With an aim to increase health insurance coverage across the country, insurance regulator IRDAI had directed all insurance companies to bring standard health insurance plans. Under this standard health insurance plan Arogya Sanjeevani Policy, the Insurance Regulatory and Development Authority of India (IRDAI) has now fixed the minimum and maximum coverage limits. The minimum coverage for Arogya Sanjeevani policy has been reduced to Rs 50,000 while the upper limit has been fixed at Rs 10 lakh.
IRDAI has said in its circular that partial changes are being made in the guidelines to increase the coverage of Arogya Sanjeevani Policy. All insurance companies will now have to offer sum insured between Rs 50,000 to Rs 10 lakh. This rule will have to be implemented by 1 May 2021 on the standard product Arogya Sanjeevani. The insurance regulator has said that companies can modify the Arogya Sanjeevani policy if they want.
In the era of Kovid-19 epidemic, priority is being given to health insurance. IRDAI during this time ensured that the standard plan is brought to the common people easily understandable and easily buyable. IRDAI had released the guidelines for Arogya Sanjeevani Policy in July 2020. It was made mandatory for insurance companies to issue a standard health insurance policy. But then the minimum limit for this was Rs 1 lakh and the maximum limit was Rs 5 lakh.
Arogya Sanjeevani Policy: Special Features
Arogya Sanjeevani policy covers expenses like hospitalization, pre and post admission expenses, 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 of every company, the basic features will be the same.
The entire family gets coverage under the policy. According to the SBI General Insurance website, if there is no medical history of any serious illness till the age of 55, medical check-up is also not mandatory for taking the policy. Nursing and ICU expenses are also covered in the policy. Also, you can claim tax exemption under section 80D on the policy. You can also cover your partner, children, parents and mother-in-law in Arogya Sanjeevani.
The changes made by IRDAI in the guidelines of Arogya Sanjeevani Policy will be applicable to all insurance companies. However, the change is not applicable to the government’s two specialized insurance companies ECGC and AIC. In fact, the Agriculture Insurance Company of India works for the farm sector, while the ECGC works to provide export credit insurance to the exporters and comes under the Ministry of Commerce.