Hyderabad: The Insurance Regulatory and Development Authority of India (IRDAI) has removed the age cap on buying health insurance policies, effective from April 1. Previously, individuals could only purchase new policies until the age of 65. However, the recent change allows people of any age to buy new health insurance, creating a more inclusive healthcare system.
A notification by IRDAI said, “Insurers must ensure they offer health insurance products catering to all age groups. They may design products specifically for senior citizens, students, children, maternity, and other groups as specified by the Competent Authority.” This move will enable insurers to diversify their offerings.
The IRDAI has also made changes to insurance rules to help senior citizens. Insurers must now create tailored policies and dedicated channels where they can file their grievances and claims. This makes it easier for people over 65 to get health coverage.
Insurers now can not turn down people with serious illnesses like cancer, heart or renal failure, and AIDS. They’ve shortened the waiting time for coverage of pre-existing conditions from 48 months to 36 months, during which pre-existing conditions must be covered regardless of initial disclosure.
IRDAI has also mandated insurers to offer policies that give fixed payouts for specific illnesses instead of just covering hospital bills.
