IRDAI Asks Insurers To Cover Mental Illness By October 31

BW Online Bureau Oct 20, 2022

The Insurance Regulatory and Development Authority of India (IRDAI) has asked all insurance companies furnishing health insurance to confirm compliance with regulations to cover mental illness by all insurance products before October 31.

Issuing an indirect, IRDAI has reiterated that all insurance products shall cover mental illness and comply with the provisions of the Mental Healthcare Act, 2017 without any divagation. The Act came into force with effect on May 5, 2018. According to the Act, every insurer shall make provision for medical insurance for the treatment of mental illness on the same base as is available for the treatment of physical illness.

The insurance controller has also said that it has observed that numerous health insurance products that are retailed by insurers aren't furnishing coverage to newborn babies with internal natural birth defects from day one, therefore going against the “true spirit” of the guidelines.

Abhishek Mahato, Principal Officer, Pazcare said, "Mental well-being is the need of the hour in these dynamic times. This regulation by the IRDAI is a welcome move to bring about uniformity. As earlier only selective companies included mental illness in their benefits, not all did as a standard. With this initiative, everyone will have mental illness covered and accessible treatment. It is good to see authorities break taboos by treating mental health as equal to physical health."