No age restriction now on purchase of health insurance plans

Removing age limit opens up access to health coverage for senior citizens, and they should look for features like no-claim bonuses to combat medical inflation MONIKA YADAV @ New Delhi THE decision by the insurance regulatory and development authority of India (IRDAI) to remove age restrictions on health insurance policies is a significant move that reflects a more inclusive approach towards insurance coverage in India.

- MONIKA YADAV

Earlier, most insurance companies would not sell health insurance products to persons above 65 years.

This change allows individuals of all age groups to access health insurance without being limited by age-related constraints. It indicates a progressive step towards ensuring that more people, including the elderly population, can avail of essential health coverage and benefits. By eliminating age restrictions, the IRDAI is promoting greater financial security and healthcare access for a broader segment of the population, ultimately enhancing the overall insurance landscape in the country. Rakesh Jain, chief executive officer (CEO), Reliance General Insurance said, "For senior citizens, this initiative signifies an end to the constraints that previously barred many from securing health insurance past a certain age.

This move fosters financial security by allowing older individuals at a vulnerable age to access crucial healthcare without agebased barriers. It will encourage long-term health planning and innovation in insurance products, catering to diverse age groups' needs.' "The competitive market dynamics spurred by this change may result in improved offerings and services for consumers. Insurers will now be encouraged to design products that cater specifically to the needs of senior citizens, including those with pre-existing conditions," Jain stated.

Adapting to the change