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IRDAI revised its 2016 circular to omit the clause mandating insurers to offer policies to individuals up to 65 years of age, leaving the age criteria open.
IRDAI has reduced the maximum waiting period for pre-existing diseases from 4 to 3 years and the moratorium period for disputing claims from 8 to 5 years.
Health insurance companies can no longer refuse coverage to people having pre-existing medical conditions like cancer, heart or kidney failure, AIDS, etc.
IRDAI has directed health insurers to formulate special policies considering senior citizens and create a system to dispose of policy-related complaints quickly.
As policy premiums are exorbitantly higher for senior citizens, insurers will allow policyholders to pay the insurance premiums in instalments.
There is no cap on AYUSH treatment, such as Ayurveda, Yoga, Naturopathy, Unani, Siddha, and Homeopathy; one can get coverage for the entire sum insured.
Compiled By Manas Malhotra
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