IRDAI vide Circular Ref. No. IRDAI/HLT/CIR/MISC/58/2/2023 dated February 27, 2023 issued a Circular on ‘Product for Persons with Disabilities (PWD), Persons afflicted with HIV/AIDS, and those with Mental Illness’
In accordance to the Circular all general and health insurers shall offer a specific cover for Persons with Disabilities (PWD), Persons afflicted with HIV/AIDS, and those with Mental Illness.
The Circular requires all general and health insurers to ensure compliance of the following:
- To put in place a Board approved Underwriting policy that ensures that no proposal from the abovementioned categories of population is denied for reason of the stated disabilities and/or illness/es
- To determine the price of the product subject to complying with the norms specified in the IRDAI (Health Insurance) Regulations, 2016 (HIR, 2016) and Guidelines/Circulars notified there under.
- Policy tenure of the product shall be for a period of one year and renewable as per regulatory framework already laid down.
- 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.
- The model setting out the minimum scope and parameters for design of the product may be referred to widen the scope of the product but in no case can the scope of product be narrowed down
The product shall be mandatorily launched and offered immediately
Source category: IRDAI
Attachments
- /2023/158_PRODUC~1.PDF
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