Exclusion illness, diseases to come under health insurance cover, IRDA may soon announce new guidelines

New Delhi: Insurance Regulatory and Development Authority of India (IRDAI) is soon going to announce new guidelines for medicaim policy wherein people will get insurance cover for many diseases and ailments which were earlier excluded.

After the announcement of the new medicaim policy, Insurance companies will have to include maximum diseases and ailments like congenital defects, and other serious illness that are right now not covered by these companies. These exclusion illness, diseases are usually not covered under mediclaim policy.

The insurance regulatory authority had in February this year placed “Draft Guidelines On Standardization Of Individual Health Product”.

As per the draft guidelines, all General and Health Insurers shall offer the Standard Individual Health Insurance Product (other than personal accident and travel covers) in order to enable the prospective customers of health insurance market choose an appropriate health insurance coverage of their choice.

The minimum basic sum insured under standard product shall be Rs 50,000 and Maximum limit shall be Rs 10 lakh.

This standard product shall have the basic mandatory covers which shall be uniform across the market. No additional add-ons or optional covers allowed to be proposed to offer along with the standard product. It shall be offered on indemnity basis, as a standalone product. It shall not be combined with Critical Illness Covers or Benefit Based covers.

The guidelines further said that expenses incurred on treatment under Ayurveda, Unani, Sidha and Homeopathy systems of medicines shall be covered subject to fixed and standard sub-limits based on Sum Insured.