IRDAI Removes Age Limit for Health Insurance Policies, Expanding Access to Healthcare Coverage
In a significant move to widen the market and foster adequate protection from healthcare expenses, the Insurance Regulatory and Development Authority of India (IRDAI) has removed the age limit of 65 years for individuals buying health insurance policies. This marks a departure from the previous constraints that limited individuals in securing comprehensive coverage.
The amendment, effective from April 1, allows anyone, regardless of age, to purchase a new health insurance policy. This opens up access to healthcare coverage for senior citizens who were previously excluded due to age restrictions.
No age limit for purchasing health insurance: Individuals of any age can now buy a new health insurance policy.
Insurers are prohibited from refusing policies to individuals with pre-existing medical conditions.
Insurers must offer premium payment in installments for policyholder convenience.
Treatments under Ayurveda, Yoga, Naturopathy, Unani, Siddha, and Homeopathy will be covered up to the sum insured without any cap.
Policyholders with benefit-based policies can file multiple claims with various insurers, enhancing flexibility and options.
Complaints and claims of senior citizens will be handled through a specialized channel for a more tailored and responsive approach.
This regulation aims to create a more inclusive and accessible healthcare ecosystem, ensuring adequate protection against unforeseen medical expenses for all individuals, regardless of age or pre-existing conditions.