Insurance regulator IRDAI abolishes age restriction on health insurance

The insurance regulator IRDAI has removed the 65-year-old age limit for individuals purchasing health insurance policies in order to broaden the market and foster adequate protection against healthcare expenses. This represents a significant departure from the traditional constraints that prevented individuals from obtaining comprehensive coverage. By eliminating the maximum age limit for purchasing health insurance plans, the Insurance Regulatory and Development Authority of India (IRDAI) hopes to foster a more inclusive and accessible healthcare ecosystem, ensuring adequate protection against unexpected medical expenses.

Also Read - Health insurance for senior citizen over 65 years - Explained in 10 points: Industry welcomes IRDAI historic move, but highlights need for elderly to read fine print 

Individuals could only purchase a new insurance policy until they reached the age of 65, according to previous guidelines. However, with the recent amendment, which became effective on April 1, anyone, regardless of age, can purchase a new health insurance policy. In a recent gazette notification, IRDAI stated, "Insurers must ensure that they offer health insurance products to all age groups. Insurers may create products tailored to senior citizens, students, children, maternity, and any other group designated by the Competent Authority." In addition, insurers are required to offer health insurance to people who have any type of pre-existing medical condition.

As a result, insurers are prohibited from refusing to issue policies to individuals with severe medical conditions, such as 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.

According to the report, general and health insurers are the only ones permitted to provide travel insurance. There is no limit to AYUSH treatment coverage. Treatments under systems such as Ayurveda, Yoga, Naturopathy, Unani, Siddha, and Homoeopathy will be covered up to the sum insured, with no cap, it stated. Policyholders with benefit-based policies can file multiple claims with different insurers, increasing flexibility and options, the company stated. The proposed regulation aims to handle senior citizens' complaints and claims through a specialised channel, ensuring a more tailored and responsive approach to their needs, it added.