IRDAI scraps 65-year-old age limit for health insurance; pre-existing medical conditions also eligible now

age cap restricted individuals from obtaining full coverage, but with the recent amendment, anyone can now purchase a new health insurance policy

Digital Desk: Health insurance for ageing parents has become more accessible following the Insurance Regulatory and Development Authority of India's (IRDAI) decision to eliminate the age limit of 65 years for purchasing health insurance policies. This move, effective from April 1, aims to expand the market and provide comprehensive coverage to individuals of all ages.

Previously, the age cap restricted individuals from obtaining full coverage, but with the recent amendment, anyone can now purchase a new health insurance policy regardless of age. Insurers are mandated to offer policies to all age groups and cover pre-existing medical conditions, such as cancer, heart or kidney failure, and AIDS.

In a recent notification, IRDAI emphasised the importance of insurers catering to diverse demographic groups, including senior citizens, students, children, and maternity-related coverage. Insurers must also facilitate premium payment in installments for policyholders' convenience.

Furthermore, the notification highlights that travel policies can only be offered by general and health insurers, while there is no limit on coverage for AYUSH treatments, including Ayurveda, Yoga, Naturopathy, Unani, Siddha, and Homeopathy.

Policyholders with benefit-based policies are now empowered to file multiple claims with different insurers, enhancing flexibility and choice. Moreover, the proposed regulation aims to address the complaints and claims of senior citizens through a specialised channel, ensuring a more tailored and responsive approach to their needs.