IRDAI Removes Age Restriction on Health Insurance Purchases

• ByStartupStory     |    April 22, 2024

In a groundbreaking move aimed at revolutionizing the health insurance landscape, the Insurance Regulatory and Development Authority of India (IRDAI) has announced the abolition of age restrictions on purchasing health insurance policies. This pivotal decision, effective from April 1, signifies a significant departure from conventional limitations, ensuring individuals of all ages have access to comprehensive healthcare coverage.

Under the previous guidelines, individuals were constrained by an age limit of 65 years when purchasing new health insurance policies. However, with the recent amendment, IRDAI has opened the doors for all age groups to obtain essential protection against unforeseen medical expenses.

In a gazette notification, IRDAI stated, “Insurers shall ensure that they offer health insurance products to cater to all age groups. Insurers may design products specifically for senior citizens, students, children, maternity, and any other group as specified by the Competent Authority.”

Moreover, insurers are now mandated to extend health policies to individuals with pre-existing medical conditions, without discrimination. This means those suffering from severe conditions such as cancer, heart or renal failure, and AIDS cannot be denied coverage.

Highlighting the flexibility provided to policyholders, the notification also emphasized that premium payments can be made in instalments, enhancing convenience and affordability.

Additionally, the regulation specifies that travel policies can only be offered by general and health insurers. Furthermore, there is no limit on coverage for AYUSH treatments, encompassing Ayurveda, Yoga, Naturopathy, Unani, Siddha, and Homeopathy.

Addressing the issue of multiple claims, the notification allows policyholders with benefit-based policies to file claims with various insurers, thereby augmenting flexibility and choice.

The proposed regulation also aims to streamline the handling of complaints and claims for senior citizens through a specialized channel, ensuring a more tailored and responsive approach to their needs.

This move by IRDAI is poised to transform the health insurance sector, making it more inclusive and accessible to all segments of society. With the removal of age restrictions and enhanced provisions for individuals with pre-existing conditions, the Indian healthcare ecosystem is set to witness a significant paradigm shift towards greater protection and affordability for all.

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