The Insurance Regulatory and Development Authority (IRDA), which decides the terms and conditions of the insurance sector, has asked insurance companies to cover mental illness also in a medical insurance policy. IRDA has clarified that mental illness should also be treated as physical illnesses. It is being seen as a step towards the institution's removal of myths and inferior emotions related to mental illness.
IRDA issued a circular and asked to insurance companies to make the provision of medical insurance as soon as possible for the people suffering from mental illness. Globally, companies cover mental illness after waiting for 2-3 years. IRDA follows the Mental Healthcare Act, 2017. According to Section 21(4) of this Act, every insurance company should make provision of medical insurance for the treatment of mental illness just like physical illnesses.
The Mental Healthcare Act, 2017 was effective from May 29, 2018. According to Mental Healthcare it involves the analysis of an individual's mental condition and diagnosis. In addition, their treatment and rehabilitation are also linked.
It will give a respectable life to live to the people who are suffering from mental disorders.
Copy of circular is also attached for read refence.
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