Quote Form

Our representative will call you within few minutes
Articles 2043 views April 4, 2020
Highlights
The IRDA has standardized the Health Policy of Insurance companies. It clearly says that all the health insurance companies will have a standard term and condition of the health policy and it will cover the hospitalization cost of the Coronavirus Patients. The premium of this policy must be between INR1000 to INR5000 covering the risk of INR1 Lac and INR5 Lacs respectively. This policy will be launched from 1st April 2020 and this rule has come just to eliminate the confusion faced by the policy taker while comparing the same policy of different insurance companies. The name of the policy is the Arogya Sanjeevani Policy. This policy must be offered by all the insurance companies that deal with health insurance.
Table of Contents
There are certain advantages of standardizing the health policies into the Arogya Sanjeevani Policy. This policy will have the same terms and conditions whether you buy it from any company.
As per the IRDA guidelines, this policy will have the same terms and conditions. All the insurance companies will give identical coverage and plans in the Arogya Sanjeevani Policy. This IRDA’s guideline has removed the confusion of the individual because now the health insurance plan will be the same irrespective of the company from which you take the health plan.
You have seen in the motor insurance that all the companies have the same risk coverage in the insurance plan. Similarly, in the Arogya Sanjeevani Policy, all the health risks covered will be the same and you can take the policy from any company. Now you don’t have to worry about the policy because it will be the same and only the insurer changes.
Different insurance companies have different terms and conditions for settling the claims and it becomes difficult for the policy taker to decide the best health insurance policy. But now the standardized health policy that is Arogya Sanjeevani Policy will have the same terms and conditions and wordings offered by different companies. It will make the individuals settle the claims quickly and without any confusion of wordings.
IRDA has standardized the premium of this policy between INR1000 to INR5000 so that even the middlemen and lower-class can afford this policy. You can take a standard product at the same premium from any insurance company and cover your health risk. The main motto of this guideline is to remove the confusion among policy takers about the various terms and conditions of the health policy.
Now it is clear from the IRDA’s Guidelines that every insurance company will issue a standardized policy known as Arogya Sanjeevani Policy that will be the same and have identical terms and conditions. It will remove the confusion of the individuals that they face while buying a health insurance plan. One insurance plan with the same risk coverage will make easy for the individual to take it from any company. The premiums of this health insurance policy will also be the same and it might vary from a few hundred rupees. Now, you must cover your health risk with the help of this plan.