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The Insurance Regulatory and Development Authority of India allows general insurers and stand-alone health insurers to distribute the Arogya Sanjeevani Policy through Point of Sales channels. The authority modifies condition number (iii) of an earlier circular from 2017. Insurers can market this standard health product in addition to the cap of three other products that they file as Point of Sales products. All other conditions of the earlier circular remain unchanged.
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[Image omitted. See the official document.]
IRDAI/ INT/ CIR/ PSP/ 019/ 01/ 2020
13th January, 2020
To
All General & Stand-Alone Health Insurers All Insurance Intermediaries
Re: Marketing Standard Individual Health Insurance product through PoS
The Authority vide its Guidelines Ref no. IRDAI/ HLT/ REG/ CIR/ 001/ 01/ 2020 dated 1st January, 2020 has introduced an indemnity based Standard Health Insurance Product - "AROGYA SANJEEVANI POLICY". In order to achieve higher insurance coverage and improve insurance penetration, it is considered essential to allow distribution of "AROGYA SANJEEVANI POLICY" through all extant distribution channels that are prevalent in the insurance industry.
Accordingly, in partial modification, condition number (iii) of the IRDAI Circular No. IRDAI/ INT/ CIR/ PSP/ 239/ 2017 dated 25th October, 2017 stands substituted as under:
"iii) Number of such products that can be filed as PoS product is capped at three (3) per insurance company. In addition to these three insurance products, Standard Health Insurance Product- "AROGYA SANJEEVANI POLICY" is also allowed to be marketed by Point of Sales.
All other condition of the above referred circular remain unchanged.
T.L. Alamelu Member (Non-Life)
सर्वे नं. 115/1, फाइनेंशियल डिस्ट्रिक्ट, नानकरामगुडा, हैदराबाद-500 032, भारत | Survey No. 115/1, Financial District, Nanakramguda, Hyderabad-500 032, India (T) : +91-40-2020 4000 वेबसाइट : www.irdai.gov.in (T) : +91-40-2020 4000 Website : www.irdai.gov.in
