Age limit for health insurance policies removed | Check Details
PTC Web Desk: In a significant shift, the Insurance Regulatory and Development Authority of India (IRDAI) has eliminated the age limit of 65 years for people purchasing health insurance policies. This departure from previous constraints is aimed at providing a more comprehensive and accessible healthcare ecosystem, offering robust protection against unforeseen medical expenses.
The removal of the maximum age restriction, effective from April 1, signifies a pivotal step towards inclusivity in health insurance. Earlier, people could only purchase a new insurance policy until the age of 65. With this recent amendment, people of any age are now eligible to purchase new health insurance policies.
In a recent gazette notification, IRDAI stated, "Insurers shall ensure that they offer health insurance products to cater to all age groups." The notification further mandates insurers to design products tailored for various demographics, including senior citizens, students, children, and maternity needs, as specified by the Competent Authority.
Additionally, insurers are now required to offer health policies to individuals with pre-existing medical conditions of any kind. The notification specifically prohibits insurers from denying policies to individuals with severe medical conditions such as cancer, heart or renal failure, and AIDS. Furthermore, insurers are permitted to offer premium payment in instalments for the convenience of policyholders.
The notification also clarifies that travel policies can only be offered by general and health insurers. Notably, there is no limit on coverage for AYUSH treatments, which include systems such as Ayurveda, Yoga, Naturopathy, Unani, Siddha, and Homeopathy. These treatments will now receive coverage up to the sum insured without any cap.
Policyholders with benefit-based policies are now empowered to file multiple claims with various insurers, enhancing flexibility and options. The proposed regulation also aims to address the complaints and claims of senior citizens through a specialised channel, ensuring a more tailored and responsive approach to their requirements.
- With inputs from agencies
