Insurance Regulatory and Development Authority (Irda) has come out with a list of diseases that cannot be excluded from health insurance policies as part of its efforts to promote standardisation in the sector. The draft also includes 17 types of illnesses that can be excluded.
As per the Irda list, there are about 12 types of diseases which are not allowed to be excluded by insurance firms.
The draft list, once it comes into force, will lead to decrease in exclusions of diseases, say insurance company representatives. The companies will have to cover more illnesses which essentially will lead to higher premium for the consumers or the policyholders. This could lead to an 8-10 percent increase in premiums in certain segments, they say.