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NRIPage | Articles | IRDAI Limits Premium Hike for Senior Citizens to 10% Annually | Get Education & Training Articles. Empowering Lifelong Learning around the world - NRI Page
The Insurance Regulatory and Development Authority of India (IRDAI) has issued a notification that seeks to limit the financial burden on senior citizens regarding health insurance premiums. The new directive mandates that insurers cannot increase premiums for individuals aged 60 years and above by more than 10% annually. This move addresses the concern that steep premium hikes for this vulnerable demographic, who often have limited income sources, may result in significant financial strain. The IRDAI's intervention aims to ensure that health insurance remains affordable for senior citizens and to prevent any unjustified increase in premiums that could leave them without coverage.
The notification also requires insurers to consult with IRDAI if they wish to increase premiums by more than 10%, providing an additional layer of oversight and consumer protection. This ensures that premium hikes for senior citizens undergo scrutiny, which is particularly important given the financial difficulties many elderly people face. In addition, insurers must consult IRDAI before withdrawing individual health insurance products. This rule is designed to prevent sudden discontinuation of policies that might leave senior citizens without adequate coverage or alternative options in a market that could be limited for their age group.
The IRDAI's notification also directs insurers to improve hospital empanelment practices by negotiating standardized package rates for hospitalization, in alignment with the Pradhan Mantri Jan Arogya Yojana (PMJAY). This scheme, which sets package rates for healthcare services centrally, aims to make medical care more affordable by reducing regional disparities in pricing. By requiring insurers to follow similar practices, the IRDAI hopes to ensure that senior citizens have access to affordable healthcare services without the worry of variable and often inflated hospital charges. This holistic approach is intended to enhance the accessibility and fairness of health insurance for the elderly.
