IRDA has reduced the minimum coverage limit to Rs 50,000 and the maximum limit to Rs 10 lakh in the standard health insurance policy ‘Arogya Sanjeevani Policy’.
In order to increase the health insurance coverage in the country, the insurance sector regulator IRDA has taken a big decision. The Insurance Regulatory and Development Authority of India (IRDA) has reduced the minimum coverage limit in the Standard Health Insurance Policy ‘Arogya Sanjeevani Policy’ to Rs 50,000 and the maximum limit to Rs 10 lakh. IRDA had issued guidelines regarding Arogya Sanjeevani Standard Health Insurance Policy in July last year. In this, insurance companies were asked to provide compulsory insurance cover up to a minimum of Rs 1 lakh and a maximum of Rs 5 lakh.
The rule will come into effect from May 1, 2021- IRDA has now said in a circular issued to general and health insurance companies that by making partial improvements in the existing guidelines to increase the coverage available under the Arogya Sanjeevani policy, now insurance companies are being given a chance to get the Arogya Sanjeevani standard product. Under 1 May 2021, a minimum insurance cover of at least 50 thousand rupees and maximum of 10 lakh rupees will have to be given.
Instructions will not apply to these companies
IRDAI, however, has said that the new reform guidelines will not apply to the two specific government general insurance companies ECGC and AIC. The Agricultural Insurance Company of India Limited (AIC) is for the agricultural sector while the ECGC is an export credit guarantee company that supports exporters.
Benefits of Arogya Sanjeevani Policy
Arogya Sanjeevani policy covers the cost of hospitalization, before and after admission, AYUSH treatment and cataract treatment. It is a standard health insurance policy which takes into account the basic needs of the policyholder.
If admitted to hospital due to vaccination, the insurance company will pay
Earlier, IRDAI has given great relief to the people who are afraid of getting Corona Vaccine. The IRDAI said that if your health deteriorated after the corona vaccine and you were admitted to the hospital, the health insurance company would bear the cost. Under the Hospitalization Health Insurance Policy, the policy is covered under the terms and conditions of the policy.
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