The objective of IRI and IRDAI is to increase access to healthcare and ensure adequate cover against unexpected medical expenses by removing high age restrictions for purchasing health insurance plans.
Age limit has been removed
Under previous guidelines, a person could only purchase new insurance before the age of 65. However, with the recent amendments taking effect from April 1, people of any age are eligible to purchase new insurance.
Irzai said in a notice that insurance companies will ensure the provision of health insurance to meet the needs of people of all ages. Insurers can tailor products to senior citizens, students, mothers and any other group authorized by the competent authority.
Apart from this, insurance companies are also required to provide health cover to people suffering from any pre-existing medical condition. In such cases, insurance companies cannot deny policies to people with serious illnesses such as cancer, heart or kidney failure, and AIDS.
Pay premium in installments
According to the notice, insurance companies can adopt installment payment methods to facilitate policyholders. Travel insurance policies can only be provided by general insurance companies and health insurance companies. It states that there is no limit on the coverage of AYUSH treatment.
Treatments under systems such as Ayurveda, Yoga, Naturopathy, Unani, Siddha and Homeopathy will be included in the insurance amount without any restriction. Policyholders can file multiple claims with multiple insurance companies, adding flexibility and choice, the notice said.