Provide mental illness cover under health insurance products before Oct 31: IRDAI

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 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

“All insurance products shall cover mental illness and comply with the provisions of the MHC Act, 2017 without any deviation. Insurers are requested to confirm compliance before October 31, 2022,” IRDAI said.

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.

Separately, the insurer also observed that 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.