Health Insurance New Coverage Policy A new update has come regarding health insurance policy for health insurance companies. Under this, it has now been made mandatory to provide insurance coverage to a particular category of people.
Health Insurance Policy: Insurance Regulatory and Development Authority (IRDAI) has advised insurance companies to implement a new plan related to health insurance soon. Under this, it has been made mandatory for general insurers or stand-alone health insurers to launch health insurance policies that can provide coverage to people with mental illness and HIV/AIDS and people with disabilities.
IRDAI was planning to bring insurance coverage for the people coming in this segment for a long time. For this, about a year ago, the regulator asked health insurers to add mental illnesses to regular health insurance coverage, but due to the slow pace of insurance companies, it has now been said to be implemented soon.
Mandated by the circular
IRDAI has issued a new circular saying that all registered general and stand-alone health insurers should mandatorily launch and introduce their products immediately. Provisions have also been incorporated in the relevant Acts to make such policies available to the people. Further, the insurers have also been directed to frame a Board approved underwriting policy so that the above category is not deprived of any coverage.
These people will get coverage
Health insurance policies will now have to provide insurance coverage to persons with disabilities (PWD), persons with HIV/AIDS and people with mental illness, as mandated by IRDAI. IRDAI has asked to offer special cover for this. Keeping in mind the insurer has been allowed to expand the scope of the product.
However, under no circumstances can insurers reduce the scope of the product. The policy term of the product will be for one year and will be as per the prescribed regulatory framework.
As per the IRDAI circular, insurers may determine the price of the product by following the norms laid down in the IRDAI (Health Insurance) Regulations, 2016.
