IRDAI removes age limit of
65 yrs for buying health insurance policies
With a view
to widen the market and foster adequate protection from healthcare expenses,
insurance regulator IRDAI has removed the age limit of 65 years for individuals
buying health insurance policies.
This marks
a significant departure from the conventional constraints that limited
individuals in securing comprehensive coverage.
By
abolishing the maximum age restriction on purchasing health insurance plans,
the Insurance Regulatory and Development Authority of India (IRDAI) aims to
foster a more inclusive and accessible healthcare ecosystem, ensuring adequate
protection against unforeseen medical expenses.
As per the
earlier guidelines, individuals were allowed to purchase a new insurance policy
only till the age of 65. However, with the recent amendment, which has been
effective from April 1, anyone, regardless of age, is eligible to buy a new
health insurance policy.
In a recent
gazette notification, IRDAI said, "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."
Besides,
insurers have been mandated to offer health policies to individuals with
pre-existing medical conditions of any kind.
Consequently,
insurers are prohibited from refusing to issue policies to individuals with
severe medical conditions like cancer, heart or renal failure, and AIDS.
According
to the notification, insurers are allowed to offer premium payment in
instalments for the convenience of policyholders.
Travel
policies can only be offered by general and health insurers, it said.
There is no
limit on AYUSH treatment coverage. Treatments under systems like Ayurveda,
Yoga, Naturopathy, Unani, Siddha, and Homeopathy will receive coverage up to
the sum insured without any cap, it said.
Policyholders
with benefit-based policies can file multiple claims with various insurers,
enhancing flexibility and options, it said.
The
proposed regulation seeks to handle the complaints and claims of senior
citizens via a specialised channel, ensuring a more tailored and responsive
approach to their requirements, it added.
www.business-standard.com.
dt. 22.04.2024