Insurance sector regulator IRDAI had recently changed many rules. Now this is going to affect your pocket also. Due to the new guidelines, now insurance companies are going to increase the premium of health insurance. Due to this, the premium may increase by a minimum of Rs 1000. Some companies have also started giving indications of increase in premium.
IRDA has changed many rules
According to the new guidelines of IRDA, the waiting period has now been reduced from maximum 4 years to 3 years. Apart from this, senior citizens have also been given relief in the new rules. Apart from this, insurance companies have been instructed to provide health insurance to people suffering from serious diseases. Apart from this, instructions were given to the companies to also provide the option of installment to the people. These new rules have brought a lot of relief to the customers. But, companies have now agreed to increase the premium rates.
HDFC Ergo has announced
HDFC ERGO had recently said that it is going to increase the premium by 7.5 percent to 12.5 percent. The company has said in an email sent to customers that the premium will be increased depending on the age and family members of the policyholder. This decision has been taken due to new rules and increase in medical costs.
Premium has increased rapidly after Covid 19
Echo General Insurance has said that companies can increase the premium by 10 to 15 percent. IRDA has now instructed to provide health insurance to people above 65 years of age. Since the risk of the companies increases with the increasing age of the customer, the premium is certain to increase. After every 5 years of age, premiums increase by 10 to 20 percent. According to the report of CNBC TV 18, from the financial year 2019 to 2024, the average premium has increased by about 48 percent to Rs 26533. It has increased rapidly after Covid 19.
