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Health insurers to mention premium for first 5 years: IRDA

However, there is no official announcement from the IRDA regarding raising renewal premiums

October 30, 2012 5:18 IST | India Infoline News Service
The Insurance Regulatory and Development Authority (IRDA) has advised health insurers to mention premium amount for the first five years while filing a new product for its approval, according to media reports.

But these insurers would be free to increase the renewal premium based on medical inflation, cost of healthcare and its underwriting norms. However, increase in the premium cannot be more than the amount mentioned in the premium chart, the media reports added.

However, there is no official announcement or written statement from the IRDA regarding raising renewal premiums, the reports concluded.

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