Breaking Barriers: IRDAI's Decision to Abolish Age Restrictions on Health Insurance

The Insurance Regulatory and Development Authority of India has abolished the age restrictions on purchasing health insurance.

This is done to expand the market and foster adequate for Healthcare expenses. Earlier, the age limit to buy new health policy was 65 years. This move is aimed at bringing extended health benefits to the elderly. This amendment is effective from 1st April, anyone regardless of age will be eligible to buy a new health insurance policy. 

This directive mandates health insurance providers to introduce new specialized policies to cater to senior citizens, children, maternity, and any other needs specified by the authority.In addition, the insurers are required to provide health insurance to people who have existing medical conditions. As a result, the companies cannot deny coverage to individuals with serious medical conditions. 

All existing conditions related to the serious health co-edition will be covered, irrespective of its disclosure at the time of invitation of policy or not. This law makes it illegal for insurance companies to deny such claims to already existing conditions. No healthcare company could offer an indemnity based on the health policy that the company has to pay to the hospital. The organization can only benefit from policies that give benefit to policyholders having a fixed amount to be covered under illness 

This move will enhance the accessibility and affordability of healthcare coverage for all age groups. IRDAI is responsible for managing and regulating the insurance and reinsurance industry in India.

The decision taken by IRDAI will lead to an increase in premiums as the risk at a later age is higher. There was a need to develop more human-centric healthcare in our country. This move will serve the public interest and promote the longevity and well-being of citizens while advancing comprehensive insurance coverage. abolished the age restrictions on purchasing health insurance.

This is done to expand the market and foster adequate for Healthcare expenses. Earlier, the age limit to buy new health policy was 65 years. This move is aimed at bringing extended health benefits to the elderly. This amendment is effective from 1st April, anyone regardless of age will be eligible to buy a new health insurance policy. 

This directive mandates health insurance providers to create new specialized policies to cater to senior citizens, children, and any other group specified by the authority. In addition, the insurers are required to provide health insurance to people who have existing medical conditions. As a result, the companies cannot deny coverage to individuals with serious medical conditions. 

This move will enhance the accessibility and affordability of healthcare coverage for all age groups. IRDAI is responsible for managing and regulating the insurance and reinsurance industry in India. The decision taken by IRDAI will lead to an increase in premiums as the risk at a later age is higher. 

Thank you.

Regards,

Misha Mathur,

Kautilya, IBS Mumbai.