Standard Arogya Sanjeevani To Be Offered As Group Health Insurance To Cover Employees Of Businesses

The Insurance Regulatory and Development Authority of India (IRDAI) has allowed insurance companies to offer Arogya Sanjeevani Policy as a group health insurance product to provide financial protection against viral outbreak to workers in business establishments.

This year, Insurance regulator IRDAI had introduced a standard health insurance policy called "Arogya Sanjeevani" so as to not overwhelm a first-time health plan buyer with insurance jargons. The policy is the same whether bought from a private or public sector insurer but the premium rate will differ. It will include the name "Arogya Sanjeevani" followed by the name of the insurer.

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This standard policy also covers treatment for COVID-19.

The IRDAI said, "Insurers are allowed to use the standard product name for the group policy after adding the word 'group' provided all terms and conditions as applicable to the standard individual policy remain the same except the premium rate and the specification on operation of group policy."

Arogya Sanjeevani policy covers the basic requirements of policyholders in both individual and group formats. Charges related to hospitalisation, pre and post hospitalisation, AYUSH treatment, and cataract treatment are covered under the standard health insurance.

The group policy is expected to provide protection to a large number of employees engaged in manufacturing, services, SMEs, MSMEs, logistics sector and migrant workers, catering to their medical needs, the regulator said. It will also to be useful to various private and public establishments for covering the medical needs of their employees.

Unlike the Arogya Sanjeevani policy for individuals, the insurers have been permitted to fix their own minimum and the maximum sum insured limits under the group policy.

The regulator has recently modified the norms on the policy for individuals by allowing the health insurers to offer a minimum sum insured of less than Rs 1 lakh and a maximum of greater than Rs 5 lakh.