The Insurance Regulatory Developmental Authority of India (IRDAI) on February 27, 2023, issued a notification regarding Products for Persons with Disabilities (PWD), Persons afflicted with HIV/AIDS, and those with mental illness,
Persons afflicted with HIV/AIDS, and those with Mental Illness, all general and health insurers shall offer specific cover for Persons with Disabilities (PWD), persons afflicted with HIV/AIDS, and those with mental illness. Enclosed is a model setting out the minimum scope and parameters for the design of the product. In other words, insurers may widen the scope of this product but in no case can the scope of the product be narrowed down.
The insurers are directed to put in place a Board approved underwriting policy that ensures that no proposal from the above-mentioned categories of the population is denied for the reason of the above-stated disabilities and illness.
The insurers may determine the price of the product subject to complying with the norms specified in the IRDAI (Health Insurance) Regulations, 2016, and Guidelines/Circulars notified there under.
The policy tenure of the product shall be for a period of one year and renewable as per the regulatory framework already laid down.
The Standard Product shall comply with all the provisions of IRDAI (Health Insurance) Regulations, 2016, all other applicable Regulations, and other applicable Guidelines/Circulars as amended from time to time.
Every General and Stand-alone Health Insurer, who has been issued a Certificate of Registration to transact General and/or Health Insurance Business, shall mandatorily launch and offer their respective product immediately.
[Notification No.IRDAI/HLT/CIR/MISC/58/2/2023]
