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Health Insurance for All Ages: IRDAI’s Progressive Decision to lift Age Limit of 65 years

21Apr

By AnkitNo Comments

BFSI, Goverment Notice/Circulars, Insurtech

Health Insurance for All Ages: IRDAI’s Progressive Decision to lift Age Limit of 65 years

In a significant move, the Insurance Regulatory and Development Authority of India (IRDAI) has abolished the age limit for purchasing health insurance policies, effective from April 1, 2024. This decision marks a departure from the conventional constraints that previously limited individuals in securing comprehensive health coverage. With the recent announcement, the regulatory body has eliminated the cap on buying health insurance policies, marking a significant departure from the conventional constraints that often limited individuals in securing comprehensive coverage Furthermore, this move is poised to stimulate innovation within the insurance sector. Insurers are now incentivised to diversify their product offerings, catering to a broader spectrum of healthcare requirements. ...

General Insurance Industry in India: FY24 Insights and Challenges

The Indian general insurance industry, despite maintaining double-digit growth in gross premium during the fiscal year 2023-24 (FY24), fell short of reaching the coveted ₹3 trillion mark. Let’s delve into the key trends, challenges, and contributing factors that shaped the industry’s performance. Growth Figures In FY24, the general insurance industry witnessed a 12.78% YoY growth in gross direct premium underwritten, reaching ₹2.89 trillion. While this growth is commendable, it represents a 4% slowdown compared to the previous financial year’s robust 16.4% uptick. Segment-Specific Insights 1. Health, Motor, and Crop Insurance The non-life industry faced headwinds in segments such as health, motor, and crop insurance. These factors collectively prevented t...

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

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...