Health Insurance New Rules: The amendment is effective from April 1, 2024. As per earlier guidelines, individuals were allowed to buy a new insurance policy only up to the age of 65 years. Additionally, insurers have been ordered to provide health policies to individuals with any pre-existing medical condition. Facility to provide premium payment in installments is allowed
Health Insurance New Rules:  Insurance regulator IRDAI (Insurance Regulatory and Development Authority of India) has removed the age limit of 65 years for individuals purchasing health insurance policies. IRDAI has done this with the aim of broadening the market and promoting adequate protection from health care expenses. IRDAI’s aim behind removing the maximum age limit for purchasing a health insurance policy is to promote a more inclusive and accessible healthcare ecosystem that ensures adequate protection against unexpected medical expenses.
As per earlier guidelines, individuals were allowed to buy a new insurance policy only up to the age of 65 years. But with the latest amendment anyone of any age is eligible to buy the new insurance policy. This amendment is effective from 1 April 2024. In a recent gazette notification, IRDAI said, ‘Insurers will ensure that they offer health insurance products to meet the needs of all age groups. Insurers may design products specifically for senior citizens, students, children, maternity and any other group specified by the competent authority.’
Insurers cannot cover people with chronic diseases.
Additionally, insurers have been ordered to provide health policies to individuals with any pre-existing medical condition. As a result, 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 notification, insurers are allowed to offer the facility of premium payment in installments for the convenience of policyholders.
There is no limit on coverage on these treatments
Travel policies can be offered only by general and health insurers. The notification states that there is no limit on AYUSH treatment coverage. Treatment under systems like Ayurveda, Yoga, Naturopathy, Unani, Siddha and Homeopathy will get coverage of sum insured without any limit. It also said that policyholders with benefit-based insurance can file multiple claims with different insurers, increasing flexibility and choice.
