IRDAI Latest Newz, IRDAI Removes Age Limits on Health Insurance Purchase

The Insurance Regulatory and Development Authority of India (IRDAI) proposed removing the maximum age limit for purchasing health insurance policies. This means people of any age can now buy a new health insurance plan in India.

This shift holds profound implications for both insurers and policyholders. By abolishing the maximum age restriction on purchasing health insurance plans, IRDAI aims to foster a more inclusive and accessible healthcare ecosystem, ensuring adequate protection against unforeseen medical expenses.

Furthermore, the insurance regulatory authority has urged health insurance providers to introduce tailored policies aimed at specific demographics, such as senior citizens. Additionally, insurers have been instructed to establish dedicated channels to handle health insurance claims and grievances specifically for senior citizens.

In a notification published in the Gazette, IRDAI stated, "Insurers shall ensure that they offer health insurance products to cater to all age groups. Insurers may design products specifically for senior citizens, students, children, maternity, and any other group as specified by the Competent Authority."

This is a big change because previously, there was a cap of around 65 years old on buying new health insurance policies. This move is expected to benefit senior citizens who may require more medical care.

It's important to note that this is a proposal, but it's likely to be implemented. IRDAI has also asked insurers to design health insurance plans specifically for senior citizens.