The Insurance Regulatory and Development Authority of India has released a notification directing insurers to not revise premium rates for senior citizens by more than 10% per annum. The notification, that was released on Thursday, made note of the steep increase in premium rates under some of the health insurance products offered to citizens aged 60 years and above.
Senior citizens constitute a vulnerable age group having limited sources of income and are most impacted in case of a steep increase in health insurance premiums, the regulator stated.
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Insurers will have to consult the IRDAI if the premium is to be increased by more than 10%, it further directed.
As per the notification, insurers will also have to the consult IRDAI before withdrawal of individual health insurance products.
The notification also directed insurers to take steps for empanelment of hospitals and negotiate packages on lines of the Pradhan Mantri Jan Arogya Yojana. Under the scheme, hospitalisation charges are negotiated centrally for package rates and are standardised across hospitals.
Overall, the IRDAI circular is an effort to balance the interests of both insurers and policyholders, said Narendra Bharindwal, vice president, Insurance Brokers Association of India. It restricts premium increases to ensure affordability for senior citizens, while encouraging insurers to focus on cost management and operational efficiency, he said.
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