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Recent changes in Insurance UPSC NOTE

 Why in News

  • The Insurance Regulatory and Development Authority of India (IRDAI) has removed the age limit for purchasing health insurance policies, with effect from April 1.

  • Earlier, there was an age limit of 65 years to buy new health insurance policies. 

  • The IRDAI’s latest move is aimed at bringing in extended health benefits to senior citizens.

  • It caters to diverse demographic groups, including children and maternity needs.

  • The IRDAI directive mandates health insurance providers to develop specialised policies catering to senior citizens, and to establish dedicated channels for addressing their claims and grievances.

Recent changes

  • The recent decision to lift the age restriction on insurance coverage is a significant advancement

  • Now, with the removal of this restriction, even the elderly can access cashless insurance benefits.

  • Though premiums for this demographic may be higher

  • This change will greatly benefit those in need of medical insurance, including children, maternity cases, and senior citizens, ensuring a healthier life for many. 

  • It’s a welcome move, serving the public interest and promoting the longevity and well-being of our citizens.

  • While also advancing comprehensive insurance coverage.

  • The Insurance Regulatory and Development Authority (IRDAI) is a statutory body established in 1999 under the aegis of the Ministry of Finance, Government of India.

Here's a quick summary of IRDAI:

  • Function: Regulates and promotes the orderly growth of the insurance and reinsurance industry in India.

  • Objective: To protect the interests of policyholders, promote fair competition amongst insurance companies, and ensure the speedy settlement of insurance claims.

  • Headquarters: Hyderabad, India

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Learnerz IAS | Concept oriented UPSC Classes in Malayalam: Recent changes in Insurance UPSC NOTE
Recent changes in Insurance UPSC NOTE
Learnerz IAS | Concept oriented UPSC Classes in Malayalam
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