Irdai caps annual premium hike for senior citizens at 10% annually—what it means for policyholders
1 month, 3 weeks ago

Irdai caps annual premium hike for senior citizens at 10% annually—what it means for policyholders

Live Mint  

The Insurance Regulatory and Development Authority of India has capped insurers' annual premium hikes at 10% for senior citizens. It also specified two key scenarios requiring prior consultation: if an insurer intends to hike premiums beyond the 10% cap or withdraw an individual health insurance product for senior citizens. Chopra outlined three key risks that policyholders may face: Annual 10% hikes becoming the norm – Insurers may automatically raise premiums by 10% every year, even when lower increases might be justified. Narendra Kumar Bharindwal, director and vice president at the Insurance Brokers Association of India, further warned that the new regulation could make it difficult for senior citizens to switch insurers.

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History of this topic

Health insurance for senior citizens: No clarity on implementation of 10% premium hike cap
3 weeks, 4 days ago

Health insurance for senior citizens: No clarity on implementation of 10% premium hike cap

Live Mint  

NEW DELHI : A couple, in their 60s, bought a family floater health insurance policy from a private insurer in 2018. To be sure, an Insurance Regulatory and Development Authority circular released in January capped insurers' annual premium hikes at 10% for senior citizens aged 60 years and above. View Full Image Graphic by Paras Jain It also specified two …

Fixing senior citizen health insurance pricing beyond the premium caps
1 month ago

Fixing senior citizen health insurance pricing beyond the premium caps

Live Mint  

The Insurance Regulatory and Development Authority of India has capped annual health insurance premium hikes for senior citizens at 10%, offering much-needed relief to an age group often hit hardest by unpredictable price surges. Shielding seniors The 10% cap offers much-needed relief by preventing the sudden, steep premium hikes that have long troubled senior citizens. Capping costs While the 10% …

Irdai puts 10% cap on hike in premiums for senior citizens
1 month, 4 weeks ago

Irdai puts 10% cap on hike in premiums for senior citizens

New Indian Express  

NEW DELHI: In a bid to protect senior citizens—the most vulnerable age group with limited income sources—from steep hikes in health insurance premiums, the Insurance Regulatory and Development Authority of India on Thursday capped the annual increase on such premiums at 10%. In its order, the regulator said insurance firms must consult it before proposing any hike above 10%, adding …

IRDAI caps elders’ health cover spike
Trending News
1 month, 3 weeks ago

IRDAI caps elders’ health cover spike

The Hindu  

The Insurance Regulatory and Development Authority of India on Thursday directed general and health insurers offering indemnity-based individual health insurance products to senior citizens against raising the premium by more than 10% a year. “The insurers shall not revise the premium for senior citizens by more than 10% per annum,” it said in a circular that confirmed the concerns of …

Budget 2025: Why making insurance affordable should be on agenda
2 months, 2 weeks ago

Budget 2025: Why making insurance affordable should be on agenda

India Today  

The Union Budget 2025 is approaching, and one area that demands urgent attention is the insurance sector. With health insurance premiums expected to remain high, improving affordability and accessibility could make a huge difference to the lives of millions of Indians. "With wages and healthcare expenses exceeding CPI inflation, health insurance pricing is likely to remain elevated," said the regulator. …

General insurance claims to get easier, more insurance products choices: IRDAI
9 months, 2 weeks ago

General insurance claims to get easier, more insurance products choices: IRDAI

Hindustan Times  

The Insurance Regulatory and Development Authority of India has issued a new circular on general insurance to simplify various insurance processes and improve the overall customer experience. Representational The changes include the following: 1.No insurance claim shall be rejected for want of documents The IRDAI wrote that required documents are to be called at the time of underwriting the proposal, …

Health insurance: IRDAI sets 3-hour time limit to clear cashless claims. Details here
9 months, 4 weeks ago

Health insurance: IRDAI sets 3-hour time limit to clear cashless claims. Details here

Hindustan Times  

The Insurance Regulatory and Development Authority of India made major changes in the regulatory norms for health insurance policies and issued a comprehensive Master Circular on Health Insurance Products repealing 55 circulars. Health insurance: The IRDAI issued a comprehensive Master Circular on Health Insurance Products repealing 55 circulars. To serve the same purpose, insurers must offer diverse insurance products catering …

What will be the impact of IRDAI regulation asking health insurers to cover those above 65 years of age? | In Focus podcast
10 months, 3 weeks ago

What will be the impact of IRDAI regulation asking health insurers to cover those above 65 years of age? | In Focus podcast

The Hindu  

The Insurance Regulatory and Development Authority of India has asked health insurance companies to offer their products to everyone, regardless of their age. Until now, health insurance was readily available for anyone up to the age of 65, with companies under no obligation to cover those older. But now IRDAI has said insurance firms can extend their health coverage to …

DC Edit | Help seniors pay for health cover
11 months ago

DC Edit | Help seniors pay for health cover

Deccan Chronicle  

The Insurance Regulatory and Development Authority has decided to make it mandatory for insurance companies to offer standard health insurance policies to people aged 65 and above. While some non-life insurance companies have been offering life-long health insurance products to senior citizens, the IRDAI’s new move will create a standard policy across the industry for senior citizens. The health insurance …

Know Major Health Insurance Cover Changes Effective April 1
11 months ago

Know Major Health Insurance Cover Changes Effective April 1

Deccan Chronicle  

Mumbai: Your health insurance company cannot reject your claim on the ground that you did not disclose pre-existing diseases, or misrepresented your health information incase you have paid premium continuously for a period of five years according to the revised IRDAI Regulations 2024 that have kicked in from April 1. The Insurance Regulatory and Development Authority ofIndia has asked insurers …

India expands health insurance access: Senior citizens over 65 eligible for coverage
11 months ago

India expands health insurance access: Senior citizens over 65 eligible for coverage

India TV News  

In a significant move aimed at expanding the health insurance market and providing greater financial security against healthcare expenses, the Insurance Regulatory and Development Authority of India has eliminated the age limit of 65 years for individuals purchasing health insurance policies. Effective implementation from April 1 The recent amendment, effective from April 1, allows anyone, irrespective of age, to purchase …

Now, individuals above 65 can buy health insurance policy. Check new rules
11 months, 1 week ago

Now, individuals above 65 can buy health insurance policy. Check new rules

Hindustan Times  

Now, people above the age of 65 will be able to purchase new health insurance policies as the Insurance Regulatory and Development Authority of India has removed the age cap on buying health insurance policies, effective from April 1, 2024, ANI reported. The insurers may design the health insurance policy products specifically for senior citizens, students, children, maternity, and any …

What do IRDAI’s draft regulations on insurance policies mean for policyholders?
1 year, 1 month ago

What do IRDAI’s draft regulations on insurance policies mean for policyholders?

Live Mint  

The recent proactive stance on consumer protection by the Insurance Regulatory and Development Authority of India represents a noteworthy development. The IRDAI’s proposition to make nomination mandatory for life insurance policies and facilitate its registration without any associated costs is designed to enhance policyholder protection and streamline the claims process. Nomination essential during issuance and renewal Insurance companies, whether offering …

IRDAI Member Says Insurance Sector Needs To Reorient Itself
1 year, 5 months ago

IRDAI Member Says Insurance Sector Needs To Reorient Itself

Deccan Chronicle  

Mumbai: While the domestic economy is growing well, the insurance sector has been unable to keep pace with it unlike the banking sector, BC Patnaik member life Insurance Regulatory and Development Authority of India said on Tuesday. Patnaik said that although the life insurance sector has covered a substantial 52 crore lives, including the adult population through initiatives such as …

Voluntary health insurance and its expansion
1 year, 8 months ago

Voluntary health insurance and its expansion

Hindustan Times  

With the launch of Pradhan Mantri Jan Arogya Yojana, insurance is no doubt set to play a dominant role in India as seen in other countries, in its path towards universal health coverage. These schemes form multiple risk pools extending from social health insurance like the Central Government Health Scheme and Employee State Insurance Scheme for formal employees to private …

IRDAI removes the cap on commission for agents; 4 analysts delve into its pros and cons for policyholders
1 year, 11 months ago

IRDAI removes the cap on commission for agents; 4 analysts delve into its pros and cons for policyholders

Live Mint  

The Insurance Regulatory and Development Authority of India in its recent update announced the removal of the cap on the commissions earned by agents, brokers and online insurance aggregators. As opposed to the cap set on insurance agents earlier, the insurance sector will now decide the commission payments based on their operational expenses. Equally, there is a clear push from …

IRDAI’s new rules on commission payments give insurers more flexibility to manage their expenses
1 year, 11 months ago

IRDAI’s new rules on commission payments give insurers more flexibility to manage their expenses

Live Mint  

The Insurance Regulatory and Development Authority of India has approved new rules on the payment of commissions to insurance agents or insurance intermediaries by insurers. Under the IRDAI Regulations, 2023, notified on 26 March 2023, the insurance regulator has replaced the earlier individual cap on commission payments on insurance products with an overall cap on expenses of management of insurers. …

Come out with insurance products for persons with disabilities, mental illness: IRDAI to insurers
2 years, 1 month ago

Come out with insurance products for persons with disabilities, mental illness: IRDAI to insurers

The Hindu  

Insurance regulator Insurance Regulatory and Development Authority of India has asked general and standalone health insurers to offer a specific cover for Persons with Disabilities, persons afflicted with HIV/AIDS, and those with mental illness. The insurers have been directed to put in place a Board-approved underwriting policy that ensures that no proposal from these categories of population is denied insurance …

Insurers Can Now Launch Health, General Insurance Products Without IRDAI Nod; What it Means
2 years, 9 months ago

Insurers Can Now Launch Health, General Insurance Products Without IRDAI Nod; What it Means

News 18  

India’s top insurance regulating body, Insurance Regulatory and Development Authority of India, with an aim to make the country fully insured has allowed insurers to launch health and most of the general insurance products without its prior nod. The Insurance Regulatory and Development Authority of India has extended the ‘Use and File’ procedure for all the Health Insurance products and …

Insurance companies can now launch new products without IRDAI approval
2 years, 9 months ago

Insurance companies can now launch new products without IRDAI approval

India TV News  

Highlights IRDAI said its decision is in line with reforms agenda taken up towards having a fully insured India The regulator said it also a step towards improving the ease of doing business in the sector It expressed hope that the decision will enable the industry to launch suitable products Insurance companies can now launch insurance products without obtaining any …

‘Vision 2047’ commitment is to fulfill objective of insurance for all: Irdai
2 years, 10 months ago

‘Vision 2047’ commitment is to fulfill objective of insurance for all: Irdai

Live Mint  

The Insurance Regulatory and Development Authority of India is working on reforms that will lead to the objective of “insurance for all” by 2047, a vision plan to increase insurance penetration and facilitating sustainable growth of the industry. “IRDAI is continuously engaging with the stakeholders of the insurance industry in order to set out a reforms agenda for increasing insurance …

India must look at uniformity of insurance
3 years ago

India must look at uniformity of insurance

Live Mint  

Around two years ago, Insurance Regulatory and Development Authority, the insurance regulator, under its previous chairman, kick-started the standardization of insurance products with health insurance. Especially long-term products like term life and health insurance, where customers commit big premiums for the long term, in most cases for their lifetime. As per our check on the IRDAI portal, there have been …

Don't modify existing health insurance policies that leads to higher premium: IRDAI tells insurers
4 years ago

Don't modify existing health insurance policies that leads to higher premium: IRDAI tells insurers

Firstpost  

New Delhi: Irdai has directed health insurance providers not to make any changes to existing health policies that may lead to a rise in premium for policyholders. In a circular, the Insurance Regulatory and Development Authority of India said general and standalone health insurers are not allowed to modify existing benefits and add new benefits in the existing products, which …

Irdai removes ₹5 lakh cap on sum insured for Arogya Sanjeevani policies
4 years, 8 months ago

Irdai removes ₹5 lakh cap on sum insured for Arogya Sanjeevani policies

Live Mint  

Taking into account the increasing cost of healthcare in the country amid the covid-19 pandemic, the Insurance Regulatory and Development Authority of India has allowed all general and health insurance companies to increase the sum insured on the standard health insurance product beyond ₹5 lakh. The standard product called Arogya Sanjeevani, which all insurers are mandated to offer had a …

Health insurers may collect premium in instalments: IRDAI
4 years, 11 months ago

Health insurers may collect premium in instalments: IRDAI

The Hindu  

The Insurance Regulatory and Development Authority of India has permitted insurers to collect health insurance premium in instalments. In view of prevailing conditions owing to the COVID-19 outbreak and considering the need to ease premium payments, all insurers are allowed to collect health insurance premiums in instalments, the regulator said. The enabling provisions for insurers to add premium payment frequency …

Standard health cover will help, but Irdai needs to plug the gaps
6 years, 1 month ago

Standard health cover will help, but Irdai needs to plug the gaps

Live Mint  

The thought is not new. Irdai’s new draft, released on 19 February, addresses this confusion by proposing a basic health insurance plan, named Standard Mediclaim Policy, which will be comparable across insurers. The importance of health insurance can’t be stressed enough, but with so much choice and with varying policy exclusions, it’s often difficult for customers to bring home a …

After Irdai overhaul, what’s in store for motor insurance space?
6 years, 3 months ago

After Irdai overhaul, what’s in store for motor insurance space?

Live Mint  

Motor insurance has seen major changes over the past few months, such as change in policy tenure and sum insured for private vehicles. The online ecosystem is now large and current motor insurance products need to be modified to effectively reach online customers, as well as need to be suitably buttressed with attractive offers like lower premiums. Tapan Singhel, Managing …

Irdai's consumer-friendly move: To minimise exclusions in health insurance policy, enhance scope of coverage
6 years, 8 months ago

Irdai's consumer-friendly move: To minimise exclusions in health insurance policy, enhance scope of coverage

Firstpost  

The Irdai had from time to time issued guidelines on standardisation in health insurance and to enhance transparency and uniformity. New Delhi: In a significant consumer-friendly move, insurance regulator IRDAI on Tuesday said it has started the exercise to minimise the number of illness/diseases which are not covered under the health insurance policies. The panel will examine the exclusions that …

Truckers to intensify strike against hike in insurance rates as talks with IRDAI fail
7 years, 11 months ago

Truckers to intensify strike against hike in insurance rates as talks with IRDAI fail

India TV News  

The ongoing strike by truckers against the hike in the premium of third party insurance is set to intensify with a Motor Transport Union official informing that a meeting with the Insurance Regulatory Development Authority of India failed to arrive at a solution. The ongoing strike across southern states is likely to result in rise in prices of essential commodities …

General insurance premium set to go up from 1 April
8 years ago

General insurance premium set to go up from 1 April

India TV News  

Car, motorcycle and health insurance will cost more from 1 April with regulator Insurance Regulatory and Development Authority giving go-ahead to insurers for revision in commission for agents. The increase will be in addition to the enhanced third party motor insurance rates, which too will come into affect from April. However, the change in premium due to the new regulations …

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