The Insurance Regulatory and Development Authority of India (Irdai) has introduced the new Insurance Products Regulations 2024, mandating insurers to offer health insurance plans to all age groups. This replaces the previous requirement that health policies must offer an entry age of at least 65 years.
Implications for the elderly
The 2016 health insurance guidelines mentioned that companies offering health insurance must provide entry into policies at least up to the age of 65. This cap has now been removed. "Irdai's announcement is a significant step towards greater inclusivity in health insurance," says Rakesh Jain, chief executive officer, Reliance General Insurance.
Rejecting proposals citing age will not be possible. "Senior citizens who are healthy will be able to gain access to health insurance," says Amit Bhandari, chief technical officer, Magma HDI General Insurance.
Senior citizens had limited options until now. "The removal of age-related cap will provide them with multiple options across insurers as they will be able to access all the existing health insurance plans," says Ashish Yadav, head of products and operations, ManipalCigna Health Insurance. He says seniors will gain access to products currently aimed at a younger demographic, which offer comprehensive features.
Will senior citizens get health coverage more easily? That remains to be seen.
"Insurers retain complete freedom to price and underwrite products as they choose to," says Kapil Mehta, cofounder, SecureNow.
Product pricing may evolve
Expect greater innovation in products targeting seniors.
Diese Geschichte stammt aus der April 29, 2024-Ausgabe von Business Standard.
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