Irdai caps health insurance premium hikes for senior citizens at 10 pc per annum
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In a circular, Irdai has directed all general and health insurers offering indemnity-based individual health insurance products to senior citizens not to «revise the premium for senior citizens by more than 10 per cent per annum».
Indemnity health insurance plans are mediclaim insurance policies wherein insurance companies pay the actual hospitalisation expenses incurred by the policyholder.
Irdai further said insurers will have to undertake prior consultation with it if the increase proposed in the premium for senior citizens is more than 10 per cent per annum.
The regulator also said that as part of the ongoing monitoring of insurance products, Irdai will continue to keep a close watch on indemnity-based individual health insurance products offered to senior citizens.
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