Were you also troubled by health insurance companies arbitrarily increasing annual premiums for the elderly? They would reduce the sum insured for new illnesses or even balk at claims? First, the elderly can’t easily access insurance, and then there’s the expensive treatment and arbitrary company policies. In the twilight of life, with limited income, health insurance became a problem rather than a convenience.
Two recent changes have occurred in the insurance sector: first, the abolition of GST has made policies cheaper, and second, the insurance regulator, IRDAI, has bound insurance companies to new rules, especially for the elderly. This is a major relief for retired individuals, as there will be no arbitrary increase in annual premiums. The Insurance Regulatory and Development Authority of India (IRDAI) has determined that annual premiums for existing health insurance policies for seniors can only be increased by a maximum of 10 percent.
What will happen with the annual premium cap?
- Senior citizens will be protected from uncontrolled premium increases.
- Continuing insurance coverage will be easier for senior citizens and pensioners.
- Since the cost is higher than retirement income, the risk of policy lapse will be reduced.
- Benefits such as no-claim bonuses and completion of waiting periods will be protected.
- With a fixed income after retirement, budgeting and long-term financial planning will be easier.
Timely Claim Settlement
IRDAI has also made several changes to speed up claim settlement. Delays in the claim process will no longer be the responsibility of the policyholder. According to the new rules:
Insurance Update: Big news of relief for insurance holders, know what is the new update
