Experts suggest the premium hike of up to 5 per cent is because of
various changes the regulator has brought in to standardise health products and
make them more customer centric.
Health premiums
have gone up by more than 50 per cent for approximately 5 per cent of the
policyholders this year while for around 43 per cent, it has gone up by 5 per
cent, data compiled by insurance aggregator Policybazaar
revealed.
However, around 23 per cent of the policyholders have seen no change in their
health premiums.
Experts suggest
the premium hike of up to 5 per cent is because of various changes the
regulator has brought in to standardise health products and make them more
customer centric. From October 1, insurance companies have had to include
certain illnesses which they could earlier exclude from their coverage.
But post insurance
regulator’s diktat, insurers have now included treatment for mental illness,
age-related degeneration, internal congenital diseases and artificial life
maintenance. Furthermore, behaviour and neurodevelopment disorders, genetic
diseases and disorders, and puberty and menopause-related disorders have also
been included in the health
insurance coverage.
“The regulator has
allowed upto 5 per cent revision in prices based on the new inclusions in
health products. Also, some companies may have raised rates other than that,”
said Sanjay Datta, chief — underwriting, reinsurance & claims — ICICI
Lombard General Insurance.
The
standardisation drive brought in by the regulator in health products is in the
interest of consumers. “To accommodate these changes in existing products, some
insurers have marginally increased their premiums where required,” said Anuj
Gulati, managing director & chief executive officer, Care Health Insurance.
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