IRDAI Removes Age Cap for Health Insurance Purchase

The Insurance Regulatory and Development Authority of India (IRDAI) has lifted the age cap on health insurance policies effective from April 1, 2024. Previously, individuals could only purchase policies until age 65, but now there are no age restrictions.

According to a notification issued by IRDAI, insurers must offer health insurance products catering to all age groups, including senior citizens, students, children, maternity, and other specified groups.

Insurers are now prohibited from refusing policies to individuals with severe medical conditions such as cancer, heart or renal failure, and AIDS.

IRDAI has also reduced the health insurance waiting period from current 48 months to 36 months. After 36 months, all pre-existing conditions should be covered, regardless of whether they were initially disclosed or not.

Further, insurance companies are no longer allowed to introduce indemnity-based health policies. Instead, they can only provide benefit-based policies, offering fixed costs upon the occurrence of a covered disease.

- DD News