Arogya Sanjeevani Policy

• In a move that helps easy availability of health insurance, the Insurance Regulatory and Development Authority of India (IRDA) has introduced a standard health cover policy that must be offered by all general and standalone health insurers.
• As per the guidelines issued by the IRDAI, every general and standalone health insurer should offer a standard health product, the Arogya Sanjeevani Policy, with a minimum sum insured of Rs 1 lakh, with an upper limit of Rs 5 lakh. The policy term will be for one year.
• The minimum entry age will be 18 years with lifelong renewability and there is no exit age.
• The policy covers 22 diseases and treatments with a varying waiting period of from 24 to 48 months. 
• It will be offered on an indemnity basis, and should not be combined with critical illness covers or benefit-based covers.
• The premium under this product will be the same across India, and no geographic location and pricing will be allowed.
• The insurers will now come up with product filing to the regulator and will have to offer it from April 1, 2020.

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