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:

1. In 2006/2007 when some insurers drastically raised hosplitalisation policy premiums, it laid down a cap for such revision

2.A Committee on Health insurance for Senior Citizens was constituted to go in to special requirements

3.A large number of recommendations of this committee were implemented

4.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