Irdai Breather For Sr Citizens On Insurance Premium

New Delhi: As health insurance companies have implemented steep premium hikes across age groups, some insurers even increasing health premiums up to 200 per cent, the Insurance Regulatory and Development Authority of India (IRDAI) has directed them not to revise premium rates for senior citizens by more than 10 per cent per annum.

In a notification, the insurance industry regulator made note of the steep increase in premium rates under some of the health insurance products offered to citizens aged 60 years and above. According to the regulator, senior citizens constitute a vulnerable age group having limited sources of income and are most impacted in case of a steep increase in health insurance premiums.