Changes in health insurance rules, people above 65 years can also buy policy

In a major relief to the senior citizens, the Insurance Regulatory and Development Authority of India (IRDAI) has removed the age limit on purchasing health insurance policies with effect from April 1, 2024. Earlier, individuals were allowed to buy a new insurance policy only till the age of 65 years. However, after the recent changes that came into effect from April 01, 2024, anyone, regardless of age, is eligible to buy new health insurance. A notification issued by IRDAI said that insurers will have to ensure that they offer health insurance products for all age groups.

This move by the insurance regulatory body is aimed at creating a more inclusive health care ecosystem in India and encouraging insurance provider companies to diversify their product offerings.

IRDAI has also directed health insurance providers to offer tailored policies for specific demographics such as senior citizens and set up dedicated channels to deal with their claims and complaints.

An industry expert said this is a welcome change as it now opens up an avenue for people above 65 years of age to take health insurance. Insurers may cover people above 65 years of age based on underwriting guidelines approved by their board.

After the recent notification, insurers are now also prohibited from refusing to issue policies to persons with serious medical conditions like cancer, heart and AIDS.

As per the notification, IRDAI has reduced the health insurance waiting period from 48 months to 36 months. According to the insurance regulator, all pre-existing conditions must be covered after 36 months, regardless of whether the policyholder has disclosed them initially or not.