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IRDAI Removes Age Limit for Health Insurance, Enhancing Coverage and Accessibility

Leave a Comment / By / Health & Wellness Community
News on Health

The Insurance Regulatory and Development Authority of India (IRDAI) has taken a significant step towards enhancing healthcare accessibility and coverage by eliminating the age limit of 65 years for individuals purchasing health insurance policies. This move aims to foster a more inclusive healthcare ecosystem and provide comprehensive protection against unforeseen medical expenses. Key Points: Removal of Age Limit: Previously, individuals were restricted from purchasing new health insurance policies after the age of 65. However, the recent amendment, effective from April 1, allows individuals of any age to buy new health insurance policies. Inclusive Product Offerings: IRDAI mandates insurers to offer health insurance products catering to all age groups. Insurers are encouraged to design specific products tailored for senior citizens, students, children, maternity, and other specified groups. Coverage for Pre-Existing Conditions: Insurance companies are now required to provide coverage for individuals with pre-existing medical conditions, such as cancer, heart or kidney failure, and AIDS. Denial of coverage based on pre-existing conditions is prohibited. Flexible Premium Payment: Insurers are permitted to offer premium payment options in instalments, enhancing convenience for policyholders. AYUSH Treatment Coverage: There is no limit on coverage for treatments under Ayurveda, Yoga, Naturopathy, Unani, Siddha, and Homeopathy. Such treatments will receive coverage up to the sum insured without any cap. Multiple Claims Filing: Policyholders with benefit-based policies can file multiple claims with various insurers, providing flexibility and choice. Specialised Channel for Senior Citizens: The regulation establishes a specialised channel to handle complaints and claims of senior citizens, ensuring a tailored and responsive approach to their requirements. The removal of age restrictions and the introduction of comprehensive coverage for pre-existing conditions signify a significant step towards enhancing healthcare access and protection for individuals across all age groups in India.  

IRDAI organizes a hackathon and invites innovative tech solutions for the insurance sector

Leave a Comment / By / Governance Community
Gov news 16th Aug 2022 ArdorComm Media Group IRDAI organizes a hackathon and invites innovative tech solutions for the insurance sector

To safeguard policyholder interests, the insurance industry’s regulatory body, IRDAI, has issued an invitation to companies to provide technologically advanced new solutions for automated death claim settlement, reducing miss-selling, and other components of the insurance ecosystem. The Insurance Regulatory and Development Authority of India (IRDAI) is accepting applications for Bima Manthan 2022, its first hackathon, with the topic “Innovation in Insurance.” The regulator stated in a statement that the hackathon “invites participants to explore and develop ideas that have the potential to make insurance available to every individual in a seamless and quick way with the use of technology and protecting the interests of the policyholders. In order to stop the miss-selling of insurance products, IRDAI has looked for creative ideas and tech-based solutions for automating death claim settlement. The regulator is also seeking technologically enabled solutions to identify uninsured motor vehicles, assure the issuing of necessary motor third party insurance, and technology-based distribution of insurance products, including microinsurance in “difficult terrains and less penetrable areas.” Another area chosen for Bima Manthan 2022 is the use of technology to reduce or prevent fraud in motor insurance. Participants in Bima Manthan 2022 will get the chance to showcase their creative solutions in front of a distinguished jury and compete for enticing rewards, according to IRDAI. In addition, Bima Manthan offers the winner the chance to work with an insurer (or insurers) on the winning project/platform, demo-day in front of insurers/intermediaries and other stakeholders, or direct entry into the IRDAI Regulatory Sandbox regime. The regulator said that registration for the hackathon begins on Tuesday.