Insurance is something that everyone wants to ensure there is enough money available when emergencies strike. However, not everyone is happy with current state of affairs. Now, things are set to change in favour of the public. So, a standard policy is on its way that will focus on the policy-holder and it is called Aarogya Sanjeevani Policy. Here we tell you what is Aarogya Sanjeevani Policy and what benefits it will have for potential buyers? Dr Prayank Shah, Health Underwriter & Claims-Health, Universal Sompo has answers to all your queries.

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As per the instructions issued by the insurance regulator, Insurance Regulatory and Development Authority of India (IRDAI), a new standard health policy called the Aarogya Sanjeevani Policy will be launched from 1 April 2020. The insurance service provider will bring a standard policy for customers with plans in between Rs 1 lakh and 5 lakh.

The plan is capped at Rs 5 lakh on the higher side while Rs 1 lakh at the lower side. Insurance companies will bring the standard individual health insurance products. It will no be possible to put any add-on or riders in the policy after the new standard policy regime kicks in. The policy will give basic health insurance cover to all subscribers.  

Health insurance policy is for the basic requirements of the health of an individual. There will be uniform products available across the industry.

Also, it will be possible to switch from one policy to another if you are not happy with the services of the existing service provider.

Currently, the insurance service plans vary from one company to another. Every plan has its own pros and cons and conditions. This has been creating a lot of confusion in the mind of the customers. Picking the right product is also a tricky task for the customers.

The benefits of switching the service provider will not change and the customers will still be entitled to no claim bonus.
 
This is likely to increase competition among the insurance companies benefitting the customers ultimately.  The individual health policy will make applicable the sum insured on all members of the family. The age to choose standard health policy will be between 18 years and 65 years. The policy can be renewed lifelong. The health insurance plan will be offered for a period of one year.

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The premium could be paid on an annual, half-yearly, quarterly or monthly basis. There will be a grace period of 30 days for annual payment mode.