Health Insurance Premiums: The most important amendment in the new guidelines of IRDAI is that it has been asked to reduce the waiting period to a maximum of 3 years, which till now is 4 years. It is believed that most insurance companies may consider increasing the premium of their policies to comply with this rule.
Health Insurance Premiums: Your health insurance premium may be costlier by 10 to 15%. Actually, Insurance Regulatory and Development Authority of India (IRDAI) has made some regulatory amendments, which insurance companies are trying to follow. This may also affect the premium of your policy. There are many amendments in the new guidelines of IRDAI. The most important amendment in this is that it has been asked to reduce the waiting period to a maximum of 3 years, which till now is 4 years. It is believed that most insurance companies may consider increasing the premium of their policies to comply with this rule.
“Insurance companies may increase premiums by around 10 to 15 percent,” said Rupinderjit Singh, vice president of retail health at ACKO General Insurance. Some insurance companies, including HDFC ERGO, have already informed their customers about the change in premium rates. HDFC ERGO said that they will have to increase the premium rates by an average of 7.5% to 12.5%.
“We have a responsibility to ensure the long-term financial sustainability of our products. After carefully evaluating the performance of our products in recent years and taking into account both current and projected medical costs,” the company said in an email to customers. Keeping this in mind, we are forced to increase premium rates. This increase may vary depending on the age and location of the policyholder.”
In the new changes, the maximum age limit for purchasing health insurance, 65 years, has been removed. Now people of any age can buy health insurance. Rupinderjit Singh of ACKO General Insurance said that health risks also increase with increasing age, hence premiums often change with age. “Typically, after every five years of age, we see a 10 to 20 per cent increase in premiums,” he said.
Data from online insurance broker Policybazaar shows that annual premiums for retail health insurance in the country have recently increased. During the last 6 years, i.e. between financial years 2019 to 2024, the average annual premium for health insurance has increased to Rs 26,533.
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