IRDAI issued a press release dated January 30, 2025, titled “Review of revision in premium rates under health insurance policies for senior citizens” with the aim to address the issue of steep increase in premium rates under some of the health insurance products offered to senior citizens (aged 60 years and above).
The key highlights of the Press release are as under:
- IRDAI has issued the following directions to the general and the health insurers, offering indemnity based individual health insurance products to senior citizens with immediate effect:
- The insurer shall not revise the premium rates for senior citizens by more than 10% per annum.
- Prior consultation with the IRDAI will be needed if the increase proposed in the premium for senior citizens is more than 10% per annum and in the case of withdrawal of individual health insurance products offered to senior citizens.
- The insurers are required to widely publicize the measures taken for the benefit of senior citizens while offering health insurance products.
- The insurers shall take necessary steps for common empanelment of hospitals and negotiate package rates on the line with the Pradhan Mantri Jan Arogya Yojna (PMJAY) scheme.
- The IRDAI will closely monitor indemnity based individual health insurance products offered to senior citizens as part of the ongoing monitoring of insurance products offered in the Indian Insurance market.
A copy of the Order is attached for your ready reference.
Source category: IRDAI
Attachments
- IRDAI Press Release on revision in premium rates under health insurance policies for senior citizens
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