With an aim to enable access for older individuals and enhance adequate protection from heavy healthcare expenses, IRDAI has omitted the age limit of 65 years for individuals buying health insurance policies.
According to the previous rules, individuals were allowed to purchase a healthcare insurance policy only up to the age of 65.
But, with the recent guidelines, anyone, regardless of age, is eligible to buy a new health insurance policy. This guideline has been made effective from April 2024.
By removing the maximum age limit on purchasing health insurance policies, the Insurance Regulatory and Development Authority of India (IRDAI) aims to enhance the accessible healthcare ecosystem to all, ensuring adequate protection against unforeseen heavy health expenses.
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.
IRDAI
Some of the highlighted points of the guidelines given by IRDAI are as follows:
There is no limit on AYUSH treatment including systems like Ayurveda, Yoga, Naturopathy, Unani, Siddha, and Homeopathy. They will receive coverage without any cap.
Travel policies can only be offered by general and health insurers.
Insurers are allowed to offer premium payment in installments for the convenience of policyholders.
Policyholders can file multiple claims with various insurers, enhancing the options.
Additionally, insurance companies are required to provide health insurance only to individuals with pre-existing medical conditions.
Insurers cannot deny giving policy to individuals with serious medical issues including cancer, heart or kidney failure, and AIDS.
The proposed guidelines aim to handle the complaints and claims of senior citizens via a specialized channel, ensuring a more responsive approach to their requirements.
(Input from various sources)
(Rehash/ Dr. Pragati Priya/MSM)
