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Good News For Senior citizens: Health Insurance Now Available For Individuals Over 65


New Delhi: Ranging from April 1, 2024, The Insurance coverage Regulatory and Improvement Authority of India (IRDAI) has eliminated the age cap on medical health insurance insurance policies, ANI reported. Beforehand, the acquisition of recent insurance coverage insurance policies was restricted to the age of 65. However after the latest adjustments which got here into impact from April 1, 2024 people of any age can now buy new medical health insurance insurance policies.

“Insurers shall be certain that they provide medical health insurance merchandise to cater to all age teams. Insurers could design merchandise particularly for senior residents, college students, kids, maternity, and another group as specified by the Competent Authority” said a notification issued by the IRDAI. (Additionally Learn:¬†How A lot Return Will You Get By Investing In SBI’s FDs? Verify Right here)

IRDAI has additionally directed medical health insurance suppliers to supply personalized insurance policies for particular teams like senior residents and arrange devoted channels to handle their claims and issues. (Additionally Learn: ICICI Financial institution Revises Service Fees For Financial savings Accounts: Verify New Charges And Efficient Date)

“It is a welcome change because it now opens Avenue for individuals above 65 to hunt well being cowl. Insurers primarily based on their Board permitted Underwriting pointers can cowl individuals above 65. The protection is topic to supply and acceptance between the Insured and Insurer primarily based on affordability for the senior residents and viability for Insurers.” in accordance with an professional within the trade.

The insurers after the latest notification have been restricted from denying to difficulty insurance policies to people who’re struggling with extreme medical situations reminiscent of most cancers, AIDS, renal or coronary heart failure.

As per the notification, IRDAI has lowered the ready interval of medical health insurance from 48 months to 36 months. All pre-existing situations should be coated after a 26 month interval no matter whether or not the policyholder disclosed them initially or not, in accordance with the insurance coverage regulator.

Insurance coverage firms are prohibited from providing indemnity-based well being insurance policies which cowl hospital bills. They’re solely allowed to supply benefit-based insurance policies as an alternative of indemnity-based well being insurance policies. This can present mounted prices when a coated illness happens.

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