rs 5 lakh.  

Along with this, also take a look at various government social welfare and health schemes and whether or not you are eligible for them.  

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