Insurers asks for health pool for elderly

The Insurance Regulatory and Development Authority (Irda) should make a pool for senior citizen policies, according to general insurance companies. In May 2007, Irda had constituted a seven-member panel to look into issues pertaining to senior citizen policies and health insurance. The committee had suggested an insurance pool that will be primarily sourced via government funding and involve the participation of all stakeholders, including insurance companies and policy holders. A senior public sector general insurance company executive admitted that certain senior citizens may not be readily insurable by industry standards, thanks to medical conditions. Medical science has advanced in the last few decades, leading to increased average life expectancy. Insurance companies are turning away first-time customers who are above 50 years in age and are charging almost 100 per cent additional premium for policy renewals.