Irdai Caps Health Insurance Premium Hike for Seniors

The Insurance Regulatory and Development Authority of India (Irdai) has mandated that health insurance premiums for senior citizens cannot increase by more than 10% annually. This decision aims to protect seniors from steep rate hikes in their health insurance premiums.


Devdiscourse News Desk | New Delhi | Updated: 30-01-2025 22:26 IST | Created: 30-01-2025 22:26 IST
Irdai Caps Health Insurance Premium Hike for Seniors
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The Insurance Regulatory and Development Authority of India (Irdai) has implemented a crucial regulation, directing insurers to limit the annual increase in health insurance premiums for senior citizens to 10%. This directive is in response to significant premium hikes that have been recently observed.

In a decisive move, Irdai issued a circular mandating all general and health insurers offering indemnity-based individual health insurance products to ensure that premiums for seniors, aged 60 and above, do not exceed a 10% increase per year.

Insurers proposing hikes above this threshold must consult Irdai prior to implementation. The regulator continues to monitor these products to safeguard seniors against excessive costs.

(With inputs from agencies.)

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