Effective April 1, 2024, the Insurance Regulatory and Development Authority of India (IRDAI) has removed the age limit for purchasing health insurance policies, marking a significant shift in India’s insurance landscape.
Previously, individuals were restricted by an age limit of 65 years for acquiring new health insurance policies. However, the recently released regulatory changes now enable individuals of any age to procure new health insurance coverage.
A notification issued by the IRDAI emphasized the importance for insurers to broaden the conditions of their services to cater to diverse demographic groups, including senior citizens, students, children, and maternity needs. Insurers are encouraged to develop tailored products to meet specific age-related requirements, fostering a more inclusive healthcare ecosystem.
The move underscores IRDAI’s commitment to enhancing accessibility and affordability of healthcare coverage across all age groups. By eliminating age restrictions, the regulatory body seeks to stimulate innovation among insurance providers, encouraging them to diversify and refine their product portfolios.
Furthermore, the IRDAI directive mandates health insurance providers to develop specialized policies catering to senior citizens, establishing dedicated channels for addressing their claims and grievances. This proactive approach aims to address the unique healthcare needs of elderly policyholders effectively.