Insurance regularity board removes age bar for purchasing health insurances in India

The Insurance Regulatory and Development Authority of India (IRDAI) has made a significant change in health insurance policies, removing the age limit previously set at 65 years. This change came into effect on April 1, aiming to provide more extensive health benefits to the elderly population.

Before this decision, individuals aged 65 and above were not eligible to purchase new health insurance policies. The IRDAI's latest move is designed to make health insurance more accessible and inclusive, particularly for senior citizens who often require healthcare services the most.

As per the directive from IRDAI, insurance providers must now create specialized insurance products tailored for senior citizens. They are also required to establish dedicated channels specifically for handling claims and addressing grievances of elderly policyholders. These measures are expected to enhance the overall healthcare experience for seniors and ensure that their age-related health needs are adequately covered.

The removal of the age bar is seen as a positive step towards improving healthcare accessibility and affordability across all age groups. IRDAI, being an autonomous regulatory body for the insurance sector in India, aims to create a more comprehensive and inclusive healthcare ecosystem through such initiatives.

Aashish Chaudhry, Managing Director of Aakash Healthcare, welcomed this decision, emphasizing its importance in providing coverage to those who need it the most, including senior citizens. He noted that while premiums for this demographic may be higher, the benefits of cashless insurance access are significant, benefiting not only seniors but also children and maternity cases.

Ratnesh Sinha, head of sales and marketing at PSRI Hospital, highlighted the potential for improved healthcare access and reduced financial burden for individuals above 65 years. This change is expected to lead to better health outcomes and promote the overall well-being of citizens by ensuring comprehensive insurance coverage across different age groups.