Health Insurance Premium Will Be Expensive in The New Year

In the new year 2022, private hospitals are preparing to increase the treatment and package charges by up to 10 percent, which will also affect your health insurance premium. The increase in hospital charges will have more impact in the group insurance premium that is renewed every year and insurance companies will increase the group health premium as soon as the agreement with the hospitals is renewed. However, this will not affect the premium of the individual health policy for the time being. 

Individual policy premium will not increase

IRDAI’s approval is necessary for increasing the premium of individual health policy, but under the guise of increase in Corona’s claim, companies are also demanding to increase the premium in individual health policy. Insurance companies have received claims of 25 thousand crore rupees related to Corona. Some companies have increased the premium and some are in the process of increasing it.

Will there be an impact on term plans as well?

The demand for term insurance plans has increased during the Corona period. In such a situation, companies will have to increase strictness for underwriting of term products giving pure protection and companies may have to increase rates due to increase in reinsurance prices. Along with income proof, now companies can also ask for bank statement. In addition, the conditions for complete medical examination may also apply for acceptance of the proposal. Actually, reinsurance companies are increasing the rates with more claims than expected. In such a situation, term plans can also be expensive in the coming times.

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