Indian health insurers barred from raising premiums whilst upgrading plans

Insurers can still make minor modifications.

Health insurers in India will not be allowed to raise premiums from modifying or adding benefits to existing plans, according to the Insurance Regulatory and Development Authority (IRDAI).

Insurers can still make minor modifications on their plans. Any addition or upgrade may be offered as add-on covers or optional covers with a standalone premium rate to ensure an informed choice to the policyholders, the regulator said.

An appointed actuary should review the financial viability of every health insurance product at the end of every financial year in accordance with the provisions of Regulation 6 of the Health Insurance Regulations, 2016.

The review should be submitted to their board with the analysis of each product as well as recommended corrective actions to ensure its sustainability and protect the interests of policyholders.

Photo courtesy of Pexels.com.

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