IRDAI has done away with the cap of Rs.5 lakh on sum insured under Arogya Sanjeevani Health Policy. With this, there will be no upper limit on the sum insured under Arogya Sanjeevani Health Policy.
However, IRDAI has asked insurance companies to enhance sum insured in multiples of Rs.50,000.
IRDAI said, “The standard policy is required to be offered by all general and health insurers for sum insured between Rs.1 lakh and Rs.5 lakh, to further facilitate the general public, insurers are hereby allowed to offer minimum sum insured less than Rs.1 lakh and maximum sum insured greater than Rs.5 lakh subject to the underwriting policy of the Insurers. The sum insured options shall be offered in multiples of Rs.50,000 only.”
In May, IRDAI had directed all general and health insurers and may soon allow life insurance companies to offer standard health policy called Arogya Sanjeevani Policy.
IRDAI said that this change will come into effect immediately.