The Insurance Regulatory and Development Authority (IRDAI) of India has abolished the age restriction of 65 years for buying health insurance.
This policy change, which commenced on April 1, allows people of any age to obtain health insurance.
By eliminating the upper age limit for new health insurance applications, the IRDAI aims to make health coverage more universally accessible. This change reflects an effort to ensure that health insurance can support a broad spectrum of the population against unexpected healthcare costs.
Previously, people over 65 were ineligible to apply for new health insurance policies. With the new regulation, insurance providers are required to design and offer products that are suitable for various groups including the elderly, youth, and children.
According to India Today’s report, the updated policy also mandates coverage for pre-existing medical conditions, extending to critical illnesses like cancer and HIV/AIDS.
In an effort to ease financial strain on policyholders, insurance companies will now be able to provide options for paying premiums in instalments. This change aims to enhance the flexibility in how premiums can be paid. Additionally, the regulation restricts the sale of travel insurance to only those companies specialising in general and health insurance.
No limits will be placed on the reimbursement for AYUSH treatments, which includes disciplines like Ayurveda and Yoga. Under the new guidelines, individuals with benefit-based insurance plans are allowed to lodge claims across various insurers.
The IRDAI has also instituted a specialised framework for addressing grievances and claims specifically from senior citizens.
The health insurance changes in India follow the IRDAI’s announcement of a new requirement for collaterals in reinsurance transactions involving cross-border reinsurers.
