Context: The Insurance Regulatory and Development Authority of India (IRDAI), has lifted the age ceiling of 65 years on buying a new health insurance policy.
Insurance Regulatory and Development Authority of India (IRDAI)
Health Insurance for Senior Citizen
o Insurers must design products tailored for specific groups to enhance inclusivity and accessibility.
o Tougher Conditions: Beyond 65, stricter conditions applied, including mandatory health check-ups and exclusion of pre-existing ailments.
o Rationale: Age restriction was based on increased susceptibility to illnesses with age, impacting coverage options for those over 50.
o Except for policies that terminate after the payment of the benefit covered under the policy, such as a critical illness policy.
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