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Mental illness covers under health insurance products

  • October 20, 2022
  • Posted by: OptimizeIAS Team
  • Category: DPN Topics
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Mental illness covers under health insurance products

Subject : Government

Context:

  • The Insurance Regulatory and Development Authority (IRDAI) has directed insurance companies to provide cover for mental illness under health insurance policies before October 31, 2022.

The Mental Health Act, 2017

  • The Mental Health Act, 2017 says that every insurer will have to make provision for medical insurance for treatment of mental illness on the same basis as is available for treatment of physical illness

Need of mental health insurance:

  • The covid 19-pandemic has highlighted the importance of mental health.
  • Increasingly the stigma around mental health is decreasing as more people are seeking medical assistance.
  • Many health insurance products marketed by insurers are not providing cover to newborns/infants with internal congenital birth defects from day one.
  • The regulator said all health insurance products that cover newborns/unborns will provide coverage for internal congenital birth defects from day one without imposing any waiting periods/sub-limits or any other restrictive conditions.

The Insurance Regulatory and Development Authority (IRDAI):

  • Insurance Regulatory Development Authority (IRDA) is a statutory body set up by the IRDA Act, 1999.
  • It is an autonomous and apex body which has the responsibility to regulate and control the Insurance sector in India.
  • Insurance Regulatory Development Authority (IRDA) was established after the recommendations of Malhotra Committee report of 1994. The committee had recommended the establishment of an independent authority for the regulation of the Insurance sector in India.
  • As per the section 4 of IRDAI Act’ 1999, Insurance Regulatory and Development Authority of India has a composition of a Chairman; five whole-time members; four part-time members, all appointed by the Government of India.
Government Mental illness covers under health insurance products

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