IRDAI removes age cap for health insurance: Report

Other improvements have also been made to India’s healthcare system.

The Insurance Regulatory and Development Authority of India (IRDAI) has abolished the age limit for purchasing health insurance policies, effective from 1 April, removing the previous cap of 65 years, according to news agency ANI.

This decision aims to foster inclusivity in India's healthcare system and prompt insurance companies to broaden their product range.

Additionally, the IRDAI has reduced the waiting period for coverage of pre-existing conditions from 48 months to 36 months after policy purchase.

This means that all pre-existing conditions must be covered after 36 months, irrespective of initial disclosure.

ALSO READ: IRDAI modifies master circular on unclaimed amounts of policyholders

Furthermore, insurance companies are now prohibited from offering indemnity-based health policies, which reimburse hospital expenses.

Instead, they are only allowed to offer benefit-based policies, providing fixed benefits upon the occurrence of a covered illness.

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