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Senior citizens now eligible for health insurance policies

Insurance Regulatory and Development Authority of India (IRDAI) has lifted the age restrictions for purchasing health insurance policies, allowing individuals aged above 65 to acquire coverage from April 1, 2024. Previously, those over 65 were ineligible for health insurance policies until March 31. In a notification issued by IRDAI, insurers are urged to provide health insurance products tailored to various age groups, including senior citizens, students, children, and maternity, promoting inclusivity in the healthcare sector.

The move aims to foster an inclusive healthcare ecosystem, encouraging insurance providers to expand their product offerings to cater to a broader demographic. IRDAI’s directive emphasizes the importance of ensuring access to health insurance for all individuals, regardless of age, by removing age-related restrictions. By diversifying their products, insurers can better address the diverse healthcare needs of different age groups.

Furthermore, IRDAI’s notification mandates insurers to refrain from denying policies to individuals with serious medical conditions such as cancer, heart or renal failure, and AIDS. Additionally, the waiting period for pre-existing conditions has been reduced from 48 months to 36 months. Consequently, insurers cannot reject claims related to pre-existing diseases after the 36-month waiting period, enhancing coverage and accessibility for policyholders.


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