With an objective to bring more people under the ambit of health insurance IRDAI has recently hiked the maximum cover under the standard health insurance plan – Arogya Sanjeevani Policy – from Rs. 5 lakh to Rs. 10 lakh. IRDAI has made it mandatory for insurers to offer a sum insured between Rs. 50,000 to Rs. 10 lakh under the Arogya Sanjeevani policy as against the previous range of Rs. 1 to Rs. 5 lakh.
In a regulator IRDAI stated, “In order to enhance the coverage available under Arogya Sanjeevani Policy, in partial modification of the extant guidelines, insurers shall mandatorily offer the sum insured between Rs. 50,000 to Rs. 10 lakh under the standard product from 1 May, 2021, or earlier.”
IRDAI is also taking a closer look at pricing and has asked insurance companies to get an actuarial review of the viability of every health plan at the end of the year to ensure that all health products are sustainable.
