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Health Insurance For Senior Citizens: Insurance sector regulator IRDAI has allowed insurance companies to increase the health insurance premium of Senior Cities by up to 10 per cent annually. Regulator said in his order that health insurance companies will have to get permission from it if they increase more than this. However, questions are also being raised on this decision of IRDAI i.e. Insurance Regulatory and Development Authority.
On 30 January 2025, IRDAI issued a circular saying that insurance companies cannot increase more than 10 per cent annually in the health insurance premiums of Senior Cities. Recently, the regulator came to know that health insurance companies have increased the health insurance premium of citizens of 60 years or older. After this, the Insurance Regulatory and Development Authority of India has said that they cannot increase more than 10 percent annually in the health insurance premiums of Senior Citizens, General and Health Insurance Companies which offer Individual Health Insurance Products.
IRDAI said in its order that if the proposed increase in premium for senior cities is more than 10 percent per year, insurance companies will have to consult with regulator. Regulator also said that he will continue to keep a close watch on the health insurance premium products.
However, questions are also being raised on this decision of the regulator. When there is no means of income for senior citizens, then why up to 10 percent per annum was allowed in their health insurance premium, while the RBI has set a 2-6 percent tolerance band for inflation. Is the earnings of senior citizens growing more than 10 percent every year?
The decision of the insurance regulator is the same as the Indian Railways withdrew the exemption in the railway fare to the senior cities.
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