The Insurance Regulatory and Development Authority of India (IRDAI) has allowed all general and health insurance companies to increase the sum insured on the Standard Individual Health Insurance Product namely “Arogya Sanjeevani” beyond Rs 5 lakh.
- This decision has been taken in view of the increasing cost of healthcare in the country amid the covid-19 pandemic.
- Arogya Sanjeevani, is a product for which all insurers are mandated to offer had a cap of Rs 5 lakh on the sum insured and the minimum cover for it was of Rs 1 lakh. The regulator has now allows insurers to offer sum insured as low as Rs 50,000 with no upper limit. The sum insured has to be in multiples of Rs 50,000.
About Arogya Sanjeevani:
It is one of the most affordable health insurance products available today, but the policy comes with a 5% co-pay and 2% sub-limit on room rent. A 5% co-payment clause means that the person who insured will pay 5% of the claim amount and the insurer will pay the rest. The policy covers room, boarding and nursing expenses but only up to 2% of the sum insured, subject to a maximum of Rs 5,000 a day.
Headquarters– Hyderabad, Telangana
Chairman– Dr. Subhash Chandra Khuntia