Health insurance policy premiums could see a price rise soon, according to PolicyBazaar. Prices can go up by 5-25 percent depending on the insurance company and the product features. The rise is in view of the revision of all health products that was announced last year.
“In October 2019, the Insurance Regulatory and Development Authority of India (IRDAI) issued a list of guidelines for health insurance companies with the proposition to make the health insurance products more customer-centric,” said Amit Chhabra, Head, Health Insurance – PolicyBazaar.
IRDAI has made it mandatory for all insurance companies to adhere to the guidelines and implement in same in health insurance products with effect from October 2020.
“Insurers are using this time to revamp their products by adding new features and standardising products as per IRDAI guidelines… and launch them within two-three months with a higher price,” Chhabra noted.
With new guidelines in place, all exclusions in a health insurance cover will be completely standardised in accordance with the policy terms and conditions. Any disease or ailment that is diagnosed by a physician 48 months prior to the issuance of the health cover will be classified as pre-existing diseases. Apart from this, any condition whose symptoms or signs have resulted within three months of the issuance of the policy will also be classified under pre-existing diseases.
“All health conditions and illnesses acquired after the issuance of policy will be covered under the policy. Some of the important and major diseases that will be added to the list includes Alzheimer, Parkinson, AIDS/HIV and morbid obesity. Age-related ailments including cataract surgery and knee-cap replacements would also be covered,” Chhabra explained.
Moreover, factory workers and those employed where harmful chemicals are used that can impact health over a long-term period, cannot be refused respiratory or skin ailments that arise as a result of workplace conditions. Such conditions will be included in the revamped health insurance policies.
Mental illnesses and several other health issues will also be included in all regular health insurance products.
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