The Insurance Regulatory and Development Authority of India (IRDAI) has recently announced a significant change in health insurance policy guidelines by abolishing the age limit of 65 for individuals purchasing new policies. This decision, which came into effect on April 1, allows people of any age to buy health insurance, offering a more comprehensive coverage option to a broader range of individuals.
Furthermore, in a gazette notification, IRDAI has mandated insurers to provide health insurance products catering to all age groups, including senior citizens, students, children, maternity, and any other specified groups. Insurers are also required to offer policies to individuals with pre-existing medical conditions, such as cancer, heart or renal failure, and AIDS, ensuring that individuals with serious health issues are not denied coverage.
Additionally, insurers are now permitted to offer premium payment in instalments to policyholders for their convenience. The notification also mentions that travel policies can only be provided by general and health insurers. Furthermore, there is no limit on coverage for AYUSH treatments (Ayurveda, Yoga, Naturopathy, Unani, Siddha, and Homeopathy), allowing individuals to receive coverage for these treatments up to the sum insured without any cap.
Moreover, policyholders with benefit-based policies can now file multiple claims with different insurers, providing them with increased flexibility and options. Lastly, the new regulation aims to address the complaints and claims of senior citizens through a specialized channel, ensuring a tailored and responsive approach to meet their specific requirements.