The Insurance Regulatory & Development Authority of India (IRDAI) has decided to issue guidelines to insurance companies for a standard health insurance product for senior citizens. The decision comes as a positive step towards addressing the needs and issues faced by senior citizens when buying medical insurance.
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The IRDAI is soon expected to issue guidelines to insurance companies in India for a standard health product for senior citizens. Based on these guidelines, the insurers are expected to launch a new health insurance product that covers the medical needs of people aged 60 years and above.
The new health insurance product is expected to help senior citizens who are either denied medical insurance or charged exorbitant premiums. It will enable elderly people to avail medical coverage when they need it the most.
The standard health product for senior citizens will have standardized coverage and exclusions across all insurers. Moreover, it will also have fixed waiting periods for senior citizens to raise a claim.
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