IRDAI removes age limit on health insurance policies

New Delhi, April 21, 2024

Insurance regulator IRDAI has removed the age limit of 65 years for purchasing health insurance policies in order to provide enough protection from healthcare expenses to senior citizens and to broaden the market.

Earlier, individuals were allowed to buy a new insurance policy only till the age of 65 as per the guidelines.

IRDAI stated that the latest which has been effective from April 1 will help the individuals in securing comprehensive healthcare coverage.

In a recent gazette notification, IRDAI said, "insurers shall ensure that they offer health insurance products to cater to all age groups. Insurers may design products specifically for senior citizens, students, children, maternity, and any other group as specified by the Competent Authority."

Additionally, insurers have also been asked to provide health policies to individuals with pre-existing medical conditions of any kind. They are prohibited from declining to issue policies to individuals with severe medical conditions like cancer, heart or renal failure, and AIDS.

IRDAI, in its notification, also directs the companies to allowed policyholders to offer premium payment in instalments for their convenience.

There is no limit on AYUSH treatment coverage. Treatments under systems like Ayurveda, Yoga, Naturopathy, Unani, Siddha, and Homeopathy will receive coverage up to the sum insured without any cap, it said.

Policyholders with benefit-based policies can file multiple claims with various insurers, enhancing flexibility and options, it said.

The notification also mentions that there will a dedicated platform to handle the complaints and claims of senior citizens.

[The Times of India]