New Delhi, Feb 7 (IANS) As health insurance companies have implemented steep premium hikes across age groups — some insurers even increasing health premiums up to 200 per cent — the Insurance Regulatory and Development Authority of India (IRDAI) has directed them not to revise premium rates for senior citizens by more than 10 per cent per annum.
In a notification, the insurance industry regulator made note of the steep increase in premium rates under some of the health insurance products offered to citizens aged 60 years and above.
According to the regulator, senior citizens constitute a vulnerable age group having limited sources of income and are most impacted in case of a steep increase in health insurance premiums.
“Insurers will have to consult the IRDAI if the premium is to be increased by more than 10 per cent,” it further directed. As per the notification, insurers will also have to the consult IRDAI before withdrawal of individual health insurance products.
The notification also directed insurers to take steps for empanelment of hospitals and negotiate packages on lines of the Pradhan Mantri Jan Arogya Yojana.
Under the scheme, hospitalisation charges are negotiated centrally for package rates and are standardised across hospitals.
The IRDAI circular is an effort to balance the interests of both insurers and policyholders.
There has also been a long-standing demand for GST reduction on life and health insurance premiums. It is believed that if GST is reduced on insurance premiums, it will reduce the tax burden on both insurers and policyholders.
The Group of Ministers (GoM) has prepared a detailed report on GST decisions regarding various insurances, and exemption on the premium paid for the policies will be reviewed in the next meeting of the GST Council.
—IANS
na/
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
