Senior citizens unhappy with IRDA diktatIRDA has issued a circular to all public-sector general insurance companies to cap premium on senior citizens health insurance policies.
15 Apr 2008
Insurance Regulatory and Development Authority (IRDA) has issued a circular to all public-sector general insurance companies to cap premium on senior-citizen health insurance policies. IRDA asked insurers to make sure that no senior citizen has to pay more than 150-175 per cent of the premium they paid previous year.
Public-sector general insurance companies have begun to follow IRDA's instruction on capping the health insurance rates for senior citizens. But senior citizens are complaining that there are too many conditions attached to it.
The cap will be made available to only to those senior citizens who held a policy continuously for three years and didn't make any claims. It is also available to those who reached the stipulated age of being a 'senior citizen' as in September 2006.