BENGALURU: Annual premium on health covers have risen by 40%-70% for policyholders after insurance companies hiked rates following a regulatory diktat to widen coverage and standardise conditions with regard to exclusions.
For 49-year-old Sundara Vadivel, the premium on his family-floater health insurance cover rose 40% to as much as Rs 31,200. “We are a family of four — my wife, my son and my mother. Our agent told us that this is happening across the board irrespective of age group. If it were not for the pandemic, I would seriously consider opting out,” said Vadivel.
Insurers said increases are necessary as the Insurance Regulatory and Development Authority has asked them to cover a range of conditions that were earlier excluded.