Senior citizens no more need to feel insecure because of insurance companies' denial to give health cover as regulator IRDA has asked insurers not to deny medical insurance to customers of at least till 65 years of age.
"All health insurance products filed hereafter must allow entry at least till 65 years of age," Insurance Regulatory and Develoment Authority said in a communication to CEOs of all general insurance companies.
It also said any denial to health insurance for senior citizens should be made in writing with reasons furnished and recorded. Such reasons should stand scrutiny of reasonableness and fairness," it added.
The insurance regulator further said the premium charged for health insurance products catering to the needs of senior citizens should be fair, justified, transparent and duly disclosed upfront.
IRDA said insurers should devise mechanisms to reward policyholders for early entry and continued renewals with the same insurers.
Insurers will reimburse at least 50 per cent of the cost incurred by the insured in pre-insurance medical examination, in cases where the risk is accepted, insurance regulator said.
"This circular shall take effect for all policies issued or renewed on or after July 1, 2009," IRDA said.
Welcome to Silver Innings Blog, Good Day
Powered by IP2Location.com
The content of this Blog, including text, graphics, images, information are intended for General Informational purposes only. Silver Innings Blog is not responsible for, and expressly disclaims all liability for, damages of any kind arising out of use, reference to, or reliance on any information contained within the site. While the information contained within the site is periodically updated, no guarantee is given that the information provided in this Web site is correct, complete, and up-to-date.The links provided on this Blog do not imply any official endorsement of, or responsibility for, the opinions, data, or products available at these locations. It is also the user’s responsibility to take precautionary steps to ensure that information accessed at or downloaded from this or linked sites is free of viruses, worms, or other potentially destructive software programs.All links from this Blog are provided for information and convenience only. We cannot accept responsibility for sites linked to, or the information found there. A link does not imply an endorsement of a site; likewise, not linking to a particular site does not imply lack of endorsement.We do not accept responsibility for any loss, damage or expense resulting from the use of this information.Opinions expressed by contributors through discussion on the various issues are not necessarily those of Silver Innings Blog.