IRDAI eliminates age restrictions for buying health insurance, Health News on ET HealthWorld

In a significant development, the Insurance Regulatory and Development Authority of India (IRDAI) has abolished the age limit for purchasing health insurance policies, effective from April 1, 2024. Previously, individuals were restricted to buying new insurance policies only until the age of 65. However, with the latest changes, anyone, regardless of age, can now purchase a new health insurance policy.

According to a notification issued by IRDAI, insurers are mandated to offer health insurance products to cater to all age groups. They are encouraged to design products specifically tailored for senior citizens, students, children, maternity, and other specified groups. The objective behind this move is to create a more inclusive healthcare ecosystem in India and diversify the product offerings of insurance providers.

Furthermore, IRDAI has directed health insurance providers to introduce customized policies for specific demographics, such as senior citizens, and establish dedicated channels for managing their claims and grievances. This change has been welcomed by industry experts as it opens up avenues for people above 65 to seek health coverage based on affordability and viability for insurers.

Moreover, insurers are now prohibited from denying policies to individuals with severe medical conditions like cancer, heart or renal failure, and AIDS. The health insurance waiting period has also been reduced from 48 months to 36 months, with all pre-existing conditions mandated to be covered after 36 months, regardless of initial disclosure. Insurers are compelled to offer benefit-based policies instead of indemnity-based policies, providing fixed costs upon the occurrence of a covered disease.

Overall, these regulatory changes aim to enhance the accessibility and inclusivity of healthcare insurance in India, ensuring that individuals of all ages and medical conditions have the opportunity to secure adequate health coverage.