This move heightens transperancy of the insurance process and let the aged people seeking policies learn the reasons as to why the policy was rejected.
“Any proposal for health insurance of senior citizens, denied on any grounds, should be made in writing with reasons furnished and recorded. Such reasons should stand the scrutiny of reasonableness and fairness," said IRDA Chairman J Harinarayan.
Apart from this, IRDA has directed the insurers that in case of any differences in product specifications for different age group or for different entry ages, these should be clearly mentioned in the policy document.
This development comes after the senior citizens started complaining about the non-availability of health covers and high premium charged by the insurers.