As per the guidelines issued by the IRDAI, starting from April 1, 2021, all the general and health insurance companies will offer MashakRakshak, a standard vector-borne disease health policy.
The key features of these policies are slightly different compared to standard health insurance policies. For example, the benefit of these policies is paid only as a lump sum on diagnosis. A standard vector-borne disease policy can also be opted either as an individual and floater cover. The sum insured usually ranges between Rs. 10,000 to Rs. 2 lakhs. These policies come with a tenure of 1-year, and with most policies, the sum insured can be increased in multiples of Rs. 10,000.
Industry experts think that these policies are simple and easy to understand as the standard policy have no variants across insurers, wherein the price comparison also becomes easy. As it’s a single-premium plan, according to the experts, lower-income groups could find it difficult to pay the premium at once.
