Get the Tata Capital App to apply for Loans & manage your account. Download Now

Blogs SUPPORT
Loans For You
Loans for Business
Investment
Insurance
Apply

Quick Links for loans

Quick Links for Insurance

Investment

Offers Quick Pay
Back

Equipment Finance

Avail Digital Equipment Loans
up to Rs. 1 Crore

  • Attractive ROIs
  • Customizable Loan tenure
Know More
Back

Equipment Leasing

Avail Leasing solutions
for all asset classes

  • Up to 100% financing
  • No additional collateral required
Know More
Back

New Commercial Vehicle Financing

  • First time user
  • Retail and strategic Clients
Know More
Back

Used Commercial Vehicle finance

  • Repurchase
  • Refinance
  • Top up
  • Balance Transfer
Know More
Menu  
 
Apply Now

Tata Capital > Blog > Did you know that now Mental Illness is a mandatory coverage to be provided by all Insurers from Nov 1, 2022?

Wealth Services

Did you know that now Mental Illness is a mandatory coverage to be provided by all Insurers from Nov 1, 2022?

Did you know that now Mental Illness is a mandatory coverage to be provided by all Insurers from Nov 1, 2022?

Mental illness has not received as much attention as physical illnesses in the past. However, with Covid, many things changed, including the perspective around mental illness. In the National Mental Health Survey of India conducted in FY16, nearly 15% of adults in India require treatment for mental illnesses. This iterates the importance of mental health coverage under health insurance plans for comprehensive and holistic coverage and well-being.

Prior to Nov 01, 2022, most health insurance policies did not cover mental illness treatments, irrespective of whether they were pre-existing or diagnosed post-policy issuance. This has undergone a change post-01 November 2022. This is a landmark date within the insurance space, it was integral for health insurance to acknowledge mental illness as a serious disorder which could lead to many complications, including suicidal or homicidal tendencies in individuals.

The regulatory changes by IRDAI:

The IRDAI (Insurance regulatory and development authority of India) has made it necessary for all health insurance policies to cover all types of mental illness diagnosed post-issuance of policy. The pre-existing mental illness will also be covered post-waiting period as mandated by the insurer. However, the pre-existing mental illness waiting period is similar to that of physical pre-existing diseases, which is usually 2 years.

This coverage is extended across both new and old policies. Mental illness will be treated in the same manner in which physical and critical illnesses are treated. Given that both old and new policies are required to cover mental illness, the clauses of the old policies will undergo necessary changes to ensure that they mention the inclusions and exclusions of mental illness coverage. The insured will be able to avail coverage for hospitalisation expenses that are incurred towards mental illness treatments. 

Inclusions and exclusions of the norm:

The inclusions that most insurance companies are likely to cover are dementia, bipolar, depression, OCD, anxiety disorder, ADHD, PTSD, mood disorder, psychotic disorder, schizophrenia and Alzheimer’s, which were not available for coverage in basic health policies earlier. This is an incredibly important step towards holistic and comprehensive coverage, which promotes the well-being of the individual. It’s important to note that the exclusions will be explicitly mentioned in the policy, and one has to correctly evaluate and read through the entire document before signing up with any insurance provider.

OPD coverage:

Health insurance offers coverage only upon a minimum of 24 hours of hospitalisation. This is likely to be extended for all types of mental illnesses where hospitalisation would be necessary. There are many insurance policies which offer OPD coverage. This could be at an additional premium cost. Such OPD coverage, when purchased, would be extended to mental illness consultations, diagnostics and tests.

New Born Baby Coverage

All mental illnesses that are mandatorily covered by the rules will be applicable for a new born baby also. “The new born baby, once added to the policy, will be covered for any mental illness-related condition. Few policies cover the new born from day 1, while others provide cover after 90 days of birth,”

Conclusion:

This is a major step towards uniformity of health insurance plans. Some of the major insurance companies were already providing coverage for mental illness. However, with the new mandate issued by the IRDAI, most of the other health insurance companies have joined the bandwagon and are now providing coverage for mental health as well. This move by IRDAI’s move is a great step towards an inclusive populace where everyone is duly taken care of. If you have any questions, you can contact the experts at Tata Capital Wealth for clarification.

Read More Blogs

Build Your Wealth with Expert Guidance from Tata Capital!

Apply now
Popular Searches
aif full form pms vs mutual fund bnpl meaning aif taxation debt investment options debt syndication perpetual bond unlisted equity shares meaning gold etf vs gold bond plot plus construction loan
Disclaimer

Most Viewed Blogs

Trending Blogs

Calculator

Personal Loan EMI Calculator

Personal Loan EMI Calculator
Home Loan EMI Calculator

Home Loan EMI Calculator
Business Loan EMI Calculator

Business Loan EMI Calculator
Used Car Loan EMI Calculator

Used Car Loan EMI Calculator
Two Wheeler Loan EMI Calculator

Two Wheeler Loan EMI Calculator
Loan Against Securities Calculator

Loan Against Securities Calculator
Loan Against Property Calculator

Loan Against Property Calculator
More Tools
Our Subsidiaries
Our Other Websites

Useful Links and Resources

Most Important Terms & Conditions - Home Loans

Download in your preferred language

Download

Policies, Codes & Other Documents

Most Important Terms & Conditions - Home Loans

Download in your preferred language

Download

Tata Capital Solutions & Services

Uh oh, something went wrong

Please try again later.