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In a significant development in India’s insurance sector, individuals above the age of 65 are now eligible to purchase new health insurance policies. The Insurance Regulatory and Development Authority of India (IRDAI) has removed the age cap on buying health insurance policies, effective from April 1, 2024, as reported by ANI.
Previously, individuals aged 65 and above were not allowed to buy health insurance policies. However, the recent changes introduced by the IRDAI have made it possible for anyone, regardless of age, to be eligible for purchasing health insurance coverage.
The IRDAI issued a notification instructing insurers to offer health insurance products catering to all age groups. This move is part of a broader initiative to create a more inclusive healthcare ecosystem in India and encourage insurance providers to diversify their offerings.
Under the new rules, insurers have the flexibility to design health insurance products specifically tailored for different demographics, including senior citizens, students, children, maternity, and other specified groups as determined by the Competent Authority.
An industry expert commented on this development, stating, “It’s a welcome change since it now opens avenues for people above 65 to seek health cover.” Insurers, based on their board-approved underwriting guidelines, can now cover individuals above 65, subject to mutual agreement on affordability and viability between the insured and insurer.
Furthermore, following the recent notification, health insurance providers are prohibited from refusing policies to individuals with severe medical conditions such as cancer, heart or renal failure, and AIDS. This measure ensures that even individuals with critical health conditions have access to essential insurance coverage.
In response to these changes, insurers are expected to introduce tailored policies for specific demographics, including senior citizens, and establish dedicated channels for handling claims and grievances.
The new health insurance rules announced by the IRDAI represent a significant step towards making insurance coverage more inclusive and accessible, particularly for older individuals and those with critical health needs.
Sources By Agencies
