Very soon, you can calculate health insurance premium of your clients with special needs or clients living with HIV/AIDS on website of insurance companies.
IRDAI has asked non-life and standalone health insurers to disclose their underwriting practices pertaining to health coverage of policyholders living with disabilities, HIV/AIDS and mental illness.
Simply put, insurance companies will have to offer a premium calculator on their website so that policyholders with special needs can evaluate health insurance premium and make informed choices.
IRDAI said, “All Insurers are instructed to publish on their respective websites the underwriting philosophy and approach with regard to offering insurance coverage to persons with disabilities, persons affected with HIV /AIDS, persons affected with mental illness diseases.”
IRDAI has asked insurance companies to offer this facility by October 1, 2020.
Mayank Bathwal, CEO, Aditya Birla Sun Life Health Insurance said that his company has been offering premium calculator for policyholders with special needs for quite some time now. He said that his company will soon disclose their underwriting practices in writing for more transparency.