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The Insurance Regulatory and Development Authority of India (IRDAI) has allowed insurers some flexibility in the norms on Arogya Sanjeevani, the standard health cover policy.
In modifications to the existing guidelines on the product notified on Tuesday, the regulator said health insurers can now offer minimum sum insured of less than ₹1 lakh and maximum of greater than ₹5 lakh.
Per the guidelines on ‘Standard Individual Health Insurance Product’, general and health insurers were allowed to offer sum insured options ranging from minimum ₹1 lakh to a maximum of ₹5 lakh (in the multiples of ₹50,000) for Arogya Sanjeevani Policy. The norms have been modified to facilitate the general public, IRDAI said in a circular.
The regulator has mandated all insures to sell the basic standard health policy with uniformity since April with a view to make health cover affordable to all.
Commenting on the modification of norms, Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance, said: “It is certainly a welcome move. I believe the more options a customers has to choose from, the better it is for them to opt for a cover which suits their requirement.”
The move will also allow insurers to offer wider range of sum insured starting from ₹50,000 and not limiting it to ₹5 lakh on higher side, he added.
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