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IRDAI removes age limit for health insurance; Now people over 65 can buy health insurance

Vaseline 2 months ago

A recent and new development by the Insurance Regulatory and Development Authority of India (IRDAI) has made buying health insurance even easier for everyone and across all age groups. This new scheme will come into effect from April 1, 2024. There is therefore no longer an age limit for taking out health insurance. This therefore implies that people over 65 can now get health insurance without restrictions.

New opportunities for seniors

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With this change, insurers are currently tasked and mandated to offer health insurance products for all age groups. In particular, health insurance policies will be tailor-made for seniors, ensuring that they have good access to appropriate and reasonable coverage.

A groundbreaking move

Previously, people faced restrictions and could not purchase new insurance policies after the age of 65. With utmost ease, this new regulation and drastic step has opened several avenues for seniors above 65 years to get basic health coverage. Therefore, a critical gap in the healthcare system is being addressed.

Guaranteeing coverage for everyone

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IRDAI has also led plans to introduce policies specifically tailored to demographics including seniors, students, children and maternity needs. This move is intended to create a more extensive and diverse range of insurance products.

Most important changes to insurance waiting periods

While increasing the age limit, IRDAI has reduced the waiting period for health insurance from 48 months (4 years) to 36 months (3 years). This change means that all pre-existing conditions, whether initially disclosed or not, will be covered after three years.

Ban on indemnity-based policies

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Another notable change is the ban on fee-based healthcare policies by insurers. Currently, they are allowed to offer benefit-based policies, which provide fixed costs upon the occurrence of covered diseases.

How this affects buyers

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These regulatory changes are a positive step towards creating a more accessible and inclusive healthcare ecosystem in India. People, especially senior citizens, currently have more options and flexibility in choosing suitable health insurance policies that meet their specific needs – the abolition of age limit on health insurance policies by IRDAI. It also marks a crucial achievement in ensuring accessibility of medical services for all age groups.

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