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The Morning Brief
Age No Bar: Insurance Reforms Reach India’s Elderly
Apr 25, 2024
Dr S Prakash, MD and CEO of Galaxy Health & Allied Insurance Company, and Mahavir Chopra, Founder of Beshak.org, discuss the impact of insurance reforms in India, particularly for senior citizens with pre-existing conditions. They explore the removal of age caps, challenges in accessibility, and the potential implications on policy affordability and stability.
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Quick takeaways
- Removing age caps for insurance policies initiates sector reforms, but concerns on affordability persist.
- Regulatory changes aim to enhance policyholder protection, trust, and accessibility in the insurance sector.
Deep dives
Insurance Reforms in India
The Indian government has introduced comprehensive insurance reforms, including the launch of a state-run online marketplace for insurance policies and regulatory changes across various sectors. These reforms aim to address low insurance penetration rates in India, particularly for senior citizens lacking health insurance coverage. The reforms also focus on expanding coverage options and reducing premiums, with initiatives like Bima Sugam platform and lifting age caps for health insurance policies.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode