The Insurance Regulatory and Development Authority of India (IRDAI) has lifted the age limit for purchasing health insurance policies for elderly citizens, even above 65 years of age. Before, there was an age limit of 65 years for people to buy new health insurance policies, but with this move, IRDAI is focused on providing security and extended health benefits for the elderly in the country considering they are ones often in need of good healthcare. This step will significantly help reduce the burden of medical expenses of those in the age bracket.
IRDAI’s Notice
The IRDAI has also directed insurance companies to carefully tailor insurance products catering to the specific age-related needs of senior citizens. Considering they mostly have pre-existing medical conditions, policies need to be tailored accordingly, only then can they serve the purpose. Consequently, insurance companies are no longer allowed to refuse coverage to individuals facing significant medical conditions like cancer, heart or kidney failure, and AIDS. The removal of the age barrier is transformative for senior citizens as it provides several benefits like increased access to coverage, allowing them to better manage their healthcare needs, financial security with protection against high medical expenses, especially when they need it the most without facing any discrimination based on age.
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Additional Benefits
In addition, the insurers have been directed to establish specific dedicated channels for the immediate disposal of claims along with effective grievance redressal. This channel is going to focus on timely resolution, providing transparency and accountability for the customers. Moreover, to ease the burden of payment on policyholders, the insurance companies have been instructed to offer premium installment plans along with different payment options.
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Conclusion: In conclusion, the IRDAI’s decision to lift the age limit for purchasing health insurance policies for elderly citizens marks a significant milestone in promoting inclusive healthcare access in India. By ensuring coverage for individuals with pre-existing medical conditions and implementing dedicated channels for claims processing and grievance redressal, this initiative aims to provide financial security and peace of mind to senior citizens while enhancing transparency and accountability within the insurance sector.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
