IRDAI Eliminates Age Limit for Health Insurance

  • 22 Apr 2024

On 20th April 2024, Insurance Regulatory and Development Authority of India (IRDAI) removed the age limit of 65 years for individuals buying health insurance policies, aiming to broaden market access and ensure comprehensive protection.

Key Points

  • Inclusive Healthcare Ecosystem: The move is aimed at fostering a more inclusive healthcare ecosystem, facilitating greater accessibility to health insurance and safeguarding individuals from unforeseen medical costs.
  • Policy Eligibility Amendment: Previously, individuals could only purchase new insurance policies until the age of 65. However, the recent amendment, effective from April 1, extends eligibility to all age groups.
  • Tailored Insurance Products: Insurers are now required to offer health insurance products catering to various age groups, including senior citizens, students, children, and maternity, as specified by the Competent Authority.
  • Coverage for Pre-existing Conditions: Insurers must provide health policies to individuals with pre-existing medical conditions, including severe ailments like cancer, heart or renal failure, and AIDS, without refusal.
  • Enhanced Flexibility: Premium payment can be made in instalments, and benefit-based policies allow policyholders to file multiple claims with different insurers, offering enhanced flexibility and options.
  • Specialised Channel for Senior Citizens: A specialised channel will handle complaints and claims of senior citizens, ensuring a tailored and responsive approach to their specific requirements.