## IRDAI Removes Age Limit for Health Insurance Policies
The Insurance Regulatory and Development Authority of India (IRDAI) has taken a significant step towards making healthcare more accessible by removing the age limit of 65 years for individuals buying health insurance policies. This change, effective from April 1, 2023, allows anyone, regardless of age, to purchase a new health insurance policy.
Previously, individuals were only allowed to purchase a new insurance policy until the age of 65. This restriction limited access to comprehensive coverage for older individuals who are often more vulnerable to health issues and require greater financial protection.
The IRDAI's decision aims to create a more inclusive and accessible healthcare ecosystem. By removing the age limit, individuals of all ages can now secure the financial protection they need to manage unforeseen medical expenses.
This change also mandates insurers to offer health policies to individuals with pre-existing medical conditions, including severe conditions like cancer, heart or renal failure, and AIDS. Previously, insurers could refuse to issue policies to individuals with such conditions, leaving them vulnerable to financial hardship in the event of illness.
Furthermore, the IRDAI has allowed insurers to offer premium payment in installments for the convenience of policyholders. This makes health insurance more affordable and accessible for individuals with limited financial resources.
The new regulations also provide greater flexibility and options for policyholders with benefit-based policies. They can now file multiple claims with various insurers, ensuring comprehensive coverage for their healthcare needs.
Additionally, the proposed regulation seeks to handle the complaints and claims of senior citizens via a specialized channel. This ensures a more tailored and responsive approach to their specific requirements.
By removing the age limit and mandating coverage for pre-existing conditions, the IRDAI is taking a significant step towards ensuring that everyone has access to affordable and comprehensive healthcare. This change will have a positive impact on the lives of millions of individuals in India, particularly those who are most vulnerable to health risks.