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Why in News:
- IRDAI (Insurance Regulatory and Development Authority of India) has abolished the age limit of 65 years for purchasing health insurance, aiming to broaden coverage and provide relief to senior citizens.
Key Points:
- The regulator has instructed insurers to design products specifically for various demographics, including senior citizens, students, children, and maternity.
- Insurers must offer coverage for individuals with all types of existing medical conditions.
- Until now, health insurance for individuals beyond 65 came with stricter conditions, including pre-insurance health check-ups and limited coverage for pre-existing ailments.
- India’s aging population, projected to reach 20% above age 60 by 2050, stands to benefit significantly.
