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As the fight against the coronavirus continues, its high time one thinks of their health insurance cover. A new standard health insurance policy, Arogya Sanjeevani, is now available for both individuals and families.
As mandated by the Insurance Regulatory and Development Authority of India (IRDAI), the standard health cover policy is being offered by general and health insurers for a sum between ₹1-5 lakh. It comes with a minimum waiting period of 30 days and a disease-specific waiting period ranging from 24-48 months, depending on the illness. Last week, the IRDAI cleared Arogya Sanjeevani products for 29 general and health insurers.
Hospitalisation costs
According to the insurance regulator, all indemnity-based health insurance policies that cover treatment costs, as offered by general and health insurance companies, will also cover the cost of hospitalisation on account of Covid-19.
There is little variation in the pricing, and one can compare the available products and buy cover as needed to help deal with any financial stress on account of the coronavirus pandemic. As per regulatory norms, all insurers have to offer similar coverage and exclusions; so, choosing a product will not be a complicated affair.
The Arogya Sanjeevani health policy covers hospitalisation expenses up to the sum insured, provided the policyholder is hospitalised for a minimum period of 24 hours consecutively. It also covers dental treatment and plastic surgery, provided it is necessitated due to disease or injury. Similarly, expenses incurred for ambulance services, subject to a maximum of ₹2,000 per hospitalisation, are also included.
There is also cashless facility for policyholders, besides easy migration. One can migrate from one individual policy to another for the same sum insured, as medical underwriting may not be required.
As the Covid-19 cases are still on the rise along with other general health risks, one can consider buying health cover under Arogya Sanjeevani if one is not already covered under any other policies.
Going forward, Arogya Sanjeevani can provide a further boost to the health insurance portfolio. During FY 2018-19, general and health insurance companies collected ₹44,873 crore as health insurance premium, registering a growth of 21.2 per cent over the previous year. For the last four years, it has been growing at more than 20 per cent per annum.
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