January 31 – Insurance Regulatory and Development Authority of India (IRDA) has issued a new circular, which prohibits any unauthorised increase of more than 10% in health insurance premiums for senior citizens within a year. This rule will apply to all health and general insurance companies offering indemnity-based health insurance. IRDA took this step after receiving complaints regarding significant hikes in health insurance premiums for senior citizens.
In the circular issued on January 30, IRDA has said that senior citizens are among the most vulnerable age groups. When there is a significant increase in health insurance premiums, it adversely affects them.
According to the circular, if an insurance company proposes an increase of more than 10% in the health insurance premiums for senior citizens in a given year, it must consult with IRDA. Additionally, any health insurance product related to senior citizens must be reported to IRDA before it is withdrawn.
Source: Media Reports
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