IRDAI proposes standardised product with life-long cover.
An Insurance is Forever: The Insurance and Regulatory Authority of India (IRDAI) has mandated health and general insurance companies to offer a standardised product that will take care of the basic requirements of policyholders.
Dubbed Arogya Sanjeevani Policy, the policy shall offer life-long renewability with no exit age. Currently, insurers offer health insurance up to 75-80 or 90 years in select cases.
IRDAI said general and health insurers should offer this product from April 1, 2020 onwards and don’t need any pre-approvals of the regulator. While IRDAI has fixed the minimum entry age as 18 and maximum as 65 years, the policy has no exit age and has provision for lifelong renewability. Here are 10 things one must know about the standard health insurance policy.
Brownie Points: With most New Year resolutions including some element of saving more or managing one’s finances better, lot many of us are actively raiding the internet for the best investment options. A lucrative option which pops up is mutual funds. However, one might have to grapple with a lot of jargon when investing in mutual funds - the different types of mutual funds, taxation etc. Here's a handy guide for all those looking to invest in mutual funds this new year.
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