New Delhi: Ranging from April 1, 2024, The Insurance coverage Regulatory and Improvement Authority of India (IRDAI) has eliminated the age cap on medical health insurance insurance policies, ANI reported. Beforehand, the acquisition of recent insurance coverage insurance policies was restricted to the age of 65. However after the current modifications which got here into impact from April 1, 2024 people of any age can now buy new medical health insurance insurance policies.
“Insurers shall be certain that they provide medical health insurance merchandise to cater to all age teams. Insurers might design merchandise particularly for senior residents, college students, kids, maternity, and some other group as specified by the Competent Authority” said a notification issued by the IRDAI. (Additionally Learn: How A lot Return Will You Get By Investing In SBI’s FDs? Verify Right here)
IRDAI has additionally directed medical health insurance suppliers to supply custom-made insurance policies for particular teams like senior residents and arrange devoted channels to handle their claims and considerations. (Additionally Learn: ICICI Financial institution Revises Service Prices For Financial savings Accounts: Verify New Charges And Efficient Date)
“It is a welcome change because it now opens Avenue for folks above 65 to hunt well being cowl. Insurers based mostly on their Board accepted Underwriting tips can cowl folks above 65. The protection is topic to supply and acceptance between the Insured and Insurer based mostly on affordability for the senior residents and viability for Insurers.” in line with an knowledgeable within the business.
The insurers after the current notification have been restricted from denying to challenge insurance policies to people who’re struggling with extreme medical situations similar to most cancers, AIDS, renal or coronary heart failure.
As per the notification, IRDAI has decreased the ready interval of medical health insurance from 48 months to 36 months. All pre-existing situations should be coated after a 26 month interval no matter whether or not the policyholder disclosed them initially or not, in line with the insurance coverage regulator.
Insurance coverage firms are prohibited from providing indemnity-based well being insurance policies which cowl hospital bills. They’re solely allowed to supply benefit-based insurance policies as a substitute of indemnity-based well being insurance policies. This can present fastened prices when a coated illness happens.
