Insurance firms offer simple offers at all levels, making it easy for the average person to make a choice. The primary purpose of standard insurance is to provide insurance coverage for everyone, to increase access.
To protect against the coronavirus epidemic, the Insurance Regulatory and Development Authority of India (IRDAI) has asked insurance agencies to introduce general insurance policies for all categories, whether health or other general insurance policy, with simple features and common terms and conditions, to maintain the public perception. The majority of people nowadays buy online insurance policies because of Covid-19.
1. Saral Jeevan Bima term policy
Ordinary life insurance, also known as Saral Jeevan Bima, is an unsecured, non-participant life insurance policy that provides death benefit (amount guaranteed) in the number of funds to the nominee in the event of the death of the policy during its period. The minimum guaranteed amount given under this policy is ₹ 5 lakh and the maximum is ₹ 25 lakh. However, insurers have the opportunity to offer a guaranteed amount over ₹ 25 lakh, with all other terms and conditions remaining.
2. Saral Pension annuity policy
The standard individual annuity product, also known as the Saral Pension, offers guaranteed refunds that do not depend on the market or the benefits of health insurance. The scheme helps a person to receive regular payments from life insurance, after making a lump sum or regular payments for a defined period. One does not need to have a large investment limit. The plan comes with two pension options. First, a health pension with a return of 100% of the purchase price; and second, a joint-life annuity and a 100% refund on purchase at the death of the last survivor.
3. Arogya Sanjeevani health policy
This is a general policy for public and family health insurance that can provide a basis for reimbursement. A collateral policy means that the policy may compensate the insured party for any damages or unforeseen losses to a certain extent. The minimum coverage that health insurance providers must provide is authorized by ₹ 50,000 and can be increased to ₹ 10 lakh under this standard health insurance product. By July 2020, IRDAI had allowed insurers to offer a restricted amount of less than as much as 50,000 under this product without a maximum limit.
4. Corona Kavach health policy
Corona Kavach is a Covid-specific product released for a short period, that is, for less than a year. Insurance providers must enforce Corona Kavach's policy. It includes the cost of hospital admissions for Covid testing in a covid trial at a government-approved diagnostic center. This policy also covers the costs associated with PPE kits, ventilators and consultation fees, etc. One can redeem this Covid policy until 30 September 2021.
5. Corona Rakshak is a profitable health-based policy
The Corona Rakshak policy is an insurance scheme that offers a sum of 100% of the insured amount, which will be paid in the event of Covid-19. The person will need to be hospitalized for a continuous period of 72 hours. As in the case of Corona Kavach's policy, in this case, the best covid diagnosis should be from a state-authorized diagnostic center. It is an interim policy that can be purchased until 30 September 2021.
6. Mashak Rakshak health policy
It is a general vector-based policy that will provide an amount equal to 100% of the sum insured (excluding the amount paid under the cover of the diagnosis) for the optimal diagnosis of any of these cold-related illnesses that require hospitalization -filaria, chikungunya, Japanese encephalitis, and zika virus. This policy is available from 1 April.
7. General personal accident insurance policy
Standard personal accident cover will be provided individually. If provided as a family cover, the selected insured amount will apply to each family member separately. The minimum amount insured will be ₹ 2.5 lakh and the maximum will be ₹ 1 crore. Health insurers must provide a general personal insurance policy from 1 April onwards.
8. Bharat Griha Raksha Policy
The Bharat Griha Raksha policy is designed to cover home construction or home content. The policy also provides built-in covers for the loss of rent and rent for other residences, in addition to providing a waste removal cover and payment for architects, researchers, and consulting services.
9. Bharat Sookshma Udyam Suraksha Policy
This policy is for businesses where the total amount at risk in any area reaches ₹ 5 crores. This policy includes start-up costs, professional fees, garbage disposal, and mandatory by-laws stock cover, etc. Alternatively, the policy may be issued for a period not exceeding 12 months.
10. Bharat Laghu Udyam Suraksha Policy
This policy is for businesses where the total at-risk exceeds 5 crore to ₹ 50 crore. It includes start-up costs, fees, waste removal, and costs imposed by-laws, etc. It does not cover the stock floater cover. Also, the policy may be issued for a period not exceeding 12 months.
How this collected
Rakesh Goyal, director of Probus Insurance, said, “The primary purpose of standard programs is to provide insurance coverage for everyone and at the same time increase access. Therefore, standard plans are easier to understand as the names written to the insurers are the same, and such policies are for people who do not have life insurance. However, on the other hand, unconventional programs have different features and can benefit experienced law enforcement owners. “With the introduction of these standard policies, it is now easier for the consumer to understand and make targeted choices. It also minimizes errors and potential conflicts to a degree. However, Naval Goel, Founder & CEO, PolisX.com, said there was a significant increase in the premiums of guaranteed policies compared to non-standard ones. The difference is already evident in longevity policies when premium prices have gone up. "In some cases, the premiums that are twice as high as those offered by these insurance companies have already been offered and others such as Saral Jeevan Bima's premiums have shot 25-100% above their normal terms," he said. "With the simplest and most common terms, we are now able to see better policy entry, especially for those who have evaded these complex policies and clauses," Goel said.