Health insurance has become the need of the hour. With a global pandemic taking a head-on with health of all, it has come to realisation that health is the most irreplaceable wealth. But as medical inflation continues to rise, seeking the right treatment is no longer an affordable affair. There is a constant need of huge corpus to support these kinds of medical expenditures.
Here come standard health insurance plans. These plans are brought in by the regulator, Insurance Regulatory and Development Authority of India (IRDAI) that focus on getting healthcare facilities accessible to all. Healthcare is longer a luxury but a necessity. These standard medical insurance plans have same policy features across insurance companies and simplified policy wordings that help policyholder in selecting the right policy. This article highlights three such standard health insurance plans that are introduced by IRDAI.
Table of Contents
Arogya Sanjeevani policy
Arogya Sanjeevani policy or also known as Standard health insurance is a policy that offers a basic health insurance facility. The sum insured available under this plan is between ₹1 lakh and ₹5 lakh thus making affordable health insurance accessible to all. All leading general insurance companies offer this policy which include the same terms and policy wordings. This benefits the buyers by making the same product is available across all insurance companies. Other than including the cost of medical expenses due to hospitalisation in its coverage, it also includes treatment for coronavirus. Further, this policy is available with an optional family floater policy thereby covering not just the policyholder, but also the dependents.
Corona Kavach policy
This standard health insurance is designed specifically for coronavirus treatment. Like Arogya Sanjeevani policy, this policy also includes family coverage thereby extending the policy benefits to dependents of the policyholder. Here the policy covers not only hospitalisation costs associated with coronavirus treatment, but also the costs of consumable required in the process like PPE kits and other makeshift treatments as stated by the Government. With a scalable sum insured from ₹50,000 to ₹5 lakhs, it can help policyholders pick the policy coverage based on their requirement. Apart from the above benefits, it also includes alternate forms of treatment like AYUSH and also coverage for pre and post treatment expenses.
Standard personal accident insurance policy
The standard personal accident insurance also known as Saral Suraksha Bima Policy was introduced from 1st April 2021. As the name suggests, this policy pays a pay-out in case of permanent disabilities to the policyholder due to accidents along with coverage for temporary disablement available as optional. This policy offers coverage from ₹ 2.5 lakhs all the way up to ₹ 1 crore which is perfect for different types of risks that can be insured. Moreover, Saral Suraksha Bima Policy offers the facility of lifetime renewability.
To conclude, the aim of a standard health insurance plan is to ensure the accessibility of the health insurance plans to even lower income groups. This way, the penetration of health insurance can be ensured right up to the grassroot level and it is possible with affordable premiums for these policies. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.