As the Parliament of India passed the Mental Healthcare Bill that decriminalises suicide, insurers are looking to release new products or include causes in their policies to cover hospitalisation expenses stemming from a suicide attempt.
Insurers are currently deliberating on how to include the clause in their policies so that claims cannot be denied. However, one downside would be that expenses will only be covered once.
Across the corporate landscape, firms are gradually becoming more understanding about their employees’ mental health needs. This shift includes insurance coverage for anti-depression medication and therapy.
According to Sanjay Kedia, country head and CEO of Marsh India Insurance Brokers, many companies, especially in the IT sector, have corporate group insurance that covers mental health, including in-patient and out-patient psychiatric interventions. Autism for child dependents of employees is also covered.