Skip to content
In a bid to expand the insurance market and provide comprehensive protection against healthcare expenses, the Insurance Regulatory and Development Authority of India (IRDAI) has eliminated the age limit of 65 years for purchasing health insurance policies. This move represents a significant departure from traditional constraints that limited individuals’ access to comprehensive coverage. By abolishing the maximum age restriction on health insurance purchases, IRDAI aims to cultivate a more inclusive and accessible healthcare landscape, safeguarding against unforeseen medical costs.
Previously, individuals could only acquire new insurance policies until the age of 65. However, with the recent amendment effective from April 1, individuals of any age are now eligible to purchase new health insurance policies. In a recent gazette notification, IRDAI emphasized the necessity for insurers to offer health insurance products catering to all age groups, including senior citizens, students, children, maternity, and other specified groups.
Furthermore, insurers are now mandated to provide health policies to individuals with pre-existing medical conditions, such as cancer, heart or renal failure, and AIDS, thereby prohibiting refusal of coverage based on severe medical conditions. Premium payment options have also been enhanced, with insurers permitted to offer instalment payment facilities for policyholders’ convenience. Additionally, travel policies are to be exclusively provided by general and health insurers.
The notification also highlights the absence of limits on coverage for AYUSH treatments, ensuring coverage up to the sum insured without any caps for treatments under Ayurveda, Yoga, Naturopathy, Unani, Siddha, and Homeopathy. Policyholders with benefit-based policies now have the flexibility to file multiple claims with various insurers, providing increased options and convenience.
Moreover, the proposed regulation introduces a specialized channel for addressing complaints and claims of senior citizens, aiming to deliver a tailored and responsive approach to their specific needs.
