In line with previous regulations, the ability to purchase a new insurance policy was restricted to individuals up to the age of 65. However, the recent move by IRDAI to eliminate the age barrier signals a significant shift in promoting a more comprehensive healthcare protection regime, allowing individuals of any age to acquire health insurance plans.
This policy change, effective from April 1, aims to create a more inclusive healthcare environment by removing the age limit on health insurance purchases. Additionally, insurers are now required to provide coverage for a diverse range of age groups, including senior citizens, students, children, and other specified categories as directed by regulatory authorities.
Moreover, insurers are now obligated to offer health insurance to individuals with pre-existing medical conditions, ensuring that coverage is not denied based on severe health issues such as cancer, heart or renal failure, and AIDS. The notification also permits premium payments in installments for policyholders' convenience and stipulates that travel policies can only be offered by general and health insurance providers.
The regulation also emphasizes the limitless coverage for AYUSH (Ayurveda, Yoga, Naturopathy, Unani, Siddha, and Homeopathy) treatments under health insurance plans, highlighting the focus on comprehensive coverage across various treatment systems. Furthermore, benefit-based policyholders are now allowed to make multiple claims with different insurers, enhancing flexibility and choice for policyholders. Additionally, a specialized channel for handling complaints and claims for senior citizens has been introduced, aiming to provide tailored and responsive services to meet their specific needs.