If you have health insurance and its renewal is near, then definitely read this news.
Yes, insurance regulator IRDAI has made some changes in the rules recently.
After this there may be some changes in the insurance sector. Its effect may be seen on insurance premiums in the future.
According to the new rule, now you will have to wait for a maximum of three years for an insurance claim.
Earlier this time limit used to be four years.
After the changes made by IRDAI, insurance companies are considering changes in the premium of different policies.
Increase in Premium
HDFC ERGO has already informed the customers about the change in premium.
HDFC ERGO says that the company will have to increase the premium by an average of 7.5% to 12.5%.
Insurance companies are also giving information about this to customers through e-mail.
In the information given by the insurance companies, it was told that in order to give you a good plan, the premium rates (insurance prices) have to be increased slightly.
Impact on Renewal Premium
Information will be available as the renewal date approaches.
Along with reviewing the performance of the insurance scheme, the companies have also kept in mind the increase in treatment costs.
Depending on your age and city, the premium increase may be slightly more or less.
HDFC Ergo says that the premium increase may be a bit irritating but it is done only when necessary.
This is done by informing IRDAI.
This change in rates may affect the renewal premium. Policyholders will be informed about this as the renewal date approaches.
Age No Bar for Health Insurance
Rupinderjit Singh, Vice Chairman of ACKO General Insurance Company, said that some insurance companies can increase the premium by 10% to 15%.
Among the recent changes made by IRDAI, there is also a rule that now there is no age limit for purchasing a health insurance policy.
Earlier this limit was of 65 years. He said that the risk of disease increases with increasing age, hence the premium amount can also be increased according to age.
Factors Affecting Premium
He said that if the age related slab changes every five years, the premium may increase by an average of 10% to 20%.
This happens because insurance companies have to take care of their expenses. Also, medical inflation in India is around 15%, which is another reason for increasing premiums.
According to data from an online insurance broker, the average amount paid by people taking health insurance in the country has increased significantly in the last few years.
According to a report, during the six years from 2019 to 2024, the average amount has increased by 48% to Rs 26,533. Two reasons are being given for this increase.
Firstly, the rapid increase in the cost of treatment (Medical Inflation) and secondly, increasing awareness among people about health insurance after the Covid-19 pandemic.
