IRDAI Health Insurance Age Limit – Guidelines for Insurers!

IRDAI has issued a new circular regarding the age limit for health insurance making it more accessible for people. The authority has removed the 65-year age limit from the health insurance policies. Read the article to get up-to-date with the new IRDAI regulations. 

IRDAI Health Insurance Age Limit

The Insurance Regulatory and Development Authority has announced a groundbreaking shift in the age limit for purchasing health insurance in India. The authority revamped the health insurance regulations and removed the 65-year age restriction for buying health insurance providing great relief to senior citizens. 

The new regulations are effective from 1 April 2024 and open the door for individuals from all age groups to access health insurance and quality healthcare against unexpected health emergencies.

Previously, citizens were bound under the 65 years of age restrictions to get new health insurance, but with the amendment getting health insurance at any age is possible and easy. 

The authority also made a few changes to make purchasing health insurance as simplified and profitable for the policyholders. 

Guidelines for Insurers under the new IRDAI regulations

Under the new IRDAI regulations, the authority has issued a few instructions and regulations for the insurers, let’s explore them one by one:

IRDAI Health Insurance Age Limit

  • Insurers must ensure that their health insurance plans are tailored to all age groups from now onwards.
  • The insurers must design health insurance products for senior citizens, maternity, children, students, and all the other groups specified by the IRDAI.
  • Insurers must include pre-existing medical conditions in their health policies of any kind without any discrimination, meaning now the health insurance companies must include severe conditions in their health insurance, such as heart or renal failure, AIDS, or any severe diseases they were denied to cover previously. 
  • The authority has allowed insurers to offer premium payments in installments to make health insurance more flexible and affordable for the policyholders.
  • The authority also specifies that the travel policies will only be offered by general and health insurers.
  • Another positive remark for the policyholders receiving AYUSH treatment, the authority said there is no limit for AYUSH treatment coverage under the new health insurance regulations. So, treatments that come under yoga, Unani, Homeopathy, Ayurveda, Siddham, and Naturopathy will offer insurance without any cap.

Specialized channel for senior citizens 

The IRDAI has also announced that they will be introducing a new channel especially to receive and address the complaints and claims of senior citizens to ensure secure and seamless health insurance facilities for the elderly.

This is a commendable approach by the IRDAI to address the needs of senior citizens in the insurance sector. It will ensure that senior citizens over 60 years old that their unforeseen medical expenses will be covered by their health insurance easily. 

The authority also addresses the multiple claims issue in the revised regulations that allow policyholders with benefit-based policies to file for multiple claims to various insurance providers giving them various choices.

Best Health insurance plans in India 

Over the years, the Indian healthcare sector has progressed highly with medical care treatments & technology and health insurance coverage expansion. 

Many health insurance providers provide beneficial health insurance to citizens of India, in the below section we have curated top health insurers ranked by IRDAI and other analysts according to their health insurance coverage and easy-to-buy insurance:

  • Aditya Birla’s Health Insurance:
    • Aditya Birla Health Insurance offers many health coverages for policyholders, such as hospital cash benefits, treatment costs, accident cover, cancer coverage, Daycare medical procedures, and critical illness insurance. 
    • The insurer provides an easy and simplest claim settlement process for policyholders. 
  • They have a cashless facility available at almost an 8700+ network of hospitals across the country.
  • Care Health Insurance Ltd:
    • The insurer has cashless healthcare networks of 22900+ hospitals across the nation.
    • The company offers standard manageable premium health insurance for all age groups to cover unexpected medical bills.
  • Manipal Cigna Health Insurance Company Limited:
    • The insurer offers quick and easy health insurance and operates and owns 27 patient-friendly healthcare across 15 cities. It is one of the biggest healthcare chains in India that can cover health insurance across 30+ countries and jurisdictions. 
  • Star Health & Allied Insurance Co Ltd:
    • Star Health Insurance offers accessibility to cashless claims across 14000+ network hospitals. The company has health insurance plans for every age group and family with extra benefits. 

The IRDAI move to make healthcare insurance accessible to every age group is a great step towards the welfare of society and the affordability of quality healthcare. 

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