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:
1. In 2006/2007 when some insurers drastically raised hospitalization policy premiums, it laid
down a cap for such revision
2. A Committee on Health insurance for Senior Citizens was constituted to go in to special
requirements
3. A large number of recommendations of this committee were implemented
4. 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
Economically Vulnerable
Insurance Regulatory and Development Authority of India (IRDAI) has created a special category of
insurance policies called micro-insurance policies to promote insurance coverage among economically
vulnerable sections of society. The IRDAI(Micro Insurance) Regulations,2015 defines and enables
micro-insurance.
A micro-insurance policy is:
A general or life insurance policy with a sum assured of Rs 50,000 or less
A general micro-insurance product is any:
1. Health insurance contract
2. Any contract covering belongings such as
Hut,
Livestock,
Tools or instruments or
3. Any personal accident contract
4. They can be on an individual or group basis
A life micro-insurance product is:
1. A term insurance contract with or without return of premium
2. Any endowment insurance contract or
3. A health insurance contract
4. They can be with or without an accident benefit rider and
5. Either on an individual or group basis
There is flexibility in the regulations for insurers to offer composite covers or package products that include life and general insurance covers together
Intermediaries:
Micro- insurance business is done through the following intermediaries:
1. Non-Government Organizations
2. Self-Help Groups
3. Micro-Finance Institutions
