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IRDAI has taken steps to stop sharp increases in health insurance premium

Published on February 01, 2025
Current Context: The Insurance Regulatory and Development Authority of India (IRDAI) issued the directive to cap health insurance premium increases for senior citizens on January 30, 2025.
IRDAI has taken steps to stop sharp increases in health insurance premium
  • 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%
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