Date: 22nd September 2024

IRDAI removes the age bar for purchasing health insurance.

IRDAI directs insurance providers to develop tailored products for seniors; hospitals say this will improve access for those who need healthcare the most, but note that premiums may be higher for this demographic.

Earlier, there was an age limit of 65 years to buy new health insurance policies. IRDAI's latest move is aimed at bringing in extended health benefits to the elderly.

The IRDAI directive mandates health insurance providers to develop specialised policies catering to senior citizens, and to establish dedicated channels for addressing their claims and grievances. Companies are also encouraged to develop tailored products to meet specific age-related requirements, fostering a more inclusive healthcare ecosystem.

The notification adds that the move will enhance accessibility and affordability of healthcare coverage across all age groups. IRDAI is an autonomous and statutory body responsible for managing and regulating the insurance and reinsurance industry in India.