Health Insurance - NewNerve

The Insurance Regulatory and Development Authority of India (IRDAI) has recently introduced groundbreaking regulations aimed at making health insurance more inclusive and accessible to individuals across all age groups. These progressive changes, effective from April 1, 2024, signify a significant departure from conventional constraints and foster comprehensive coverage for everyone. Elimination of Age Limit in Health Insurance One of the most impactful changes is the removal of the age limit for purchasing health insurance policies. Previously, individuals aged 65 and above faced challenges in securing comprehensive coverage. However, with the new regulations, this barrier has been dismantled. Now, health insurance is available to all, regardless of age. This move ensures th...

India’s health insurance sector is on the brink of a significant milestone, with projections indicating it will cross the Rs 1 lakh crore mark in FY24. This anticipated growth is not an isolated event but part of a consistent upward trend in the non-life insurance market, which is expected to grow at a rate of approximately 13-15% in the medium term1. The motor insurance segment has been a strong contributor to this growth, already surpassing the Rs 80,000 crore threshold. The health insurance segment, in particular, is expected to be a primary driver of growth, supported by increasing disposable income levels among consumers and a rise across other segments1. Several factors are contributing to the positive outlook for the health insurance sector: Favorable Regulatory Environment: Re...

Tag: Health Insurance

From Limits to Liberation: IRDAI’s New Health Insurance Regulations

India’s Health Insurance Sector: Poised to Break the Rs 1 Lakh Crore Barrier