Health Insurance: Insurance regulator Insurance Regulatory and Development Authority of India (IRDAI) has removed the age restriction on health insurance products.
Health Insurance: Insurance regulator Insurance Regulatory and Development Authority of India (IRDAI) has removed the age restriction on health insurance products. According to PTI report, insurance regulator IRDAI has removed the age limit of 65 years for individuals purchasing health insurance policies. By removing the maximum age restriction on purchasing a health insurance plan, IRDAI aims to promote a more inclusive and accessible healthcare ecosystem, which protects us from unexpected medical expenses.
According to the earlier guidelines, buying a new insurance policy was allowed only till the age of 65 years. The new amendment has become effective from April 1. Now any person, regardless of age, can buy a new health insurance policy.
What did IRDAI say in the notification
In the new gazette notification, IRDAI said, “Insurers must ensure that they offer health insurance products to cater to all age groups. “Can design products for any other group specified by the competent authority.” Apart from this, insurers have been ordered to provide health policies to persons 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, kidney and AIDS. According to the notification, insurers are allowed to offer premium payment in installments for the convenience of policyholders.
What are the rules regarding claims?
It states that travel policies can be offered only by general and health insurers and there is no limit on AYUSH treatment coverage. It says that treatment under systems like Ayurveda, Yoga, Neuropathy, Unani, Siddha and Homeopathy will get coverage up to the sum insured without any limit.
It states that policyholders with benefits-based policies
Can file multiple claims with different insurers, increasing flexibility and options. It said the proposed regulation seeks to handle complaints and claims of senior citizens through an exclusive channel, thereby ensuring a more tailored and responsive approach to their needs.
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