IRDA to check if insurers treat policyholders equally

India Infoline News Service | Mumbai |

TS Vijayan, Chairman, IRDA, said that people in group insurance pay a far lower premium at the cost of individuals who would end up paying more

The Insurance Regulatory and Development Authority of India (IRDA) has started a study on subsidisation of premium for group insurance policies.
The regulator has received several complaints of unjust discounts given to group policies and it wants insurance companies to stop this practice.
TS Vijayan, Chairman, IRDA, said that people in group insurance pay a far lower premium at the cost of individuals who would end up paying more.
Speaking to the media on the sidelines of the launch of a new diabetes health insurance plan by Star Health and Allied Insurance Company on Thursday, Vijayan said, “IRDA will study all aspects of the issue and will come out with its findings.
The regulator will ask General Insurance Council, the apex body of non-life insurer, to provide it with the data on this to understand whether insurers treat all their policyholders equally.
 

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