Age limit removed in Health Insurance, know the new rules

Now you can easily buy health insurance for your old parents also. Insurance regulator IRDAI has removed the age bar for purchasing health insurance. This has been done for health insurance policies effective from April 1, 2024. Earlier, customers could buy a new health insurance policy only till the age of 65 years. Now a person of any age can buy a new health insurance policy. IRDAI said in a circular that insurance companies should ensure that they have insurance products for people of all age groups.

Healthcare system will become more inclusive

This move by IRDAI aims to create a more inclusive healthcare system in India. Also, insurance companies have to be encouraged to diversify their product range. The insurance regulator has also directed health insurance providers to tailor policies to people like senior citizens and set up dedicated channels to deal with their claims and complaints.

People above 65 years of age will also be able to buy a new policy

With this step of IRDA, now people above 65 years of age will also be able to take new health insurance policies. Industry experts have welcomed this move. The circular also prohibits insurance companies from refusing to issue policies to patients suffering from serious illnesses like cancer, heart diseases and AIDS. According to the circular, IRDAI has also reduced the health insurance waiting period. It has been reduced to 36 months instead of 48 months. IRDAI says that irrespective of whether the policyholder has disclosed at the time of taking the policy or not, all pre-existing conditions should be covered after 36 months.