Health insurance premiums are set to increase as non-life insurance companies and regular health insurance companies are forced to renew their products to include the necessary changes to the Insurance Insurance and Development Authority's regulatory mandate ( IRDAI).
Increases in premiums can be 5-25 percent, depending on the characteristics of each insurance company increasing its product. Insurance companies have been given time until September 30 to include the modifications requested by the prosecutor. Starting October 1, products must have a suggested modification of the guide.
Insurers are using this time to renew their offers by adding new products and products, according to IRDAI guidelines. They will launch refurbished products with high prices within 2-3 months.
“The rules call for a change in health products to bring about reforms except for some diseases. It has been issued that states that if there are any changes to the insurance premiums, and if the change in the premium amount is within 5 per cent, it can be made on the basis of evidence, "said Rashmi Nandargi. , head – retail, travel & maternity PA, Bajaj Allianz Insurance Insurance.
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But if the increase is more than 5 percent, then the standard file system and usage should be followed. So, we work on the changes and evaluate the impact of the proposed changes, she added.
Amit Chhabra, head of health marketing, Policybazaar.com, said, “The scope of the product continues to expand as unprecedented products arrive at the product’s goal. This means that prices will go up to compensate for the extra cover.
On the one hand, insurance companies can renew their products and increase the features that the prosecutor has requested, which many companies are doing. On the other hand, some companies are taking this opportunity to revive their product by adding a variety of features.
Last year, the regulator came up with instructions. Importantly, the supervisor's concern was that there was no evidence of what was excluded and included in health insurance. Every insurance company has prepared guidelines according to its suitability and this has led to frustration among policy owners.
The regulator sought to standardize products to improve existing offerings to suit today's dynamic needs. It is also to make sure insurers follow wise practices to protect the interests of investors.
Starting October 1, each political version should look the same and even the language must be harmonized. Also, all insurers must follow the guidelines in the list of usable products that will not be covered, Chhabra said.
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The insurance manager said that all medical conditions and illnesses that are discovered after the issuance of this policy will be discussed.
Some of the major diseases that should be included in the list include alzheimer's, parkinson's, AIDS / HIV and obesity. In addition, insurance companies will be excluded from disease-related illnesses, psychiatric treatment, infertility rehabilitation, and related malpractices.
Some of the other exceptions are behavioral and neurological disorders, puberty and menopause, genetic disorders and disorders.
Also, age-related disorders such as facial surgery and knee replacement may also need to be covered.
Industrial workers, who work with harmful chemicals that affect health for a long time, cannot be denied respiratory insurance or skin disorders resulting from workplace conditions.