age-no-longer-a-barrier-india-opens-health-insurance-to-all

Senior citizens in India, regardless of age or existing medical conditions, can now purchase health insurance, bringing a sigh of relief to millions above the age of 65.

The Insurance Regulatory and Development Authority of India (IRDAI) has mandated insurance companies to extend their regular health policies to encompass all demographics, including senior citizens, students, and children.

This development follows the pledge made by the ruling Bharatiya Janata Party (BJP) in its election manifesto, promising to include "everyone over the age of 70 years" under the government's Ayushman Bharat health insurance scheme.

The new health insurance provision, outlined in the Government of India Gazette, instructs insurers to design products tailored specifically for senior citizens, students, children, maternity, and any other groups specified by competent authorities.

Insurers are directed to offer coverage for individuals with pre-existing medical conditions, marking a significant departure from previous practices.

India, predominantly a youthful nation, is witnessing a demographic shift with the proportion of the population aged 60 and above projected to reach 20% by 2050.

In response to the IRDAI directive, insurance companies are now empowered to develop new products or enhance existing ones to provide comprehensive coverage for entire families, including parents.

Rupinderjit Singh, Vice President of Retail Health at the insurtech company ACKO, highlights the transformative impact of this directive, stating that it enables companies to offer broader coverage instead of the previous restrictive approach towards senior citizens.

Previously, premiums would escalate with age, leading to limited coverage and the removal of certain insurance riders for individuals older than 50.

Sumit Bohra, President of the Insurance Brokers Association of India, emphasized the significance of this initiative in addressing the coverage gap among senior citizens.

"With many lacking adequate insurance or facing insufficient coverage to meet hospital expenses, the directive presents an opportunity for innovation and penetration into the underserved market segment", he said.