The insurance regulator, IRDAI (Insurance Regulatory and Development Authority of India), has removed the 65-year age limit for buying health insurance policies.
This change aims to expand the market and ensure better protection from healthcare expenses.
IRDAI removed the maximum age limit for buying health insurance policies to promote a more inclusive healthcare system. This change ensures better protection from unexpected medical expenses.
Earlier, individuals could buy a new insurance policy only until the age of 65 years.
However, with the latest amendment, people of any age can now purchase a new insurance policy.
This change became effective from 1 April 2024. In a recent gazette notification, IRDAI stated, “Insurers must offer health insurance products that cater to the needs of all age groups.
Insurers can create products tailored for senior citizens, students, children, maternity, and other groups as specified by the competent authority.”
Insurers cannot cover people with chronic diseases.
Insurers must now offer health policies to individuals with any pre-existing medical condition.
They cannot deny policies to those with serious conditions like cancer, heart or kidney failure, and AIDS.
As per the notification, insurers can offer the option of paying premiums in installments for the convenience of policyholders.
There is no limit on coverage on these treatments
Only general and health insurers can offer travel policies, according to the notification.
It mentions that there is no limit on coverage for AYUSH treatments, including Ayurveda, Yoga, Naturopathy, Unani, Siddha, and Homeopathy.
These treatments will be covered up to the sum insured without any restrictions.
The notification also allows policyholders with benefit-based insurance to file multiple claims with different insurers, giving them more flexibility and options.
