IRDAI abolishes age restriction on health insurance product
The age restriction of 65 for those buying health insurance plans has been lifted by insurance regulator IRDAI in an effort to expand the market and offer sufficient protection against unanticipated medical costs. With effect from April 1, the change makes it possible for anyone, regardless of age, to purchase a new health insurance policy. All age groups, including senior folks, students, youngsters, and expectant mothers, must be catered to by insurers. Additionally, they cannot refuse to provide health insurance to anyone with serious medical illnesses; instead, they must provide plans to those with pre-existing diseases. Only general and health insurers are able to sell travel plans, and premium payments may be made in installments. The coverage for AYUSH treatments is unlimited, and policyholders are able to submit claims to different insurers on a number of occasions. Senior citizens' claims and complaints are to be handled through a specialised channel according to the proposed regulation.