The Insurance Regulatory and Development Authority of India (IRDAI) has taken a major step to address consumer problems related to insurance products. IRDA has asked insurance companies to issue a standard individual health insurance policy ranging from Rs 1 lakh to Rs 5 lakh. IRDA has issued instructions to insurance companies for this on Thursday. Actually, different insurance companies have many types of personal medical insurance products. The advantages and conditions of these products vary. Because of this, customers were having problems in choosing the right product.
Irda said, "There are many products of individual health insurance in the health insurance market." Each product has some special features. This makes it challenging for customers to choose the right product. Therefore, IRDA makes it mandatory for all general and medical insurance companies to offer Standard Individual Health Insurance product. "IRDA has named this standard product as Arogya Sanjeevani Policy. IRDA has said that insurance companies can add their names to this name. Irda said that no other name should be mentioned in the documents. This product will provide coverage to the basic medical needs of the consumer.
Apart from this, the coverage under this standard product will be a maximum of Rs 5 lakh and a minimum of Rs 1 lakh. IRDA has stated that this product will inevitably have coverage of basic medical needs. Also it will not offer any type of add-on or optional coverage. For information, tell us the cost of hospitalization, the cost of cataract treatment (up to a limit), coverage of essential basic medical needs, the plastic surgery required to overcome a disease or injury, treatment of dental diseases. The expenses incurred in all types of day-care treatment and ambulance expenses of a maximum of two thousand rupees per patient will be covered. Insurance companies can determine the price of this standard product subject to IRDA guidelines.
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