Earlier, people could buy new insurance only before the age of 65. (representative)

New Delhi:

The Insurance Regulatory and Development Authority of India (IRDAI) has removed the upper age limit for purchasing health insurance with effect from April 1, 2024.

Previously, individuals could only purchase new insurance before age 65. However, after the recent changes take effect from April 1, 2024, anyone, regardless of age, will be eligible to purchase new health insurance.

“Insurance companies should ensure that the health insurance products they offer are suitable for all age groups. Insurance companies may design products specifically for senior citizens, students, children, pregnant women and any other group specified by the competent authorities,” a notification issued by IRDAI said.

The move by the insurance regulator aims to create a more inclusive healthcare ecosystem in India and encourage insurance companies to diversify their product offerings.

IRDAI has also directed health insurance providers to launch tailored policies for specific groups of people, such as senior citizens, and create dedicated channels to handle their claims and grievances.

“This is a welcome change as it now opens the avenue for people over 65 years of age to seek health insurance. Insurance companies can provide coverage to people over 65 years of age based on board-approved underwriting guidelines. The coverage is subject to being The offer and acceptance are between the underwriter and the insurance company, depending on the affordability of the medical expenses and the viability of the insurance company,” said an industry expert.

Following the recent notification, insurance companies are now also prohibited from refusing to issue policies to individuals suffering from serious illnesses such as cancer, heart or kidney failure, and HIV.

As per the notification, IRDAI has reduced the waiting period for health insurance from 48 months to 36 months. According to the insurance regulator, all pre-existing conditions should be covered after 36 months, regardless of whether the policyholder initially disclosed them. In short, health insurance companies are not allowed to deny claims based on pre-existing medical conditions after 36 months.

Insurers are prohibited from offering indemnity-based health insurance to cover hospital expenses. Instead, they are only allowed to offer benefit-based policies that provide a fixed payment in the event of a covered illness.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)