NEW DELHI: Regulator IRDAI on Thursday issued guidelines on standard individual health insurance, asking the general and health insurers to offer product that can take care of basic health needs of customers with maximum sum insured of Rs 5 lakh and a minimum of Rs 1 lakh.
The product will be named as Arogya Sanjeevani Policy, succeeded by the name of the insurance company. No other name is allowed in any of the documents, Insurance Regulatory and Development Authority of India (IRDAI) said in its guideline.
“The health insurance market is having a number of individual health insurance products. Each product has unique features and the insuring public may find it a challenge to choose an appropriate product. Therefore,…The Authority has decided to mandate all general and health insures to offer the standard individual health insurance product,” the regulator said.
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