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Irdai Puts 10% Cap on Hike in Premiums for Senior Citizens
The New Indian Express Villupuram
|January 31, 2025
In a bid to protect senior citizens—the most vulnerable age group with limited income sources—from steep hikes in health insurance premiums, the Insurance Regulatory and Development Authority of India (IRDAI) on Thursday capped the annual increase on such premiums at 10%.
In its order, the regulator said insurance firms must consult it before proposing any increase that goes above 10%, adding that IRDAI must be duly informed in case of withdrawal of individual health insurance products offered to senior citizens.
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