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Recently news is coming out that the Insurance Regulatory and Development Authority of India (IRDAI) has changed the rules of life insurance policies. Now you can easily buy health insurance for your old parents too. Insurance regulator IRDAI has removed the age limit for purchasing health insurance.
This has been done for health insurance policies effective from April 1, 2024. Earlier, customers could buy a new health insurance policy only till the age of 65 years. Now a person of any age can buy a new health insurance policy. IRDAI said in a circular that insurance companies should ensure that they have insurance products for people of all age groups.
Now the healthcare system will become more inclusive
This move by IRDAI aims to create a more inclusive healthcare system in India. Also, insurance companies will have to be encouraged to diversify their product range. The insurance regulator has also directed health insurance providers to frame policies for people like senior citizens and set up dedicated channels to deal with their claims and complaints.
Now people above 65 years of age will also be able to buy a new policy.
With this step of the Insurance Regulatory and Development Authority of India, now people above 65 years of age will also be able to take a new health insurance policy. Industry experts have welcomed this move.
The circular also prohibits insurance companies from refusing to issue policies to patients with serious illnesses such as cancer, heart and AIDS. According to the circular, IRDAI has also reduced the health insurance waiting period.
It has been reduced to 36 months instead of 48 months. IRDAI says that irrespective of whether the policyholder has disclosed it at the time of taking the policy or not, all pre-existing conditions should be covered after 36 months.