The health insurance premium may rise 15%, as Govt-owned insurers plan to effect an increase to meet the rising costs of healthcare.
Premiums for health covers were hiked three years ago. Currently companies are in the process of collecting data and are analysing them. The premium hike is likely to happen sometime next financial year.
This would apply to existing policies when they come up for renewal and new policies will also be expensive . Medical inflation is around 15-20 % per year. Govt owned companies kept its health cover prices the same for three years, despite which it had seen the portfolio remain a loss-making one, with a loss ratio of 110%.
The details of the new/revised products will depend on the data that companies are collecting now.
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Categories: Health Insurance
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