Page 10 - Insurance Times June 2024

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fer a sum assured of Rs. 500 for 10 days,
IRDAI abolishes age restriction on health insurance
with a maximum amount of Rs. 5,000
policies available without producing bills or docu-

With a view to widen the market and foster adequate protection from ments. The claim settlement is proposed
healthcare expenses, insurance regulator IRDAI has removed the age limit to be done differently for different seg-
of 65 years for individuals buying health insurance policies. This marks a sig- ments. For the property part of the
combo, the solution will be on a para-
nificant departure from the conventional constraints that limited individuals
in securing comprehensive coverage. metric basis, ensuring timely payouts
based on the magnitude of the event.
By abolishing the maximum age restriction on purchasing health insurance
plans, IRDAI aims to foster a more inclusive and accessible healthcare eco- To popularise the product, agents sell-
system, ensuring adequate protection against unforeseen medical expenses. ing Bima Vistaar policies are likely to
earn a commission of 10 per cent to
As per the earlier guidelines, individuals were allowed to purchase a new incentivise wider distribution and adop-
insurance policy only till the age of 65. However, with the recent amend- tion of the product. The insurance regu-
ment, which has been effective from April 1, anyone, regardless of age, is lator is likely to formally announce the
eligible to buy a new health insurance policy. modalities soon.
In a recent gazette notification, IRDAI said, "insurers shall ensure that they Discussion on Bima Sugam, a one-stop
offer health insurance products to cater to all age groups. Insurers may de- digital platform, matters pertaining to
sign products specifically for senior citizens, students, children, maternity, changes in lower charges and higher sur-
and any other group as specified by the Competent Authority." render value and progress of Lead insurer
for states were other matters taken up
Besides, insurers have been mandated to offer health policies to individuals
during the meeting, say sources.
with pre-existing medical conditions of any kind.
"Bima Vistaar is a commendable step
towards increasing insurance accessi-
IRDAI may price Bima product (premium) could be fixed at bility and penetration. The affordable
around Rs. 1,500 per individual to offer pricing reflects IRDAI's commitment to
Vistar at around Rs. 1,500 comprehensive coverage across mul- providing financial security to a wider

per head tiple insurance categories. population segment," Narendra
IRDAI held deliberations on pricing and The product includes Life cover, Health Bharindwal - Vice President of the In-
other modalities of the much-awaited cover, personal accident and property surance Brokers Association of India
all-in-one affordable insurance product, cover with a family Floater. (IBAI), told.
Bima Vistar, with the captains of indus- The sum assured for Life, Personal Acci-
try at the Two-day Bima Manthan con- dent, and Property covers is proposed Hinduja Group gets IRDAI
cluded here. at Rs. 2 lakh each, while the Health nod for RCap acquisition
According to sources, the pricing of the cover, known as hospital cash, might of- The Hinduja Group's IndusInd Interna-

10 June 2024 The Insurance Times