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.
Esta historia es de la edición April 29, 2024 de Business Standard.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 8500 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición April 29, 2024 de Business Standard.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 8500 revistas y periódicos.
Ya eres suscriptor? Conectar
Mkts recoup result-day losses to hit fresh highs
Regime continuity, economic outlook behind rally
Ola Cell Tech zeroes in on suppliers for batteries, to invest ₹2,249 crore
Ola Cell Technologies Pvt Ltd has identified key raw material suppliers for the short as well as the long term for making its lithium ion cell batteries.
A-I's Rise Could Impact 3 Gulf Hubs: Saudia
Air India (AI)'s rise could be at the expense of three "super-connector" hubs Doha in Qatar, and Dubai and Abu Dhabi in the UAE as the Indian passenger would any day prefer direct flights of their national airline that is providing excellent on-time service, Arved von zur Muehlen, Chief Commercial Officer of Saudia Airlines, said on Thursday.
Back To Basics: Paytm's Focus Is Payments And Distribution
Paytm, the country's leading fintech player which had to shut its payment bank business following regulatory action, is revisiting its business strategy including partnership with lenders.
Nvidia Overtakes Apple As Second-Most Valuable Company
Valuation tops $3 trn; the last time it was worth more than iPhone maker was in 2002
Trai dials National Numbering Plan tweak
The Telecom Regulatory Authority of India (Trai) on Thursday issued a consultation paper on revising the National Numbering Plan to create a sustainable pool of new phone numbers for the country's nearly 1.2 billion mobile phone connections.
South, East India accounted for 67% of heatwave days in 2023
The number of heatwave days in east and southern peninsular India during peak summer in 2023 almost doubled and accounted for nearly two-thirds of the total heatwave days experienced across the country, the latest data released by the National Statistical Office (NSO) showed.
Monsoon reaches Maharashtra: IMD
Southwest monsoon reached Maharashtra on Thursday, bringing respite to the state where many parts have been reeling under scorching heat and severe water shortage.
EV portfolio to drive Uno Minda growth
The stock of auto component maker Uno Minda jumped 13 per cent on Thursday after it announced a technical licensing agreement with ChinaInovance based Suzhou Automotive Company.
New govt to boost infra sector, but expect some hurdles
The general elections inevitably led to a slowdown in government projects through Q4FY24 and Q1FY25 with muted activity.
