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Insurance for Senior citizens UPSC NOTE

 What is the change in the upper age limit to avail a new health cover? 

  • In India, there has been a significant change regarding the upper age limit to avail a new health insurance policy. 

  • Previously, many insurers had a maximum entry age limit of around 60-65 years for comprehensive health insurance plans.

  • The Insurance Regulatory and Development Authority of India (IRDAI) has taken steps to make health insurance more accessible.

What has the Insurance Regulatory and Development Authority of India said about designing products for senior citizens? 

  • The April 1 notification attempts to broaden insurance coverage from a demographic perspective, broadly in line with IRDAI’s ‘Insurance for All by 2047’ goal

  • In contrast, the Health Insurance Regulations, 2016, on entry and exit age, stipulated that “all health insurance policies shall ordinarily provide for an entry age of at least up to 65 years”. 

  • In other words, under the previous regulations health insurers could not deny cover to those aged up to 65

  • This, however, does not mean that all insurers were hitherto averse to providing health cover to those aged above 65 years

Will all types of existing medical conditions be accepted?

  • Not all types of existing medical conditions will be automatically accepted for insurance for senior citizens in India with no waiting period.

  • Removal of Upper Age Limit: It's good news that the Insurance Regulatory and Development Authority of India has removed the upper age limit for purchasing new health insurance policies. 

  • This means senior citizens can apply for health insurance regardless of their age.

  • Pre-existing Conditions and Waiting Period: However, pre-existing medical conditions can still be a factor. 

  • Insurance companies typically assess these conditions and may impose a waiting period before coverage kicks in for those specific ailments.

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Learnerz IAS | Concept oriented UPSC Classes in Malayalam: Insurance for Senior citizens UPSC NOTE
Insurance for Senior citizens UPSC NOTE
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