A significant decision has been made by the Insurance Regulatory and Development Authority of India (IRDAI) regarding health insurance rules, allowing people above the age of 65 to avail health insurance policies. Let’s delve into the details.
People Above 65 Eligible for Health Insurance
Due to changes in insurance regulations by IRDAI, individuals above the age of 65 can now purchase health insurance. This new rule came into effect on April 1, 2024, expanding the eligibility criteria for senior citizens to acquire health insurance policies.
IRDAI Directives to Insurance Companies
IRDAI has issued directives to insurance companies to create policies tailored to senior citizens’ needs. Additionally, companies are instructed to establish efficient channels for handling complaints and claims related to insurance policies concerning senior citizens.
Coverage for Serious Illnesses
As per the notification issued by IRDAI, insurance companies are now allowed to offer coverage for serious illnesses like AIDS and cancer. Moreover, the waiting period has been reduced from 48 months to 36 months. This directive ensures that the policy covers all existing conditions within 36 months, regardless of whether the policyholder disclosed them initially.
This decision by IRDAI is a significant step towards ensuring that senior citizens have access to adequate health insurance coverage, addressing their specific healthcare needs. It provides them with financial security and peace of mind, knowing that they are protected against medical emergencies and critical illnesses.