India: People Over 65 Can Now Buy Health Insurance

In this iPMI Global regional country guides article, international private medical insurance report author and market analyst Ian Youngman, takes a look news that people in India can now purchase health insurance.

Insurance regulator Insurance Regulatory and Development Authority of India (IRDAI) has removed the age limit for purchasing health insurance policies, with effect from April 1 2024.

• The age cap was 65 before this decision.
• Insurers have been instructed to offer health insurance products to cater to all age groups.
• Insurers should design products specifically for senior citizens.
• The aim is to encourage insurance companies to diversify their product offerings.
• IRDAI also recently passed a directive barring health insurers from rejecting claims based on pre-existing conditions at least 36 months after the purchase of an insurance policy.
• This waiting period was cut from 48 months.
• The decision means that all pre-existing conditions should be covered after 36 months, regardless of whether the policyholder disclosed them initially or not.
• In another change, insurance companies are barred from introducing indemnity-based health policies, which compensate for hospital expenses.
• Instead, they are only permitted to provide benefit-based policies, offering fixed costs upon the occurrence of a covered disease.
• IRDAI expects that premiums may be higher for older customers.
• The new regulation also establishes a specialised channel for handling complaints and claims from senior citizens, ensuring their needs are addressed promptly.

About the Author

Ian Youngman is an independent writer and researcher specialising in insurance. He writes regularly for a variety of magazines, newsletters, and on-line services. He publishes a range of market reports, and undertakes research for companies. To read his latest report, International Health Insurance 2023, please click here, or visit the REPORTS section of iPMI Global.