IRDAI caps annual health insurance premium hike at 10% for senior citizens

In a major relief, the Insurance Regulatory and Development Authority of India (IRDAI) has capped annual health insurance premium hikes at 10 per cent for senior citizens. This decision, effective immediately, comes after reports of steep premium hikes of 50-60 per cent for elderly policyholders. If an insurer plans to increase premiums beyond 10 per cent or withdraw an individual health insurance plan for senior citizens, they must first seek IRDAI's app

This article was originally published on January 31, 2025.