IRDAI removes age limit for health insurance, enhances coverage options

IRDAI removes age limit: In a move aimed at expanding the health insurance market and providing greater protection against healthcare expenses, the Insurance Regulatory and Development Authority of India (IRDAI) has eliminated the age limit of 65 years for individuals purchasing health insurance policies.

This decision marks a departure from traditional restrictions that previously limited individuals' ability to obtain comprehensive coverage.

By removing the maximum age restriction, IRDAI seeks to create a more inclusive and accessible healthcare ecosystem, ensuring adequate protection against unforeseen medical costs. Effective April 1, the amendment allows individuals of any age to purchase a new health insurance policy.

In a recent gazette notification, IRDAI stated, "Insurers shall ensure that they offer health insurance products to cater to all age groups." Insurers are now required to offer health policies to individuals with pre-existing medical conditions of any kind, including severe conditions like cancer, heart or renal failure, and AIDS.

The notification also allows insurers to offer premium payments in installments for policyholder convenience. Additionally, it stipulates that travel policies can only be offered by general and health insurers.

The new regulation also addresses the complaints and claims of senior citizens through a specialised channel, ensuring a more tailored and responsive approach to their needs.

Furthermore, there is no limit on coverage for AYUSH treatments, including Ayurveda, Yoga, Naturopathy, Unani, Siddha, and Homoeopathy, which will receive coverage up to the sum insured without any cap.

Overall, these regulatory changes are expected to enhance the availability and accessibility of health insurance, providing individuals with greater flexibility and options for their healthcare needs.

(with PTI inputs)