Health Insurance Rules: Now you can buy health insurance policy for your elderly parents also. Insurance regulator IRDAI has made a major change in the health insurance rules and has now removed the age limit of 65 years. This means that now even people who have crossed the age of 65 years can buy a health insurance policy. Earlier, customers could buy a new health insurance policy only till the age of 65 years.
The amendment is effective from April 1
With a view to broaden the market and promote adequate protection from health care expenses, insurance regulator IRDAI has removed the age limit of 65 years for individuals purchasing a health insurance policy. With the recent amendment coming into effect from April 1, anyone of any age is eligible to buy a new insurance policy. In a recent gazette notification, Irdai said that insurers will ensure that they offer health insurance products to meet the needs of all age groups.
Promote better eco system
By removing the maximum age restriction on purchasing a health insurance policy, the Insurance Regulatory and Development Authority of India (Irdai) aims to promote a more inclusive and accessible healthcare ecosystem, ensuring adequate protection against emergency medical expenses.
Can design products for them
Insurance companies may design products specifically for senior citizens, students, children, maternity and any other group specified by the competent authority. Additionally, insurance companies have been ordered to provide health policies to individuals with any pre-existing medical conditions. As a result, insurance companies are prohibited from refusing to issue policies to individuals with serious medical conditions such as cancer, heart or kidney failure, and AIDS.
Facility to pay premium in installments
According to the notification, insurance companies are allowed to offer premium payment in installments for the convenience of policyholders. Travel policies can be offered only by general and health insurance companies. It says that there is no limit on AYUSH treatment coverage. Treatment under systems like Ayurveda, Yoga, Naturopathy, Unani, Siddha and Homeopathy will get coverage of sum insured without any limit. The notification said that policyholders with benefit-based insurance can file multiple claims with different insurance companies, increasing flexibility and choices.