Health insurance will no longer be expensive. Because the insurance regulator IRDAI has issued a circular giving some relief to the policy holders.
Health insurance will no longer be expensive. Because the insurance regulator IRDAI has issued a circular giving some relief to the policy holders. According to this, insurance companies cannot increase the premium by citing changes in their existing policy or adding new benefits. Companies will have to give new benefits to policy holders as add-ons only. Zee Business Channel had reported on Tuesday morning that the premium for health insurance may increase in the coming days. The effect of this news showed and by evening the order of IRDAI arrived.
Policy holders will get relief
– Adding new benefits to existing health plans will not increase premium- IRDAI
– Relief from policy holders from premium increases through changes in existing policy
– Companies increase the premium by changing the existing policy
– IRDAI issues circular to protect the interests of policy holders
– Changes in benefits or new benefits can be given as add on cover – IRDAI
– Companies will not be able to increase premium by adding new benefits
– The policy holder can take the add on cover as per the need
– New and old policy holders will get relief
Zee Business had reported that premium could increase by 10 percent in the coming days. Kovid-19 claims were the main reason for the increase in premium. Health insurance and general insurance companies have received claims worth more than Rs 14000 crore. The second reason is related to exclusion. The things which were earlier in the exclusion, companies will also have to provide their cover in the policy. The third reason is Medicum Inflation. In the medical field, the cost has increased by 18-20 percent. Due to these reasons, the burden on companies has increased. In such a situation, companies will get relief due to increase in premium.
