Come out with insurance products for persons with disabilities, mental illness: IRDAI to insurers

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Insurance regulator Insurance Regulatory and Development Authority of India (IRDAI) has asked general and standalone health insurers to offer a specific cover for Persons with Disabilities (PWD), persons afflicted with HIV/AIDS, and those with mental illness.

In a circular, the IRDAI asked the insurers to determine the price of the product in line with the IRDAI (Health Insurance) Regulations, 2016 (HIR, 2016).

The insurers have been directed to put in place a Board-approved underwriting policy that ensures that no proposal from these categories of population is denied insurance cover. The policy tenure of the product should be for one year and is renewable as per regulatory framework.

General and standalone health insurers, who have been issued a Certificate of Registration to transact General and/or Health Insurance Business, have been asked to mandatorily launch and offer their respective product immediately.

IRDAI has been set up to bring about speedy and orderly growth of the insurance industry (including annuity and superannuation payments), for the benefit of the common man, and to provide long-term funds for accelerating growth of the economy.