New health insurance policy will be launched on April 1, all health needs will be covered
There are many health insurance products available in the market. Because of which buyers often get confused which health insurance policy to buy (they do not even know how to compare it?) To prevent this confusion and encourage more and more people to buy health insurance. To issue a circular to the Insurance Regulators and Development Authority of India (IRDAI) insurance companies, Standard Health Insurance Products (Standard Health Insurance Product, SHIP) has been directed to offer, through which the basic needs of all policy holders can be taken care of.
According to IRDAI, the name of this policy will be ‘Arogya Sanjeevani Policy’. After Arogya Sanjeevani Policy the company name will be added. Insurance companies will not be allowed to add any other name to any document related to the policy. Companies will issue a new policy from 1 April 2020.
Let’s know the special things about this standard health insurance product-
>> Arogya Sanjeevani Policy will have a limit of at least Rs 1 lakh and a maximum of Rs 5 lakh. It will be offered for a one-year policy period.
>> Minimum age for this health insurance policy is 18 years and maximum age is 65 years. It can be renewed. For his wife or husband, parents or in-laws and dependent children aged 3 months to 25 years can be included in this cover.
>> Premium payment can be made in any way. You can pay the premium in any mode, monthly, quarterly, half-yearly or annually. There will be uniformity in premium pricing.
>> In the case of annual premium payment, a grace period of 30 days will be available. Whereas in other payment cases, there will be a grace period of 15 days.
>> Capping room rent will be 2 percent of the sum assured or Rs 5,000.
> There is also a family floater plan with individual. There is no rider or top up on this policy.
>> In case of cataract, an eye will cover Rs 40,000 or 25 per cent of the sum assured. Plastic surgery will also be covered due to illness or injury.
>> If the conditions are not approved then the insurance seeker will be able to cancel the policy within 15 days.
>> For every insured, a fixed co-pay of 5 FCE will be applicable on all claims.
>> The sum assured will be increased by 5% in every claim-free policy year unless there is a break in the renewal.
>> Under this health insurance policy, the cost of hospitalization etc. for AYUSH treatment is also covered.
>> 30 days before recruitment, 60 days cover will be provided from the discharge. Treatment like day care, chemo therapy is not covered.