January 20, 2022

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How lifelong renewability in health covers works

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Health insurance policies are one-year, annually-renewable contracts. They come with lifelong renewability clause–that is, insurers cannot specify an exit age at which the coverage would end. Until 2012, when insurance regulator IRDAI made this clause mandatory, senior citizens often complained of insurers turning down their renewal requests citing claims filed earlier. This, after having collected premiums during their younger years when policyholders did not need to file claims, only to deny health coverage when they needed it the most. This is now disallowed. So, regular health covers are ordinarily renewable for life, except in cases of fraud, moral hazard and misrepresentation.

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