The Insurance Regulatory and Development Authority of India (IRDAI) has allowed general and standalone health insurers to offer the Arogya Sanjeevani Policy as a group insurance product.
Once insurance companies launch this policy as a group cover, organisations may soon be able to buy this cover for their employees. Among other things, the Arogya Sanjeevani Policy also covers the treatment cost of Covid-19.
As per an IRDAI press release dated July 24, “This standard group policy is expected to be useful to various private and public establishments for covering the medical needs of their employees. 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 is clarified that “Arogya Sanjeevani” policy, whether in individual or group form, also covers Covid–19.”
Earlier in the week, the regulator directed general and standalone health insurers to offer Corona Kavach Policy as a group insurance product, via a press release on July 21.