With a view to enhance the coverage available under “Arogya Sanjeevani Policy”, The Insurance Regulatory and Development Authority of India ( “IRDAI”) has in a circular dated 18th March, 2021 modified the Guidelines on Standard Individual Health Insurance Product dated 7th July, 2020. Now, Insurers must mandatorily offer the sum insured between Rs. 50,000/ to Rs.10,00,000/- under the standard product Arogya Sanjeevani w.e.f 1st May,2021 or earlier. This is applicable to All General and Standalone Health Insurers except Export Credit Guarantee Corporation (“ECGC”) and Agriculture Insurance Company of India (“AIC”).
The earlier 7th July, 2020 modification was issued in furtherance to a circular issued on 1st January 2020 circular (detailed in trail). Under the July circular, insurers were be allowed to offer minimum sum insured less than Rs.1,00,000/- and maximum sum insured greater than Rs.5,00,000/- subject to the underwriting policy of the Insurers. The Sum insured options were to be offered in the multiples of Rs. 50,000/-only. Now, the present circular is issued to further modify the Guidelines.
The present circular also states that insurers may launch the modified version of the “Arogya Sanjeevani Policy” after filing the same on Certification Basis . The Unique Identification Number (“UIN”) allotted by the Authority will be retained. The tables of premium rates for revised sum assured slabs shall be filed in terms of Clause C (10) of Guidelines on Filing of Minor Modifications in the approved Individual Insurance Products offered by General and Stand Alone Health Insurers on Certification Basis.
Source : Insurance Regulatory and Development Authority of India
