Arogya Sanjeevani Policy: Insurance sector regulator IRDA reduced the minimum limit in the standard health insurance policy ‘Arogya Sanjeevani’ to Rs 50 thousand and the maximum limit further to Rs 1 million to increase health insurance coverage in the country. The Insurance Regulatory and Development Authority of India (IRDA) in July last year issued guidelines regarding the Arogya Sanjeevani Standard Health Insurance Policy. In this, insurance companies were asked to provide compulsory insurance cover up to a minimum of one lakh rupees and a maximum of five lakh rupees.
IRDA has now said in a circular issued to general and health insurance companies, “By making partial improvements in the existing guidelines to increase the coverage available under the Policy, now insurance companies are compulsory from May 1, 2021, under the Arogya Sanjeevani Standard Product As a minimum, an insurance cover of at least 50 thousand rupees and a maximum of ten lakh rupees will have to be given.
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However, IRDA has said that the new reform guidelines will not be applicable 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, which supports exporters. The policy covers hospitalization, pre, and post-hospitalization expenses, AYUSH treatment, and cataract treatment. It is a standard health insurance policy that takes into account the basic needs of the policyholder.
