What exactly is Lifetime renewal of Health Insurance?

What exactly is Lifetime renewal of Health Insurance?

By Ann Maria Cleetus
SHARE

Getting your Health Insurance Renewed for Life Long

We all work hard and earn money to have a healthy and happy life without any health issues or discomforts. But in the unlikely situation that we become hospitalized, where the total expenditure left for medical expenses is not enough and we have to pay from our own pockets, we realize that our health needs to be insured for a lifetime. But many insurance providers put an age limit especially to senior citizens for which they can claim the health insurance policy.

Health Insurance without Age Barrier

The Insurance Regulatory and Development Authority (IRDA) is currently looking at removing the age barrier from health insurance policies which will surely be a boon to senior citizens who often face road blocks because of their age, this is called lifetime renewal of health insurance where you can renew your policy even after getting old, there is clearly no age barrier.

While the entry age barrier remains, the insured can renew their policy at any age; IRDA has already made the health insurance policies age-free and mandatorily inserted a lifelong renewal clause. Once a health insurance policy is issued by the insurance providers they have to continue renewing it till the insured’s life time. According to the IRDA’s new rule many insurance companies have already started applying for the age-free insurance policy, where policies can be renewed for lifetime of the insured.

Recommended Read : How to get Health insurance for the aged?

Getting insured for life

This new approach by the IRDA takes the pressure off the senior citizens regarding health and other medical expenses. While health is a deteriorating factor as one reaches old age repeated and frequent visits to the hospital will demand a lot of money and if you do not have the savings for the same, paying from your own pockets will not suffice.Hence things are made easier by the IRDA by making your health insurance available for a life time without any age barrier.

This new concept lets more people to avail health insurance policies as they are insured for life and also takes the tension and stress off the insured while confronting with an illness or ailment at a very old age. Although they will have to pay a higher premium, lifetime renewal takes the financial burden off the policy holder making them feel at ease at unlikely and unexpected emergency situations. Some insurance companies have also decided to exclude certain diseases from the policy while the no age bar system was introduced by the IRDA and also charge a higher premium.

In future there will also be plans to remove the entry age gap of 65 years for health insurance plans but nothing has been finalized on the same. Right now, this new movement by the IRDA will surely be beneficial to the senior citizens, whose health is always a major concern.

Recommended Read :

RELATED ARTICLESMORE FROM AUTHOR

2 COMMENTS

  1. The age limit on life health insurance policies is ridiculous! People still need medical care, probably even more, when they get older. It is not fair to assume that an ageing population can just give up one policy and immediately take out another one. Especially when you may not need to claim any reimbursement until you get older. Lifetime insurance should be that - for a lifetime!

  2. Health issues are a major concern for any developing nation. We cannot let our senior citizens suffer because of paucity of funds.The initiative taken by the government to remove the age barrier and certain diseases is a major step in this direction. Though this is just in its initial stage but certain insurance companies have started with the no age barrier insurance policy. But then will the premium be high?

Comments are closed.