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- Cap on Premium Hikes: Health insurance premiums for senior citizens cannot be increased by more than 10% annually.
- Approval for Higher Increases: Any increase beyond the 10% cap requires prior approval fom IRDAI.
- No Product Withdrawal: Insurers cannot withdraw individual health insurance plans specifically designed for senior citizens.
- Common Hospital Network: IRDAI urges insurers to adopt a common empanelment of hospitals to standardize hospitalization packages and reduce costs.
- Grievance Redressal: Insurers must set up dedicated grievance redressal systems specifically for senior citizens.
Question:
1 As per the IRDAI directive issued on January 30, 2025, what is the maximum annual increase allowed in health insurance premiums for senior citizens?
- A) 10%
- B) 5%
- C) 15%
- D) 20%