The age restriction of 65 for those purchasing health insurance policies has been lifted by insurance regulator IRDAI, signaling a major break from the limitations that prevented people from obtaining full coverage.
IRDAI seeks to promote a more inclusive and accessible healthcare ecosystem by eliminating the maximum age limit on acquiring health insurance plans, guaranteeing sufficient protection against unanticipated medical costs.
Under the previous regulations, people could only get a new insurance coverage up until the age of 65. But now that the recent modification is in place and will take effect on April 1st, anyone can get a new health insurance policy, regardless of age.
“Insurers shall ensure that they offer health insurance products to cater to all age groups,” stated IRDAI in a recent gazette notification. Insurance companies are allowed to create policies especially for pregnant women, children, seniors, students, and any other group that the Competent Authority designates.” Furthermore, it is required of insurers to provide health coverage to those with any form of pre-existing medical condition.
As a result, insurers are unable to refuse to provide coverage to those who have serious illnesses such as AIDS, cancer, heart or kidney failure, or renal failure. The announcement states that insurers may give policyholders the convenience of paying premiums in installments.
It stated that only general and health insurers could provide travel plans. The coverage of AYUSH treatments is unlimited. According to the statement, treatments provided by systems such as Ayurveda, Yoga, Naturopathy, Unani, Siddha, and Homeopathy will be covered up to the full amount insured without any caps.
Benefit-based policyholders have more alternatives and flexibility because they can make claims with several insurers, according to the statement. It further stated that the new legislation aims to provide a more individualized and responsive approach to older persons’ needs by handling their complaints and claims through a specialized channel.
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