The IRDA has recently announced a new rule that limits how much health insurance premiums can increase for senior citizens in India. Under this directive, insurance companies cannot raise the premiums for individuals aged 60 and above by more than 10% in a year.
This decision was made after the IRDA noticed that some health insurance plans had dramatically increased their premium rates for seniors. To protect older citizens from these high costs, the regulator has issued a circular to all general and health insurance providers, mandating a cap on annual premium increases for seniors.
This regulation is expected to provide significant relief to senior citizens who depend on health insurance for their medical needs. By limiting the rate at which premiums can increase, the IRDA aims to prevent seniors from facing unaffordable insurance costs.
| Aspect | Details |
|---|---|
| Restriction | Premium hikes for seniors limited to 10% annually |
| Age Group | Seniors aged 60 years and above |
| Reason | Significant premium increases observed for senior citizens |
| Impact | Aims to reduce financial burden on senior citizens |
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