IRDAI removes age bar for buying health insurance; Check who can apply now

financialexpress.com:

The Insurance Regulatory and Development Authority of India (IRDAI) has dissolved the barrier to applying for health insurance in India that allowed only individuals aged 65 and lower to purchase health covers. The recent development on Sunday has pushed insurance companies to provide insurance to people irrespective of their age.

IRDAI has abolished the maximum age to promote inclusivity and accessibility in healthcare. Previously, individuals could only buy new policies until age 65, but as of April 1, this limitation has been removed, allowing people of any age to obtain coverage.

It has mandated all insurers to offer health insurance products catering to all age groups, including seniors, students, children, and maternity needs. Additionally, insurers must provide coverage to individuals with pre-existing medical conditions, such as cancer or heart failure, without refusal.

Insurers are also required to offer premium payment in instalments for policyholder convenience, and travel policies can only be provided by general and health insurers. Furthermore, there is no cap on coverage for AYUSH treatments, including Ayurveda, Yoga, Naturopathy, Unani, Siddha, and Homeopathy.

Policyholders with benefit-based policies are permitted to file multiple claims with different insurers, offering greater flexibility. The regulation also establishes a specialized channel to address complaints and claims from senior citizens, ensuring a tailored and responsive approach to their needs.