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If you have health insurance and its renewal is near then this news is for you. Yes, the insurance regulator (IRDAI) has recently made some changes in the rules. After this there may be some changes in the insurance sector. Its effect can be seen on insurance premiums in the near future. According to the new rules, now you will have to wait for a maximum of 3 years for an insurance claim. Earlier this time limit was four years. After the changes made by IRDAI, insurance companies are considering changes in the premiums of various policies.
HDFC Ergo says that the company will have to increase the premium by an average of 7.5 percent to 12.5 percent. Insurance companies are giving this information to customers through e-mail. While reviewing the performance of insurance plans, companies have also taken into account the rising cost of treatment. Depending on your age and city, the premium increase may be slightly less or more.
HDFC Ergo says that premium increase can be a bit irritating but it is done only when necessary. This is done by informing IRDAI. This change in rates may affect renewal premiums. Policy holders will be informed in this regard closer to the renewal date.
Recent changes also mandate that there is no age limit for purchasing a health insurance policy. Earlier this limit was 65 years. He said that the risk of disease increases with age. Therefore, the premium amount can be increased according to age. On change in slab related to 5 years, the premium may increase by an average of 10 to 20 percent. This is because insurance companies have to keep an eye on their costs. Additionally, medical inflation in India is around 15 percent, which is another reason for rising premiums.