India’s 1st standalone mental health insurance cover soon

AXA France India, with its Indian insurance partners, is set to launch India’s first-ever mental health insurance cover in its group policies, said a person aware of the development. The mental health insurance would provide Rs 25,000 for consultation with therapists, psychologists, life coaches, among others through virtual mode, and up to Rs 1 lakh for hospitalisation.

The cover would also provide free mental health assessment tests as recommended by the World Health Organisation (WHO). This comes amid rising awareness about mental health in India and the number of cases increasing after the pandemic came.

The policy will provide coverage for consultation, therapy medicines, and hospitalisation, and is expected to be available from July 1, said the person quoted above. This will be a first-of-its-kind policy focusing on mental health, said Rajesh Dalmia, partner, EY India. The demand for such a product would pick up slowly with rising awareness on mental health issues, Dalmia said.