Senior Citizens

Insurance Regulatory and Development Authority of India (IRDAI) is sensitive to the special needs of Senior Citizen Policyholders
It has been intervening proactively with regulatory actions such as:
  • In 2006/2007 when some insurers drastically raised hospitalization policy premiums, it laid down a cap for such revision
  • A Committee on Health insurance for Senior Citizens was constituted to go in to special requirements
  • A large number of recommendations of this committee were implemented
  • IRDAI has also issued the following instructions about health insurance for senior citizens to insurers:
    • Individuals should be allowed to buy a new health insurance policy up to the age of 65
    • Any rejection of a proposal for health insurance of a senior citizen should be in writing with reasons
    • A senior citizen policyholder should be given an option to change his TPA wherever practicable
    • At least 50% of the cost for pre-insurance medical examination may be reimbursed where the risk is accepted by the insurer
    • No insurer can refuse the renewal of a health insurance policy except on grounds of
      • Fraud
      • Moral hazard or
      • Misrepresentation

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