Now, individuals above 65 can buy health insurance policy. Check new rules - Hindustan Times
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Now, individuals above 65 can buy health insurance policy. Check new rules

Apr 21, 2024 08:38 AM IST

In a notification, the IRDAI has asked insurers to offer health insurance products to cater to all age groups.

Now, people above the age of 65 will be able to purchase new health insurance policies as the Insurance Regulatory and Development Authority of India (IRDAI) has removed the age cap on buying health insurance policies, effective from April 1, 2024, ANI reported. 

The insurers may design the health insurance policy products specifically for senior citizens, students, children, maternity, and any other group as specified by the Competent Authority
The insurers may design the health insurance policy products specifically for senior citizens, students, children, maternity, and any other group as specified by the Competent Authority

Earlier, individuals above the age of 65 were not allowed to purchase policies. But the changes that have come into effect from April 1, 2024 have now enabled any individual, regardless, of age to be eligible to purchase a health insurance policy. 

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New health insurance rules

In a notification, the IRDAI has asked insurers to offer health insurance products to cater to all age groups. 

The insurers may design the health insurance policy products specifically for senior citizens, students, children, maternity, and any other group as specified by the Competent Authority.

This new decision by the IRDAI is aimed at creating a more inclusive healthcare ecosystem in India and encourage insurance provider companies to diversify their offerings. 

According to the report, the top insurance regulator body has asked the providers to introduce ‘tailored policies’ for specific demographics including senior citizens and also establish dedicated channels for handling claims and grievances. 

"It's a welcome change since it now opens Avenue for people above 65 to seek health cover. Insurers based on their Board approved Underwriting guidelines can cover people above 65. The coverage is subject to offer and acceptance between the Insured and Insurer based on affordability for the senior citizens and viability for Insurers." an industry expert told ANI. 

Following the recent notification, the health insurance providers are prohibited from refusing policies to individuals with severe medical conditions including cancer, heart or renal failure and AIDS, the report added. 

Besides this, the insurance regulator has decreased the insurance waiting period from 48 months to 36 months. 

Now, all pre-existing conditions should be covered after 36 months, regardless of whether the policyholder disclosed them initially or not. The health insurers are prohibited from rejecting claims based on pre-existing conditions after these 36 months.

The insurance companies are barred from introducing indemnity-based health policies, which compensate for hospital expenses. Instead, they are only permitted to provide benefit-based policies, offering fixed costs upon the occurrence of a covered disease.

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