Insurance Regulatory and Development Authority of India (IRDAI) has issued draft guidlines on uniform health insurance product, to be called a standard Mediclaim Policy offering basic cover by all insurers including general and health insurance businesses.
The minimum basic sum insured under the standard product shall be Rs 50,000, with a maximum limit of Rs 10 lakh. The product would have lifelong renewability option for those in the age group of 18 and 65. Dependents and children will be covered up to 25 years.
The proposed product will cover hospitalisation expenses, including intensive care unit, dental treatment,domiciliary hospitalisation among others.Further, expenses incurred on treatment under Ayurveda, Unani, Siddha and Homeopathy will also be covered.
Insurance regulatory and Development Authority (IRDA) is an autonomous, statutory body to regulate and develop the insurance sector. Its key objectives include (a) creating of level playing field among different insurance players (b) safeguarding investors from bad practices and (c) ensuring the financial security of the insurance market.