Press Information Bureau

Government of India

Ministry of Finance

02-December-2011 18:8 IST

December 02, 2011 The Insurance Regulatory and Development Authority (IRDA), the regulator in the insurance sector had constituted a Senior Citizens Committee in 2007. Based on the recommendations of the Committee, the IRDA had instructed insurers in April, 2007 to allow entry in health insurance policy at least till 65 years of age. In August 2008, IRDA mandated establishment of a separate channel to address health insurance related grievances of senior citizens. Further, vide instructions issued in March, 2009, IRDA instructed that apart from the entry age of 65 years, the denial of health insurance to senior citizens on any grounds should be in writing with reasons furnished and recorded and the premium charged to senior citizens should be fair, justified and transparent and duly disclosed upfront. As the most recent initiative, IRDA, while approving health insurance products, advises all general insurers to ensure that there is no exit age in the policy which ensures that no one is denied health insurance merely on grounds of age.

This information was given by the Minister of State for Finance, Shri Namo Narain Meena in written reply to an Unstarred Question in Lok Sabha today.

DSM/ Hb

Health insurance access: regulator requires insurers to admit senior applicants up to a specified entry age and avoid exit-age clauses. IRDA directed insurers to permit entry of older applicants up to a specified upper age, to avoid any contractual exit age that would deny coverage due to age, to communicate any denial in writing with recorded reasons, and to charge premiums to senior citizens that are fair, justified, transparent and disclosed up front. It also required a dedicated grievance channel for senior health-insurance complaints and incorporated these protections into product-approval guidance for general insurers.