Insurance Cover
to Disabled Persons
As per
Insurance Regulatory and Development Authority of India (IRDAI) mentally
challenged people get covered under medical insurance policies sold by Public
Sector General Insurance Companies (PSGICs). Presently, the PSGICs provide
mental illness cover to children if covered with or both parents simultaneously
in the policy. Some PSGICs also provide mental illness cover to the persons
under Employer-Employee Group Health Insurance Policies. While Life Insurance
Risk coverage is offered to handicapped and mentally challenged persons by the
life insurance companies (both public sector and private sector) based on their
board approved underwriting policy, the disclosures made in the proposal form,
every life insurance company will rate the persons to be insured from the point
of view of risk assessment and underwriting as standard or sub-standard lives in
order to determine acceptance of proposal and the premium to be charged. While
there are no restrictions for providing insurance facilities to handicapped and
mentally challenged persons, it is the professional decision of the insurance
company based on their own risk bearing capacity and approach. There are no
specific Regulations/Guidelines issued by the Authority in this regard.
The Government of India is implementing a scheme by name ‘NIRAMAYA’ through which the handicapped and mentally challenged persons are covered for medical treatment upto Rs. 1 lakh. Aam Admi Bima Yojana (AABY) is also a Government Social Security Scheme being administered through Life Insurance Corporation of India (LIC) that provides life/accident insurance protection to the rural and urban poor persons (including rural landless households) and people belonging to certain identified vocational groups. One such identified vocation is “Physically Handicapped Self-Employed Persons”.
IRDAI has also notified IRDA (Rural and Social Sector Obligations) 2002 mandating every insurer to cover the specified number of lives from the defined social sector market segment. Of the categories of lives that are defined as social sector lives, “other categories of persons” is one of the categories, which includes persons with disability as defined in the Persons with Disabilities (Equal Opportunities, Protection of Rights, and Full Participation) Act, 1995 and who may not be gainfully employed; and also includes guardians who need insurance to protect spastic persons or persons with disability.
This was stated by Shri Jayant Sinha, Minister of State in Ministry of Finance in written reply to a question in the Lok Sabha today.
*****
The Government of India is implementing a scheme by name ‘NIRAMAYA’ through which the handicapped and mentally challenged persons are covered for medical treatment upto Rs. 1 lakh. Aam Admi Bima Yojana (AABY) is also a Government Social Security Scheme being administered through Life Insurance Corporation of India (LIC) that provides life/accident insurance protection to the rural and urban poor persons (including rural landless households) and people belonging to certain identified vocational groups. One such identified vocation is “Physically Handicapped Self-Employed Persons”.
IRDAI has also notified IRDA (Rural and Social Sector Obligations) 2002 mandating every insurer to cover the specified number of lives from the defined social sector market segment. Of the categories of lives that are defined as social sector lives, “other categories of persons” is one of the categories, which includes persons with disability as defined in the Persons with Disabilities (Equal Opportunities, Protection of Rights, and Full Participation) Act, 1995 and who may not be gainfully employed; and also includes guardians who need insurance to protect spastic persons or persons with disability.
This was stated by Shri Jayant Sinha, Minister of State in Ministry of Finance in written reply to a question in the Lok Sabha today.
No comments:
Post a Comment