Senior Citizen Health Insurance

IRDA, i.e. Insurance Regulatory and Development Authority of India, is subtle with the special requirements of Senior Citizen Insured.

Government Rules:

It has been overriding aggressively with the regulatory actions like:

• In the year 2006/2007, when a few of the insurers radically elevated premiums for hospitalization policy, it set down a tam for any such revision
• Government constituted a Committee on Senior Citizens Health Insurance to go in some special requirements
• Numerous recommendations were implemented for this committee
• IRDA also issued the instructions below about the health insurance for senior citizens to the insurance companies:
• People must be permitted to purchase a new senior citizen health insurance plan up to the attainment of age of 65 years
• If the proposal gets rejected, it should be given in writing with valid reasons
• A senior citizen insured must have an option to alter his TPS anywhere feasible
• Minimum 50% of the pre-insurance medical investigation cost might get reimbursed where the insurer accepts the risk
• No insurance company can decline the renewal of any health insurance scheme except on the grounds of misrepresentation, moral hazard or fraud