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New Delhi, April 22: IRDAI removed age limits on health insurance, huge relief for seniors as Insurers may design products specifically for senior citizens, students, children, maternity, and any other group as specified by the Competent Authority" said a notification issued by the IRDAI.
The move by the insurance regulatory body aims to create a more inclusive healthcare ecosystem in India and to encourage insurance provider companies to diversify their product offerings.
IRDAI has also instructed health insurance providers to introduce tailored policies for specific demographics, such as senior citizens, and establish dedicated channels for handling their claims and grievances.
After the recent notification, the insurers are now also prohibited from refusing to issue policies to individuals with severe medical conditions like cancer, heart or renal failure, and AIDS.
IRDAI has decreased the health insurance waiting period from 48 months to 36 months.
According to the insurance regulator, all pre-existing conditions should be covered after 36 months, regardless of whether the policyholder disclosed them initially or not.
The insurance companies are barred from introducing indemnity-based health policies, which compensate for hospital expenses. Instead, they are only permitted to provide benefit-based policies, offering fixed costs upon the occurrence of a covered disease.
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