Regulator Irdai on Tuesday modified the norms of 'Arogya Sanjeevani Policy' by allowing health insurers to offer minimum sum insured of less than Rs 1 lakh and maximum of greater than Rs 5 lakh. As per the guidelines on 'Standard Individual Health Insurance Product', general and health insurers were allowed to offer sum insured options ranging from minimum Rs 1 lakh to maximum of Rs 5 lakh (in the multiples of Rs 50,000) for Arogya Sanjeevani Policy.

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The norms have been modified to facilitate the general public, the Insurance Regulatory and Development Authority of India (Irdai) said in a circular.

"...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 the multiples of Rs 50,000 only," it said.

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Irdai further said insurers can launch the modified policy with immediate effect.

The popular Arogya Sanjeevani Policy covers hospitalisation, pre- and post-hospitalisation, AYUSH treatment, and cataract treatment.

The policy is a standardised insurance product offering to take care of the basic requirements of policyholders.