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IRDAI Proposes to Prevent Insurers from Excluding Critical Illnesses
May 20, 2019
The Insurance Development and Regulatory Authority of India (IRDAI) contemplating passing an order to prevent insurance companies from excluding critical illnesses like genetic diseases, mental health problems, and neurodevelopment disorders from health insurance policies.
A working group constituted by the insurance regulator is looking to frame guidelines that help rationalize exclusions in health insurance policies. This will ensure that all health insurance companies in India have a uniform approach. IRDAI has also proposed that insurers can include a waiting period for specific diseases, but the period should not be more than four years.
If the proposal is accepted, it would apply to all health and general insurance companies that offer indemnity-based health policies.
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