April 20, 2024 06:38 pm | Updated 08:56 pm IST – NEW DELHI
The Insurance Regulatory and Development Authority of India (IRDAI) has removed the age limit for purchasing health insurance policies, with effect from April 1. Previously, there was an age limit of 65 years to buy new health insurance policies.
IRDAI’s latest move aims to bring extended health benefits to the elderly. The directive mandates health insurance providers to develop specialized policies catering to senior citizens and establish dedicated channels for addressing their claims and grievances. Companies are also encouraged to develop tailored products to meet specific age-related requirements, fostering a more inclusive healthcare ecosystem.
The notification adds that the move will enhance accessibility and affordability of healthcare coverage across all age groups.
Aashish Chaudhry, MD of Aakash Healthcare, welcomed the decision, stating, “Previously, only individuals up to 65 years old were eligible for insurance, leaving senior citizens, who often need healthcare the most, without coverage. Now, with the removal of this restriction, even the elderly can access cashless insurance benefits, though premiums for this demographic may be higher. This change will greatly benefit those in need of medical insurance, including children, maternity cases, and senior citizens, ensuring a healthier life for many.”
Ratnesh Sinha, head of sales and marketing at PSRI Hospital, said, “This opens up avenues for people above 65 years to seek health coverage. This may lead to better access to healthcare and reduced burden of medical expenditure for those in the age bracket.”
The decision by IRDAI, an autonomous and statutory body responsible for managing and regulating the insurance and reinsurance industry in India, aims to promote comprehensive insurance coverage and serve the public interest by ensuring access to healthcare for all age groups.