IRDAI Removes Age Limits on Health Insurance Purchases: Health Insurance for All Ages

With effect from April 1, 2024, the Insurance Regulatory and Development Authority of India (IRDAI) has eliminated the age limit for purchasing health insurance coverage.

Formerly, people could only get new insurance coverage up to the age of 65. But now that the current amendments are in place and will take effect on April 1st, 2024, anybody may get new health insurance regardless of age.

“Insurers must make sure that they provide health insurance plans that suit people of different ages. According to an IRDAI announcement, insurers may create policies especially for pregnant women, children, seniors, students, and any other category as designated by the Competent Authority.

The insurance regulatory body’s action is to stimulate insurance provider businesses to expand their product offerings and to foster a more inclusive healthcare environment in India.

Additionally, IRDAI has directed health insurance companies to create plans specifically designed for certain groups of people, such as older people, and to set up channels specifically for resolving their complaints and claims.

“This is a positive development since it allows anyone over 65 to apply for health insurance on Avenue. People over 65 may be covered by insurers under their board-approved underwriting rules. According to an industry expert, “the coverage is subject to offer and acceptance between the insured and the insurer based on viability for insurers and affordability for senior citizens.”

Following the new warning, insurers are no longer allowed to turn away customers with serious medical illnesses such as AIDS, cancer, heart disease, or kidney failure.

The announcement states that IRDAI has shortened the 48-month waiting period for health insurance to 36 months. Regardless of whether the policyholder first revealed the pre-existing conditions or not, the insurance regulation states that all pre-existing ailments shall be covered after 36 months. In other words, beyond these 36 months, health insurers are not allowed to deny claims on the grounds of pre-existing diseases.

Hospital expenditure reimbursement plans based on indemnification are prohibited from being introduced by insurance companies. Rather, they can only sell benefit-based insurance that has set costs in the event that a covered illness manifests.