Govt. Pushes For A Standard Health Policy For All
Indians With Rs. 5 Lakh Maximum Sum Insured
Starting this year, the Insurance Regulatory and
Development
Authority of India (IRDAI) issued new guidelines in favor of basic
health needs of customers. Different insurance companies have different health
insurance products, with different packages and it all comes up as confusing to
customers.
Cutting down the steps of confusion choosing from
innumerable health insurance products, the regulating body IRDAI on Jan 2, 2020
issued guidelines on standard individual health insurance, where in it mandated
all general and health insurance companies to offer a Standard Health Insurance
Product (SHIP).
You can Now Enjoy a Standard Health Insurance
Product
Buying a health insurance policy will soon become
easier. The regulator body IRDAI has issued guidelines on standard individual
health insurance, mandating all general and health insurers to offer a product
that can take care of basic health needs of customers with maximum sum insured
of Rs. 5 lakh and a minimum of Rs.1 lakh.
This Standard Health Insurance Product is
subjected to take care of basic health needs, carrying similar policy wordings
and enabling seamless portability among the insurers.
The product has a defined nomenclature as well.
Each insurer will have to make the product as ‘Arogya Sanjeevani Policy’,
followed by the name of their insurance company.
For example, Arogya Sanjeevani Policy SBI General
insurance or Arogya Sanjeevani Policy
Apollo Munich.
No other name is allowed in any of the documents, as per
IRDAI’s guidelines.
IRDAI has already issued guidelines and the
insurers have to roll out Arogya Sanjeevani Policy from April 1, 2020 onwards.
Important Features..
The health insurance market is having a number of
individual health insurance products.
Each of these products have their own unique
features, causing the public difficulties to choose an appropriate product.
Thus, the authority decided to mandate all
general and health insurers to offer the standard individual health insurance
product.
It will have the basic mandatory covers. No
add-ons or optional covers will be allowed with the standard product.
The insurer may determine the price, depending
upon the covers proposed to be offered.
The minimum and maximum sum insured will be Rs. 1
lakh and Rs. 5 lakh, respectively.
The minimum and maximum entry age will be 18 and
65 years. For children under Family Floater policies, it will be 3 months to 25
years.
The standard product shall be offered on
indemnity basis only and the policy tenure shall be for a period of one year.
The mandatory covers under the standard health
product include hospitalization expenses, other expenses such as cataract
subject to sub-limits, dental treatment and plastic surgery.
It will also include all day care treatments and
expenses on road ambulance subject to a maximum of Rs. 2,000 per
hospitalization.
Expenses incurred on hospitalization under AYUSH
treatment, pre-hospitalization expenses and post-hospitalization expenses, will
also be included.
Speaking of cumulative bonus, as per the IRDAI
guidelines, a sum insured should be increased by 5% for each claim-free policy
year.
There will not be any deductible but a co-payment
of 5% will be there across all ages. It means the policyholder will have to pay
5% of the bill amount compulsorily.
Arogya Sanjeevani Policy will be available on
both individual lives and on Family Floater basis.
Arogya Sanjeevani Policy will be an annually
renewable policy with a grace period of 30 days.
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