The Insurance Regulatory and Development Authority of India (IRDAI) on January 30, 2025, issued a circular regarding the review of revision in premium rates under health insurance policies for senior citizens.
The following has been stated: -
•IRDAI has introduced measures to address the steep increase in health insurance premiums for senior citizens. Insurers are directed not to raise premiums for senior citizens by more than 10% annually.
•If the premium increase exceeds 10%, prior consultation with IRDAI is required, and insurers must also consult IRDAI before withdrawing products for senior citizens.
•Insurers are urged to publicize measures for senior citizens and negotiate hospital package rates similar to the PMJAY scheme.
•Additionally, insurers must establish a dedicated channel for senior citizens' claims and grievances.
The detailed circular is given in the document below.
[Circular No. IRDAI/ HLT/CIR/MISC/27/1/2025]
