Draft guidelines for standard health product issued by IRDAI


Insurance Regulatory and Development Authority of India(IRDAI) had issued the draft guidelines for Standard Health Product.The Guidelines on Standard Health Product are issued under the provisions of Section 34 (1) (a) of Insurance Act, 1938.

Guidelines issued by IRDAI:
i. Grace Period for premium payment:

  • For Yearly payment of mode, a fixed period of 30 days is given as Grace Period
  • All other modes of payment except,Yearly payment of mode a fixed period of 15 days are allowed as a Grace Period.
  • There are four modes of payment viz-Monthly,Quarterly,Half Yearly,Yearly.

ii. Basic Sum Insured under standard product:

  • Minimum limit– Rs.50000
  • Maximum limit- Rs.10 lakhs

iii. Age: Minimum entry age is 18 years and maximum age is 65 under the Regulation 12(i) of HIR 2016, along with lifelong renewability. There is no maximum exit age.Dependent Child / children shall be covered from the age of 0 days to 25 years.
iv. Co-payment:5% of Co-pay will be part of the product feature.

Standard Health Product Covers :
Hospitalization expenses including room, nursing expenses, Intensive Care Unit, Intensive Cardiac Care Unit expenses, dental treatment, necessitated due to an injury, plastic surgery, necessitated due to disease or injury and domiciliary hospitalization.The Policy will also cover the expenses incurred on treatment under AYUSH.