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No more restrictions on age, medical condition: IRDA

Vaseline 3 months ago

NEW DELHI: In a major relief to senior citizens who are left out of health insurance coverage despite being the demographic group that needs it more than the rest, the IRDAI has abolished the age limit of 65 years for individuals purchasing health insurance. The insurance regulator has also decided to broaden the market and promote adequate protection against healthcare costs.

That’s not all. Insurance companies have also been instructed not to deny health care coverage to individuals with pre-existing medical conditions of any kind, including serious medical conditions such as cancer, heart or kidney failure and AIDS.

The decision to lift the age restriction marks a significant departure from conventional restrictions that limited individuals from securing comprehensive coverage.

By removing the maximum age restriction on the purchase of health insurance, the Insurance Regulatory and Development Authority of India (IRDAI) aims to promote a more inclusive and accessible healthcare ecosystem, which ensures adequate protection against unforeseen medical expenses.

Under the previous guidelines, individuals were only allowed to take out a new insurance policy up to the age of 65. However, with the recent change, which came into effect from April 1, everyone, regardless of age, is eligible to take out a new health insurance policy. insurance policy.

In a recent gazette notification, IRDAI said, “Insurers shall ensure that they offer health insurance products that are suitable for all age groups. Insurers may design products specifically for seniors, students, children, mothers and other groups as specified by the competent authority.”

Furthermore, insurers have been mandated to offer healthcare policies to individuals with pre-existing medical conditions of any kind. Consequently, insurers are prohibited from refusing to issue policies to individuals with serious medical conditions such as cancer, heart or kidney failure, and AIDS.

According to the notice, insurers may offer premium payment in installments for the convenience of policyholders.

Travel policies can only be offered by general and health insurers, the report said.

There is no limit on the coverage of AYUSH treatment. Treatments under systems such as Ayurveda, Yoga, Naturopathy, Unani, Siddha and Homeopathy will be covered up to the sum insured without any limit, the report said.

Policyholders with benefits-based policies can make multiple claims with different insurers, increasing flexibility and options, the report said.

The proposed regulation aims to address the complaints and claims of seniors through a specialized channel, ensuring a more customized and responsive approach to their needs, it added.