Started from 1st April 2024, the Insurance and Development Authority of India (IRDAI), had recently announced that people above the age of 65 can now buy the insurance.
In the old rule, people till 65 years of age were allowed to purchase new insurance policies. However, with new rule, the age-cap of the health insurance policies have been removed.
In its notification, IRDAI announced, “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.”
Through this move, the regulatory body aims to provide an inclusive healthcare system and encourage the insurance providers to diversify their offerings.
Senior consultant of Apollo hospital Indraprastha in an interview with NDTV, Dr. Suranjit Chatterjee welcomed the move but also opined that IRDAI has to see, how under such insurance plans, the pre-existing illness can be covered.
He further revealed, that due to long waiting period accompanied by expensive premiums and a lot of questions, it used to cause problems to the customers and expects that under the guidance of IRDAI these insurance plan become user friendly.
As per IRDAI’s notification, the waiting period of the health insurance has been decreased from 48 months to 36. And the Coverage for pre-existing conditions will commence after 36 months. Prohibiting the health insurers from rejecting pre-existing claims on the basis of pre-existing conditions after 36 months. As revealed by the doctor it happens a lot.