Philosophy for offering Insurance coverage to Persons with Disability and mental illness diseases
The purpose is to lay down a broad philosophy to offer insurance coverage to 'Person with Disabilities' and ‘people with Mental illness’ keeping in mind the larger principle of ensuring that there is no discrimination bias as per the Mental Health Act 2017
To ensure that the decision is in accordance with the underwriting policy and manual thereto, the following information will be considered whilst underwriting the proposal for insurance from applicants with disability and/or mental illness. The underwriting practice for these illnesses is similar to the practices followed for any other medical conditions. (Eg: Diabetes, Heart Disease etc.)
- Insurable interest & need for Insurance cover
- Ability of the applicant to enter a legally valid contract
- Exact medical diagnosis, cause and duration of onset and progress
- Treatment modalities since inception of the medical condition, including previous medical records.
- Gainful employment details
- Daily routine and Lifestyle related information
- Medical examination as per the product and underwriting guidelines
- Other relevant documents based on the exact medical condition
The intent is to ensure that every applicant is underwritten basis risk assessment as per the board approved underwriting policy under which it is also established that there is no discrimination in granting insurance coverage.
The insurance and reinsurance underwriting manuals have detailed evidence-based guidelines for most of the conditions and will be referred to for making an objective decision. In a rare case, where objective criteria is not defined in the manual, the application will be underwritten basis medical assessment & presentation of the case specifically ensuring that there is no discrimination or bias.
Philosophy for offering Insurance coverage to People affected by HIV/AIDS
The philosophy for offering Insurance coverages to people affected by HIV/AIDS is largely guided by the Standard Guidelines with respect to underwriting for people living with HIV or vulnerable to HIV/AIDS, formulated as per guidelines under the Human Immunodeficiency Virus and Acquired Immune Deficiency Syndrome (Prevention and Control) Act 2017.
Broad Guidelines for Underwriting-
To ensure fair risk assessment and equitable underwriting decision the following information will be considered whilst underwriting the proposal for health or Life insurance from applicants affected by HIV/AIDS.
- Diagnosis with Stage of Disease.
- Detailed records of treatment
- HIV Questionnaire
- Daily routine, occupation and Lifestyle related information
- Medical assessment as per the product and underwriting guidelines.
- Details of any past or current complications
- Details of any other relevant comorbidities or any other additional information as per the standard underwriting policy may be sought
The intent is to ensure that every applicant is underwritten on case merit based on the guidelines under the Underwriting policy and there is no discrimination in granting Health or Life insurance coverage to people affected by HIV/AIDS.
The onboarding of risk will be based on objective underwriting criteria and basis the risk represented, ensuring that there is no moral hazard.