IRDAI removes age limit for purchasing health insurance

New Delhi: Insurance regulator IRDAI has abolished the age limit of 65 years for people purchasing health insurance to broaden the market and promote adequate protection against healthcare costs. This marks a significant departure from conventional restrictions that limited individuals from obtaining comprehensive coverage.

By removing the maximum age restriction on the purchase of health insurance, the Insurance Regulatory and Development Authority of India (IRDAI) aims to promote a more inclusive and accessible healthcare ecosystem, which ensures adequate protection against unforeseen medical expenses.

Under the previous guidelines, individuals were only allowed to take out a new insurance policy up to the age of 65. However, with the recent change, which came into effect from April 1, everyone, regardless of age, is eligible to take out a new health insurance policy. insurance policy.

In a recent gazette notification, IRDAI said, “Insurers shall ensure that they offer health insurance products that are suitable for all age groups. Insurers may design products specifically for seniors, students, children, maternity groups and any other group as specified by the competent authority. Authority.”

Furthermore, insurers have been mandated to offer healthcare policies to individuals with pre-existing medical conditions of any kind. Consequently, insurers are prohibited from refusing to issue policies to individuals with serious medical conditions such as cancer, heart or kidney failure, and AIDS.

According to the notice, insurers may offer premium payment in installments for the convenience of policyholders. Travel policies can only be offered by general and health insurers, the report said.

There is no limit on the coverage of AYUSH treatment. Treatments under systems such as Ayurveda, Yoga, Naturopathy, Unani, Siddha and Homeopathy will be covered up to the sum insured without any limit, the report said.

Policyholders with benefits-based policies can make multiple claims with different insurers, increasing flexibility and options, the report said. The proposed regulation aims to address the complaints and claims of seniors through a specialized channel, ensuring a more customized and responsive approach to their needs, it added.