IRDAI Proposes Lower Waiting Period for PED & Entry Age Capping

The Insurance Regulatory and Development Authority of India has proposed reducing the waiting period for pre-existing diseases from four to three years. Additionally, they have also proposed to remove the capping on the maximum entry age for health insurance purchases.

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      As per the exposure draft of the 2023 Insurance Product Regulations, further comments can be submitted until January 3. According to the IRDAI, "There shall not be any restrictions on entry based on age in health insurance covers." The move will be a big relief to policyholders with pre-existing diseases (disclosed as well as undisclosed) as well as senior citizens above 65 years. As of now, existing health insurance plans come with a capping with the maximum entry age at 65 that affects the extent of health insurance coverage provided. However, the proposal can help senior citizens get the benefits of health insurance.

      Health insurers have also been requested to design specific health insurance products for particular target segments, including students, children, and senior citizens. They should also create a separate channel to handle their claims and other related grievances.

      Another proposal in the draft states that any increase in premium during policy renewal should not be based only on one particular policy claim experience but the entire health portfolio.

      Insurer providers have also been asked to provide coverage for one or more AYUSH treatment systems for treatment that have been taken in healthcare facilities or hospitals. The draft norms have also asked that insurers offer the facility of installment payments for health insurance premiums.

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