‘Age free’ policy is what the insurance industry is aiming at in the present scenario. IRDA or The Insurance Regulatory and Development Authority is aiming at removing the age barrier for getting insurance policies. This will imply that once a policy is bought, it can be renewed throughout the lifetime of the policy holder. The present entry age limit is 65 years.
Many insurance companies have started applying for this life long renewal clause and are waiting for approval. Many others are expected to start applying soon. Removing the entry age gap is under serious consideration but the plan is not concrete yet. Health insurance constitutes more than one-fourth of the overall insurance industry. The application of Lifetime renewal policy will help in making health insurance a more significant part of this industry.
Source: http://www.business-standard.com/india/news/age-barrier-for-health-policies-may-go/461515/
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