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IRDAI has put a cap of 10% hike per year on health insurance policies targeted at senior citizens.
In insurance, a senior citizen is usually an individual above the age of 60 years.
IRDAI said that if an insurance company wants to increase premium beyond 10% or discontinue offering a policy for senior citizens, it must first get permission from IRDAI. This will curb sudden changes that could affect these often vulnerable senior citizens, said the regulator.
Further, the insurer should clearly inform policyholders about these rules and any other benefits to senior citizens.
IRDAI has also asked insurers to work with hospitals to create a common list of approved hospitals and set standard treatment rates for treatment of senior citizens, similar to the Pradhan Mantri Jan Arogya Yojana (PMJAY) scheme.
