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Now, insurance companies to provide policy cover upto age 65!

Written by Admin |Updated : June 9, 2012 9:04 AM IST

senior citizen insuranceHere's some good news for our senior citizens - the Insurance Regulatory and Development Authority (IRDA) has raised the age limit for insurance cover to 65 years.

People like Mr Nandan Sen, who at 60 spends the better part of his pension on medicine to help live with diabetes, have welcomed this move.

India has the highest out-of-pocket medical expenses in the world; around 60% of all expenses. It's harder for older people to get insured or even if they do the costs are very prohibitive. The new draft IRDA guidelines make it mandatory for health insurers to provide a policy cover for people up to the age of 65. There is no age of exit. If the premiums are renewed without a break, they can stay insured as long as they want.

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There is more good news in the draft guidelines as they look to crackdown on the practice of insurers who refuse to renew policies for customers who fall sick. Another upside is the fact that it will be compulsory to provide cashless treatment to patients even if the hospital is removed from the preferred providers list. Another guideline says that all claims needs to be settled within a month if the paperwork is in order. If all these guidelines are indeed ensured then it'll mean that India's senior citizens will finally have ample medical cover that has always been denied to them.

Total Wellness is now just a click away.

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