Why in News
The Insurance Regulatory and Development Authority of India (IRDAI) has removed the age limit for purchasing health insurance policies, with effect from April 1.
Earlier, there was an age limit of 65 years to buy new health insurance policies.
The IRDAI’s latest move is aimed at bringing in extended health benefits to senior citizens.
It caters to diverse demographic groups, including children and maternity needs.
The IRDAI directive mandates health insurance providers to develop specialised policies catering to senior citizens, and to establish dedicated channels for addressing their claims and grievances.
Recent changes
The recent decision to lift the age restriction on insurance coverage is a significant advancement.
Now, with the removal of this restriction, even the elderly can access cashless insurance benefits.
Though premiums for this demographic may be higher.
This change will greatly benefit those in need of medical insurance, including children, maternity cases, and senior citizens, ensuring a healthier life for many.
It’s a welcome move, serving the public interest and promoting the longevity and well-being of our citizens.
While also advancing comprehensive insurance coverage.
The Insurance Regulatory and Development Authority (IRDAI) is a statutory body established in 1999 under the aegis of the Ministry of Finance, Government of India.
Here's a quick summary of IRDAI:
Function: Regulates and promotes the orderly growth of the insurance and reinsurance industry in India.
Objective: To protect the interests of policyholders, promote fair competition amongst insurance companies, and ensure the speedy settlement of insurance claims.
Headquarters: Hyderabad, India
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