The Insurance Regulatory and Development Authority (IRDA) is ramping up norms for health insurance products. In its latest directive, the insurance regulator has directed that health insurance policies must allow insurance cover to all people at least till the age of 65 years.
From July 1, no company will be able to deny health cover to a senior citizen without furnishing a documented reasoning. “Any proposal for health insurance of senior citizens, which are denied on any grounds, should be made in writing with reasons furnished and recorded. Such reasons should stand the scrutiny of reasonableness and fairness,” the circular said.
Besides, companies will not be able to charge exorbitant premium rates for senior citizens as well. The IRDA has said that the premium rates should be fair, justified, transparent and duly disclosed upfront. The details of any loading charged must also be made available to the insured.