If you are aged above 65, you would not have been able to purchase a health insurance policy until March 31, 2024. However, the Insurance Regulatory and Development Authority of India (IRDAI) has lifted the age restrictions from April 1 and now even those aged above 65 can buy a new health insurance.
“Insurers must ensure they offer health insurance products catering to all age groups. They may design products specifically for senior citizens, students, children, maternity, and other groups as specified by the Competent Authority,” stated a notification issued by the insurance regulator.
This is in a bid to establish an inclusive healthcare ecosystem by encouraging insurance providers to diversify their product offerings.
The notification has directed insurers not to refuce policies to people with severe medical conditions like cancer, heart or renal failure and AIDS.
IRDAI has also cut the waiting period for pre-existing conditions to 36 months from the previous 48 months. Hence, insurers cannot reject claims for pre-existing diseases after the 36-month period.
-- with agency inputs
