IRDAI asks insurance firms to make provision to cover mental illness with immediate effect

IRDAI asks insurance firms to make provision to cover mental illness with immediate effect

Press Trust of India August 18, 2018 12:17:30 IST
IRDAI asks insurance firms to make provision to cover mental illness with immediate effect

Hyderabad: Insurance Regulatory and Development Authority of India (IRDAI) has directed all the insurance companies to make a provision to cover mental illness also in insurance policies.

"Reference is drawn to the Mental Healthcare Act,2017 which has come into force w.e.f 29.5.2018. As per Sec 21(4) of the said Act, every insurer shall make provision for medical insurance for treatment of mental illness on the same basis as is available for treatment of physical illness.

All insurance companies are hereby directed to comply with the aforesaid provisions of the Mental Healthcare Act, 2017 with immediate effect, IRDAI said in its orders issued on 16 August.

IRDAI asks insurance firms to make provision to cover mental illness with immediate effect

Representative image. Reuters

According to the Mental Healthcare Act-2017, every person with mental illness shall be treated as equal to persons with physical illness in the provision of all healthcare.

The Act further says that every insurer shall make provision for medical insurance for treatment of mental illness on the same basis as is available for treatment of physical illness.

Updated Date:

also read

UK's Bupa to infuse Rs 191 crore in Max Bupa JV for additional 23% stake
Business

UK's Bupa to infuse Rs 191 crore in Max Bupa JV for additional 23% stake

The new agreements will come into force after the requisite regulatory clearances from FIPB and IRDAI

Life insurers bat for hike in foreign investment limit to 100% from current 49% in sector through automatic route
Business

Life insurers bat for hike in foreign investment limit to 100% from current 49% in sector through automatic route

Life insurers have sought 100 percent foreign direct investment (FDI) limit for the sector through automatic route, which can help the sector attract capital of Rs 40,000-60,000 crore

IRDAI says insurers sitting on cumulative Rs 15,167 crore in unclaimed money; big chunk lying with state-run LIC
Business

IRDAI says insurers sitting on cumulative Rs 15,167 crore in unclaimed money; big chunk lying with state-run LIC

Insurance Regulatory and Development Authority of India has asked insurers to identify policyholders or beneficiaries and disburse the claims.