“New Health Insurance Rules: Individuals Over 65 Eligible to Purchase Policies”

The Insurance Regulatory and Development Authority of India (IRDAI) has introduced new guidelines that allow individuals of any age, including those over 65, to buy health insurance starting April 1, 2024. Previously, people older than 65 were restricted from purchasing new policies.

IRDAI’s recent directive also calls on insurance companies to develop health plans that cater to various groups such as senior citizens, students, children, and those needing maternity coverage. The aim is to create a healthcare system that includes everyone, and to encourage insurers to offer a variety of tailored policies.

Additionally, these new rules prevent insurers from denying coverage to people with serious health conditions like cancer, heart disease, or AIDS. Insurance companies are now required to cover all pre-existing conditions after a policyholder has been insured for 36 months, regardless of whether those conditions were disclosed initially. They are also forbidden from offering plans that only cover hospital bills. Instead, they must provide policies that pay a set amount when a disease is diagnosed.

This change opens up more possibilities for older individuals seeking health insurance and ensures better support for people with significant health issues.