The Insurance Regulatory and Development Authority (IRDA) has asked insurers to cover mental illness under medical insurance policy, reported The Economic Times.
The authority has asked insurance companies to make provision for medical insurance for treatment of mental illness from immediate effect, reported ET on Thursday.
“As per Sec 21(4) of the said Act, every insurer shall make provision for medical insurance for treatment of mental illness on the same basis as is available for treatment of physical illness,” said the authority in a directive that follows the Mental Healthcare Act, 2017.
The development comes as a relief for millions in India as Indians companies exclude mental illness from the limits of medical policies unlike insurers outside the country. The move is also expected to remove social stigmas linked to mental illness.
“This will ensure a life of dignity to those who have mental health issues…We believe it will certainly create awareness, acceptance, and inclusion when it comes to mental illness as any other ailment, while bringing mental health disorders at par with physical illnesses will 'normalize' diagnoses, reducing associated myths and stigma,” Jyoti Punja, chief operating officer and customer officer, Cigna TTK Health Insurance Company was quoted saying in the report.
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