To curb the steep rise in health insurance premiums, the Insurance Regulatory and Development Authority of India (IRDAI) has issued new guidelines for insurers. Starting Thursday, insurers are restricted from increasing premiums for senior citizens‘ health cover by more than 10% annually. This directive comes in response to the alarming trend of premium hikes, with some insurers increasing premiums by as much as 50-60%, and others even implementing hikes of up to 100%.
In cases where insurers intend to raise premiums for senior citizens by more than 10% in a year, they must first consult with the IRDAI. The regulatory body expressed concern over the financial burden this steep increase places on senior citizens and aims to ensure that such premium adjustments remain reasonable and transparent.
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