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NEW DELHI: Insurance regulator IRDAI has eliminated the age limit of 65 years for buying health insurance policies so as to present sufficient safety from healthcare bills to senior residents and to broaden the market.
Earlier, people had been allowed to purchase a brand new insurance coverage solely until the age of 65 as per the rules.
IRDAI said that the most recent which has been efficient from April 1 will assist the people in securing complete healthcare protection.
In a latest gazette notification, IRDAI stated, “insurers shall ensure that they offer health insurance products to cater to all age groups. Insurers may design products specifically for senior citizens, students, children, maternity, and any other group as specified by the Competent Authority.”
Additionally, insurers have additionally been requested to offer health policies to people with pre-present medical circumstances of any type. They are prohibited from declining to challenge policies to people with extreme medical circumstances like most cancers, coronary heart or renal failure, and AIDS.
IRDAI, in its notification, additionally directs the businesses to allowed policyholders to supply premium cost in instalments for his or her comfort.
There is not any limit on AYUSH remedy protection. Treatments beneath programs like Ayurveda, Yoga, Naturopathy, Unani, Siddha, and Homeopathy will obtain protection as much as the sum insured with none cap, it stated.
Policyholders with profit-primarily based policies can file a number of claims with numerous insurers, enhancing flexibility and choices, it stated.
The notification additionally mentions that there’ll a devoted platform to deal with the complaints and claims of senior residents.
Earlier, people had been allowed to purchase a brand new insurance coverage solely until the age of 65 as per the rules.
IRDAI said that the most recent which has been efficient from April 1 will assist the people in securing complete healthcare protection.
In a latest gazette notification, IRDAI stated, “insurers shall ensure that they offer health insurance products to cater to all age groups. Insurers may design products specifically for senior citizens, students, children, maternity, and any other group as specified by the Competent Authority.”
Additionally, insurers have additionally been requested to offer health policies to people with pre-present medical circumstances of any type. They are prohibited from declining to challenge policies to people with extreme medical circumstances like most cancers, coronary heart or renal failure, and AIDS.
IRDAI, in its notification, additionally directs the businesses to allowed policyholders to supply premium cost in instalments for his or her comfort.
There is not any limit on AYUSH remedy protection. Treatments beneath programs like Ayurveda, Yoga, Naturopathy, Unani, Siddha, and Homeopathy will obtain protection as much as the sum insured with none cap, it stated.
Policyholders with profit-primarily based policies can file a number of claims with numerous insurers, enhancing flexibility and choices, it stated.
The notification additionally mentions that there’ll a devoted platform to deal with the complaints and claims of senior residents.
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