Irdai permits insurers to offer Arogya Sanjeevani Policy as group health insurance product

With a view to expand the coverage of insurance to employees working in business establishments, the Insurance Regulatory and Development Authority of India (Irdai) has permitted health insurance companies to offer Arogya Sanjeevani Policy as a group health insurance product. Arogya Sanjeevani Policy, whether in individual or group form, will also cover treatment of COVID-19 disease.

The group policy is expected to provide protection to a large number of employees engaged in manufacturing, services, SMEs, MSMEs, logistics sector and migrant workers, catering to their medical needs. It will also to be useful to various private and public establishments for covering the medical needs of their employees.

Unlike the standard Arogya Sanjeevani policy, Irdai said, the insurers will be allowed to fix their own minimum and maximum sum insured limits under the group policy. It said ‘Insurers are allowed to use the standard product name for the group policy after adding the word ‘group’ provided all terms and conditions as applicable to the standard individual policy remain the same except the premium rate and the specification on operation of group policy’.