Insurance companies will not be able to act arbitrarily, and senior citizen's health policy premiums will not increase by more than 10%

To make health insurance more affordable for senior citizens, the Insurance Regulatory and Development Authority of India has issued these instructions for insurance companies. It is clearly stated that the premium should not be increased by more than 10 percent annually on the health insurance policy of people aged 60 years or above.

Insurance regulator IRDAI has provided a big relief to senior citizens. From now on, insurance companies will not be able to increase the premium by more than 10 percent annually on the health insurance policy of senior citizens. The elderly may now have to pay only up to 10 percent more premium for health insurance.

To make health insurance more affordable for senior citizens, the Insurance Regulatory and Development Authority of India has issued these instructions for insurance companies. It is clearly stated that the premium should not be increased by more than 10 percent annually on the health insurance policy of people aged 60 years or above. If any insurance company wants to increase the rate by more than ten percent, then they will have to first get permission from the insurance regulator.

The arbitrariness of insurance companies will end.

For the last few years, a sudden increase has been seen in the insurance premiums of senior citizens. Due to this people above 60 years of age not only faced problems in getting insurance but also in renewing the policy.

Along with this, the regulator has also decided that if any insurance company wants to discontinue any health insurance product, then for this they will have to first get permission from IRDAI. So that no policyholder suffers any loss due to sudden discontinuation of any policy. Senior citizens should not be deprived of health coverage, hence it is necessary to inform the regulator about any kind of change first.

Insured persons should get treatment facilities.

IRDA has also issued instructions to insurance companies so that insured persons do not have to face trouble in getting treatment. In which it has been said that they should make a list of hospitals. Hospitals will have to be listed for the benefits available under the Pradhan Mantri Jan Arogya Yojana.

All insurance companies should create a secure channel for matters related to senior citizens. All information should also be available on the official websites of all companies. This should also include information about hospitals covered under the Pradhan Mantri Jan Arogya Yojana.

Disclaimer: This content has been sourced and edited from economictimes. While we have made modifications for clarity and presentation.