Senior Citizens
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Senior Citizens

IRDA - Senior Citizens
Senior Citizens


Insurance Regulatory and Development Authority of India (IRDAI) is sensitive to the special needs of Senior Citizen Policyholders
It has been intervening proactively with regulatory actions such as:
  • In 2006/2007 when some insurers drastically raised hosplitalisation policy premiums, it laid down a cap for such revision
  • A Committee on Health insurance for Senior Citizens was constituted to go in to special requirements
  • A large number of recommendations of this committee were implemented
  • IRDAI has also issued the following instructions about health insurance for senior citizens to insurers:
    • Individuals should be allowed to buy a new health insurance policy up to the age of 65
    • Any rejection of a proposal for health insurance of a senior citizen should be in writing with reasons
    • A senior citizen policyholder should be given an option to change his TPA wherever practicable
    • At least 50% of the cost for pre-insurance medical examination may be reimbursed where the risk is accepted by the insurer
    • No insurer can refuse the renewal of a health insurance policy except on grounds of
      • Fraud
      • Moral hazard or
      • Misrepresentation


Dictionary Close
Word:  Moral Hazard Definition:  Moral Hazard is something in the nature of suspicion. The intention is to claim the money from the Insurance Co on death by committing a fraud, not with legitimate aim of protecting the family against financial loss caused of death.
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