June 18, 2024

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Soon, there will be no maximum age to buy health insurance policy

2 min read

The Insurance Regulatory and Development Authority of India (IRDAI) has proposed to do away with the maximum entry age to buy a health insurance policy. At present, individuals face a cap of 65 years when acquiring a fresh insurance policy.

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However, under the new proposal, this restriction would be lifted, enabling individuals of any age to secure health insurance coverage. The regulator has also urged insurers to introduce tailored policies aimed at specific demographics, such as senior citizens and millennials, acknowledging the diverse needs within these segments.


The proposed changes encompass several key facets:

Longer policy tenures: Life insurers can introduce long-term health policies spanning up to five years, while general insurers and standalone health insurers can offer policies for a maximum tenure of three years.

Shift towards benefit-based policies: Life insurers are directed to offer benefit-based policies that provide fixed costs upon the occurrence of a covered disease. However, indemnity-based policies compensating for hospital expenses fall beyond their scope.

Streamlined renewal processes: Health insurers are barred from conducting medical examinations at the time of renewal, provided there is no alteration in the sum insured, aiming to simplify the renewal experience for policyholders.

Enhanced claim flexibility: Policyholders with benefit-based policies are permitted to make multiple claims with different insurers, promoting greater flexibility and choice.

Moreover, the draft regulation aims to address grievances and claims of senior citizens through a dedicated channel, ensuring a more responsive and specialised approach to their needs.

“We welcome IRDAI’s forward-looking draft regulations that embrace inclusivity and flexibility in health insurance,” said Sharad Bajaj, COO of InsuranceDekho, an insurance marketplace.

“Removing the maximum entry age opens doors for individuals of all ages to safeguard their well-being, while targeted policies for seniors and millennials reflect a nuanced approach to diverse needs,” Bajaj told CNBC-TV18.com

Bajaj further highlighted the proposed reduction in waiting periods for pre-existing conditions to 36 months as a significant stride toward comprehensive coverage.

“This will allow health security for our senior citizens,” he added.

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