Health Insurance Now A Reality For People Aged 65 Years And Above, IRDAI Mandates Coverage For Pre-Existing Conditions

The IRDAI said that it is removing the age ceiling on purchasing health insurance plans in order to help promote a more accessible healthcare system in the country

Health insurance is now a reality for all individuals in India, with no restriction on the age of the applicant. Earlier, people under 65 years of age could buy health insurance, however, this limit has been abolished by the Insurance Regulatory and Development Authority of India (IRDAI). 

Last week, the IRDAI said that it is removing the age ceiling on purchasing health insurance plans in order to help promote a more accessible healthcare system in the country. The change in the provisions has been implemented from April 1, 2024, allowing any individual, irrespective of their age, to purchase a new health insurance policy. 

This move will not only make the healthcare system more inclusive but also encourage people to pay attention to their health. The IRDAI in a gazette notification instructed insurance companies to provide health insurance plans to people across ages, including senior citizens, children, and families. 

Further, the regulatory body said that insurance providers cannot reject any appplications due to any pre-existing health conditions, even for serious ailments like cancer. 

According to the new guidelines, premium payment for the insurance can now be paid in installments to help ease the fiscal burden on individuals. The norms further stated that policyholders can now avail insurance coverage with no limit set on the amount for traditional Indian medicine systems such as Ayurveda, Yoga, Homeopathy, etc.

Policyholders can also apply multiple claims with different insurance firms for the same illness if their policy includes benefits such as hospitalisation. The IRDAI also assured the senior citizens that they would now have access to a special channel meant to address their claims and provide efficient services.

The IRDAI in its notification further said that travel policies can be provided only by general and health insurers. The body informed that treatment coverage under AYUSH will have no limit.