Health Insurance:IRDAI issued standard guidelines for the health product's guidelines,Good news for those buying health insurance

Health Insurance: IRDAI issued standard guidelines for the health product's guidelines, Good news for those buying health insurance 

Health Insurance: IRDAI issued standard guidelines for the health product's

Health Insurance Regulatory body IRDAI has issued draft guidelines for a standard health product. It is mandatory for all health insurance companies to offer standard/Original health products. 

Health insurance is an important part of a person's financial planning. If Any One wants to buy a health insurance policy, it is natural to get confused Some time. Actually, there are so many types of products available in the market that it is difficult to understand which policy to buy. 

Secondly, the premiums and benefits of each policy are also different. Indian Insurance Regulatory and Development Authority (IRDA) has taken steps to solve this problem. IRDAI has issued draft guidelines for a standard health insurance product. It is mandatory for all ordinary and health insurance companies to offer standard health products. 

What will be the standard health Insurance product 

Health Insurance  and IRDA Guidelines for the health product

No additional add-ons or optional cover will be provided under Standard Health Products. The proposed Standard Health product will be given on the basis of indemnity. Meaning, the expenditure on treatment to the policyholder will be reimbursed to the extent of Sum Insured (the cover of which is covered). 

Any kind of deductible feature will not be allowed with the base cover, although the co-payment system will be allowed. The up to 5 percent co-payment can be part of the product feature. There will be no variant of this plan. At present, there are various types of products and their variants available to all insurance companies in the market which are confused. 

For detailed information, you can click on this link- https://www.irdai.gov.in/ADMINCMS/cms/frmGeneral_Layout.aspx?page=PageNo3739

Health insurance is an important part of a person's financial planning. 

Health Insurance: Minimum Sum Insured of Standard insurance product

Minimum sum insured will be 50 thousand rupees Minimum Sum Assured of Standard Health Insurance Product, which means the insurance cover will be Rs. 50,000 and the maximum limit will be Rs. 10 lakhs. This product will also be available as a family floater product, in which the dependent children from zero to 25 years can be included. 

There will not be a mixture of Critical Illness cover or any other cover. People from 18 to 65 years will be able to take the standard health product These mandatory expenses will be covered Under the standard health insurance product, the cost of hospitalization, the cost of treatment done under health insurance AYUSH, pre and post-hospitalization expenses, health checkups, OPDs, and cumulative bonuses will be essentially included. 

Health Insurance Products and companies allow premium payment annually, halfyearly, quarterly or Monthly

The minimum age for taking a standard health insurance product is 18 years and a maximum of 65 years. It will be renewed for a lifetime. Premium payments will be made annually, half-yearly, quarterly or monthly.