Irdai doubles maximum cover under Arogya Sanjeevani Policy to Rs 10 lakh

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With the aim to increase the health insurance coverage across the country, the insurance regulator IRDAI had instructed all insurance companies to introduce standard health insurance plans. Under this standard health insurance plan Arogya Sanjeevani Policy, the Insurance Regulatory and Development Authority of India (IRDAI) has fixed the minimum and maximum coverage limit. The minimum coverage for the Arogya Sanjeevani policy has been reduced to Rs 50 thousand, while the upper limit has been doubled to Rs 10 lakh.

Partial changes are being made in the guidelines to increase the coverage of Arogya Sanjeevani Policy, IRDAI notified in its circular. All insurance companies will now have to offer sum insured between Rs 50 thousand and Rs 10 lakh. The new rule on standard product Arogya Sanjeevani will come into effect from 1 May.

In the wake of the pandemic, health insurance is one of the top priorities. IRDAI had issued a guideline for Arogya Sanjeevani Policy in July 2020. It directed insurance companies to come out with a standard health insurance policy and the minimum sum assure was Rs 1 lakh and the maximum limit kept at Rs 5 lakh.

Key features: Arogya Sanjeevani policy covers pre and post-hospitalization expenses, and AYUSH treatment. It covers all the facilities offered under a basic health insurance plan. Being a standard product, you can buy this policy from any insurance company. In this standard plan, the basic features will be the same even if the insurer is different.

Under the policy, the entire family gets coverage. As per SBI General Insurance, medical check-up is not mandatory if you take the standardized policy before 55 years of age. Nursing and ICU expenses are also covered in the policy. Besides, tax exemption can also be claimed against the premium under section 80D. Under Arogya Sanjeevani, you can also insure spouse, children, parents and in-laws.

The new rules for the Arogya Sanjeevani Policy guidelines will be applicable to all insurance companies. However, government’s two specialized insurance companies, ECGC and AIC are exempted from the latest mandate. The Agricultural Insurance Company of India works for the farm sector, while the ECGC works to give export credit insurance to the exporters and comes under the Ministry of Commerce.