The Insurance Regulatory and Development Authority of India on 3rd February 2021 has issued guidelines for a standard vector-borne disease-specific health insurance product.
As per the guidelines, the minimum sum insured under Standard Product shall be Rs 10,000/- and the maximum limit shall be Rs 2,00,000/- and it shall be offered with a policy tenure for one year.
The Standard Product shall be offered both on individual and floater sum insured basis and the total amount payable in respect of the coverages offered shall not exceed 100% of the Sum Insured during a policy period.
However the Company shall not be liable to make any payment under the policy if the covered vector borne disease is diagnosed or hospitalization takes place during first 15 days from the commencement date of this Policy unless insured person is covered under this Policy continuously and without any break in the previous Policy Year.
If the policy is renewed within 30 days from the date of discharge of the previously paid claim for the named insured a 30 days cooling off period shall apply for the same ailment in the renewed Policy.
