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Common risk pool expected for senior citizens cover

IRDA's committee on senior citizens is planning to set up third-party pool to provide health insurance policies for senior citizens at affordable pricing.

03 Mar 2008

IRDA's committee on senior citizens is planning to set up third-party pool to provide health insurance policies for senior citizens at affordable pricing.

Industry statistics claim ratio for senior citizen health insurance is 300 per cent. For every Rs. 100 premium collected by insurance company, they have to pay Rs. 300 as a claim.

Therefore, insurance companies avoid such policies to reduce their losses, but it makes difficult for senior citizen to buy health insurance cover.

The 2008 budget announcement about income-tax deduction on health insurance premium was also recommended by the committee.