New Rules For Health Insurance
Image: Pexels
21 April 2024
The Insurance Regulatory and Development Authority of India (IRDAI) has rolled out favourable changes to health insurance regulations
Image: Pexels
Previously, people older than 65 were restricted from purchasing new policies
Image: Unsplash
However, IRDAI has removed the age cap, enabling anyone, regardless of age, to purchase a new health insurance
Image: Unsplash
This new decision by the IRDAI is aimed at creating a more inclusive healthcare ecosystem in India
Image: Unsplash
IRDAI has also instructed health insurance providers to introduce tailored policies for specific demographics, such as senior citizens
Image: Pexels
Health insurance providers are now prohibited from refusing policies to individuals with medical conditions including cancer, heart failure and AIDS
Image: Pexels
Besides this, the insurance regulator has decreased the insurance waiting period from 48 months to 36 months
Image: Pexels
Now, all pre-existing conditions should be covered after 36 months, regardless of whether the policyholder disclosed them initially or not
Image: Unsplash
Further, companies are barred from introducing indemnity-based health policies, which compensate for hospital expenses
Image: Unsplash
They are only permitted to provide benefit-based policies, offering fixed costs upon the occurrence of a covered disease
Image: Pexels
Check More Stories
Image: Unsplash
ndtv.com