Definition
Arogya Sanjeevani
Arogya Sanjeevani is IRDAI's standardised basic health insurance product with common features offered by all general and health insurers.
Introduced in 2020, Arogya Sanjeevani provides a simple indemnity health policy with standardised wording, covering hospitalisation, pre- and post-hospitalisation, daycare and modern treatments, with a built-in co-payment and room-rent terms. Only the premium differs across insurers.
It was created so consumers could buy comprehensible health cover without wading through varied jargon and conditions. Like Saral Jeevan Bima in life, it embodies IRDAI's standardisation drive to boost insurance penetration and reduce mis-selling among first-time buyers.
Related terms
- Co-PaymentCo-payment is a clause requiring the policyholder to bear a fixed percentage of every admissible health claim, with the insurer paying the rest.
- Saral Jeevan BimaSaral Jeevan Bima is IRDAI's standardised, simple term life insurance product with uniform features across all insurers.
- IRDAIIRDAI is the Insurance Regulatory and Development Authority of India, which regulates and supervises the insurance industry and protects policyholders.
Plain-English explainer from The Dispatch Investors Encyclopedia. General information, not financial advice.