The country’s insurance sector regulator, Insurance Regulatory and Development Authority (IRDAI), on Wednesday, allowed 29 stand-alone health and general insurance companies to market the recently-announced Standard Health Insurance Policy – Arogya Sanjeevani – that will also cover hospitalization costs for the treatment of COVID-19 disease.
In a press release dated April 1, Irdai informed that the 29 companies allowed to market this health insurance product include Bharti Axa, Chola MS, Max Bupa, Bajaj Allianz, United India, HDFC ERGO, Star Health, Oriental Insurance, SBI General Insurance, National Insurance among others.
The Arogya Sanjeevani insurance policy offers coverage of Rs 1 lakh-Rs 5 lakh with a validity period of one year. It is a standard product with common features irrespective of the service provider. Although, the insurance companies have been given the discretion to price their product in order to keep the market competitive. According to reports, the cost of premium for this policy is roughly around Rs 1,000 a year for every Rs 1 lakh of coverage.
Anyone in the age group of 18-65 years can purchase the policy. But you can keep extending it even over the age of 65 after you have bought it. So, it essentially becomes a lifetime policy. The insurance policy can also be ported from one insurance company to another since it is a standard product.
Irdai had recently made it mandatory for health insurers to introduce a standard and uniform health insurance product that offers basic coverage to buyers at an affordable rate to cut through the clutter of various policies being marketed nowadays. It was especially targeted towards first-time buyers of health insurance and aimed at bringing maximum people under some kind of protection net amid the ongoing Coronavirus threat.
Meanwhile, Irdai on Wednesday also made it clear that all existing health insurance products offered by all general and health insurance companies that cover the treatment costs of hospitalization will also cover expenses of treatment on account of COVID-19.
The regulator said all insurers have been advised to expedite settlement of COVID-19 related claims. “They have also been advised to display FAQs on COVID-19 claims on their respective websites,” the statement added.
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