IRDAI Removes Age Cap On Health Insurance Purchase

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The Insurance Regulatory and Development Authority of India (IRDAI) has lifted the age cap on purchasing health insurance policies, effective from April 1, 2024.

Previously, individuals were restricted to buying new insurance policies only until the age of 65. However, with the recent changes that came into effect on April 1, 2024, anyone, regardless of age, is now eligible to purchase new health insurance.

Through gazette notification, Body asked insurers to design following types of policies:

2.1.1 Indemnity based health insurance policy means an insurance policy that compensates an insured for the loss due to occurrence of an insured event as specified in the policy. 

2.1.2 Benefit based health insurance policy means an insurance policy that pays fixed amount on the occurrence of an insured event as specified in the policy.

Following are the three major changes introduced by Notification: 

6.1 Insurers shall ensure that they offer health insurance products to cater to all the age groups. 

Insurance companies have to offer health policies to all age groups.

6.2 Insurers may design products specifically for senior citizens, students, children, maternity and any other group as specified by the Competent Authority. 

6.3 Insurers shall endeavour to offer coverage for persons with all types of existing medical conditions. 

Insurance companies are barred from refusing to offer health policies to persons with serious health conditions like cancer, heart or renal failure, and AIDS.

Notification also asks life insurers to stop offering indemnity based products either individual or group.

Reference:

  1. Insurance Regulatory and Development Authority of India (InsuranceProducts) Regulations, 2024
  2. DD News

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