Insurance Regulatory Body IRDAI Clarifies On Revision In Health Insurance Premium

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The Insurance Regulatory and Development Authority of India (IRDAI) has come out with a clarification that insurers were permitted to change the base premium up to +/- 5 per cent of originally approved premium rates, in order to comply with the guidelines on standardization of exclusions as a one time measure for seamless transition of existing products to ensure viability and sustainability, According to IRDAI, as on September 30, 2020, out of 388 products, premiums were increased by general and health insurers up to 5 per cent of the then prevailing rates only in case of 55 products.

Further, the insurance regulatory authority has cleared revision in premium beyond 5 per cent in respect of only five health insurance products of general / health insurers during the year up to November 30, 2020 as part of the periodical modification of their respective products, based on the incurred claims experience.

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