The Insurance Regulatory and Development Authority of India (IRDAI) has taken a grand decision in favor of the general public. Under which IRDAI has allowed all health and general insurance companies to bring a maximum Sum Insured Arogya Sanjeevani policy from Rs 50,000 to Rs 5 lakh. Authority issued a circular on Tuesday and allowed this thing. At present, the Arogya Sanjeevani policy comes with a minimum insured of Rs 1 lakh. Arogya Sanjeevani policy is a standard insurance product in which the basic needs of the policyholder are taken care of.
Amit Chhabra, head of PolicyBazaar's Health Insurance Department, has supported this decision. Apart from support, he has called this decision brilliant. He said that when the Arogya Sanjeevani Scheme was launched, the sum insured was a concern for the customers. If the danger associated with the medical field is seen, then there is a need to bring a policy with an insurance policy of at least Rs 10 lakh.
Chhabra further said in his statement, "However, no upper limit has been fixed for insurance companies. Therefore insurance companies can adopt innovation to a large extent. This step can be considered to be very transformative as it can help in increasing the penetration of the insurance sector in the country". It is noteworthy that any kind of medical emergency affects your health as well as your pocket.
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