IRDAI Removes Age Cap for Insurers to Provide Health Insurance

Good News! The Insurance Regulatory and Development Authority of India (IRDAI) has removed general entry age limit for insurers to provide health insurance from April 1, 2024. Earlier, the typical entry age for buying a new health insurance policy was up to 65 years.

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      Specialized Health Insurance Policies for an Inclusive Healthcare Ecosystem

      The new IRDAI health insurance guideline has now mandated all insurance companies to provide health policies for people of all ages, including senior citizens. It is a big step for elderly people to get comprehensive health insurance coverage without age-based limitations. It prevents insurers from denying a mediclaim policy to senior citizens solely based on age.

      The IRDAI has also mandated insurers to develop tailored products for specific age groups, including senior citizens, thus ensuring equitable healthcare access to all.

      Additionally, the insurance regulator has directed insurers to create a dedicated customer support channel for senior citizens, where their claims and complaints are handled on priority.

      Additional Benefits for Senior Citizens with Revised IRDAI Guidelines

      • The maximum waiting periods for pre-existing diseases and specific diseases have been capped at 3 years.
      • Insurance companies cannot deny medical insurance to people with severe pre-existing diseases like cancer, AIDS, heart disease and renal failure.
      • Capping on AYUSH treatments, including Ayurveda and Yoga, has been removed.
      • The moratorium period for health insurance plans has been reduced from 8 years to 5 years.
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