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People above 65 can now get health insurance as IRDAI has abolished age limits

Insurers may design products specifically for seniors, students, children, mothers and other groups as specified by the competent authority.

New Delhi: With an aim to create a more inclusive healthcare ecosystem in India and encourage insurance companies to diversify their product offerings, the Insurance Regulatory and Development Authority of India (IRDAI) on Sunday abolished the age limit for purchasing health insurance policies with effect from April. 1, 2024.

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“Insurers should ensure that they offer health insurance products that are suitable for all age groups. Insurers may design products specifically for senior citizens, students, children, maternity groups and any other group as specified by the competent authority,” said a notification issued by the IRDAI. .

Previously, individuals were only allowed to take out new insurance until the age of 65. However, following the recent changes that came into effect from April 1, 2024, everyone, regardless of age, is eligible to take out a new health insurance policy.

IRDAI has also directed health insurers to introduce tailor-made policies for specific demographic groups, such as senior citizens, and set up dedicated channels for handling their claims and complaints.

“It is a welcome change as Avenue is now opened to people over 65 years of age who can apply for health insurance. Insurers based on their Council approved underwriting guidelines can cover people over 65 years of age. Coverage is subject to offer and the acceptance between the insured and the insurer, based on the affordability of the insurance.” the seniors and the viability for insurers,” said an industry expert.

Here are some of the most important details:

  • Insurance Regulatory and Development Authority of India (IRDAI) has abolished the age limit for purchasing health insurance policies with effect from April 1, 2024.
  • Insurers ensure that they offer health insurance products that are suitable for all age groups.
  • Insurers may design products specifically for seniors, students, children, mothers and other groups as specified by the competent authority.
  • Previously, individuals were only allowed to take out new insurance until the age of 65.
  • Insurers are now prohibited from refusing to issue policies to individuals with serious medical conditions such as cancer, heart or kidney failure and AIDS.

According to the notification, IRDAI has reduced the waiting period for health insurance from 48 months to 36 months. According to the insurance regulator, all pre-existing conditions should be covered after 36 months, regardless of whether the policyholder initially disclosed them or not. Simply put, after these 36 months, health insurers are prohibited from rejecting claims based on pre-existing conditions.

Insurance companies are prohibited from introducing fee-based health care policies that reimburse hospital costs. Instead, they may only offer benefit-based policies, which provide fixed costs upon the occurrence of a covered illness



Pub Date: April 21, 2024 7:50 AM IST



Updated Date: Apr 21, 2024 07:50 IST