India's No.1 PU & Degree With Integrated IAS & IPS(UPSC/PSC) Training College.
INSURANCE REGULATOR IRDAI ABOLISHES AGE RESTRICTION OF 65 YEARS ON HEALTH INSURANCE
Why in the news?
Irdai abolishes age limit on health insurance; ITC expands food tech business to Kolkata, Delhi, and Mumbai.
source:slideserve
About the Irdai Abolishes Age Restriction on Health Insurance:
- Regulatory Change: The Insurance Regulatory and Development Authority of India (Irdai) has removed the age restriction of 65 years on health insurance policies.
- Impact on Policyholders: This move allows individuals above 65 years to avail health insurance coverage without any age-related limitations, ensuring broader access to healthcare services.
- Objective: Irdai’s decision aims to promote inclusivity in health insurance and address the healthcare needs of the elderly population more effectively.
| About The Insurance Regulatory and Development Authority of India (IRDAI):
● The Insurance Regulatory and Development Authority of India (IRDAI) is a statutory body under the Ministry of Finance, Government of India. ● It regulates and licences the insurance and re-insurance industries. ● Established by the Insurance Regulatory and Development Authority Act, 1999. ● Headquarters relocated to Hyderabad, Telangana, from Delhi in 2001. ● IRDAI directed health insurance providers to create specialised policies for senior citizens and set up channels for addressing their concerns. ● The age limit for purchasing health insurance policies was removed by IRDAI effective from April 1, 2024. ● IRDAI comprises 10 members, including a chairman, five full-time, and four part-time members appointed by the Indian government. |
