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IRDAI has constituted a committee that will advise the insurance regulator on matters related to mental health and insurance.
IRDAI said, “One of the important areas that needs attention from the point of view of insurance coverage is mental health. A holistic examination of the various aspects involved such as types of conditions, types of treatments etc. from the insurance perspective is necessary when dealing with products designed to cover mental illnesses and other related aspects. Therefore, it has been decided to constitute a committee of experts to advise IRDAI on matters related to mental health and insurance.”
The 5-member committee will:
- Advice IRDAI on coverages offered or to be offered
- Give inputs on terminology and concepts related to mental illnesses
- Study various aspects of mental illnesses
- Find out other relevant aspects related to the mental illness and health policies
Earlier in March, IRDAI asked general and health insurance companies to launch health insurance policies for people suffering from mental illness.
Amit Goel, Director & Principal Officer, Raghnall Insurance Broking & Risk Management said that this committee will enable insurers to offer more comprehensive and inclusive insurance products that cater to the specific needs of individuals struggling with mental health issues. “We look forward to the committee's recommendations and insights, which will undoubtedly be valuable in shaping the future of mental health insurance in India," he said