Be ready to get another blow from rising prices, because from April 1, your health insurance premium is likely to increase.
It is being said that this increase can be around 10%.
Due to the coronavirus pandemic, the health insurance companies had stopped the increase in premium till now, but now they are forced to increase the premium in wake of the coronavirus claims worth thousands of crores and IRDAI standard rules.
Most companies revise their premiums from the beginning of the new financial year. In such a situation, companies can increase the premium of health insurance policy from April 1. Let's take a look at the reasons due to which the increase in the premium of health insurance is considered bound to happen.
Many diseases are included in the policy
The first reason is that the insurance regulator IRDAI has included many serious diseases in the medical insurance policy. Mental problems, genetic diseases, neuro-related disorders and psychological diseases have been included in the insurance policy. Therefore the premium of insurance is bound to increase.
COVID-19's big claim burden
The second big reason is the coronavirus claim of thousands of crores. Insurance companies have received huge claims worth as much as Rs 14 thousand crores. Out of which, companies have settled claims worth Rs 9 thousand crores, and the rest are being settled. This is the biggest burden on the insurance companies, the recovery of which will be done by increasing the premium.
Additionally, an increase in medical inflation will lead to a higher premium. Altogether, these reasons will force insurance companies to increase health insurance premiums by up to 10 per cent.
