According to it, a senior citizen holding a health insurance policy under the existing dispensation should not be compelled to shift to any other policy under the new guidelines. They should not be denied renewal of the existing policy as well.

The panel is of the view that apart from traditional insurance policy, Irda should also encourage each insurance company to offer a separate policy based on the concept of healthy ageing. Here, the premiums would be determined based on the health condition of the insured.

It has also set a wider role for the regulator, saying that Irda should evolve sound principles of premium rating based on health condition. It should also organise an insurance pool to underwrite high risk cases for senior citizens above 75 years and those in the age-group of 65-75 years.

The panel reckons that insurers can offer a variety of plans to senior citizens to suit market conditions. Companies can also innovate and offer plans specifically suited to senior citizens like capturing the lump-sum retirement benefits and providing health insurance for long years. The goal is to increase penetration, even while making the health insurance business competitive and commercially viable.