Health insurance premium may not rise this year

Surabhi Mumbai | Updated on March 13, 2021

Insurers clarify no need for declaration on Covid vaccination

Your health insurance premium is unlikely to be revised this year as most insurers are not looking to hike rates. Insurers also clarified that customers would not have to provide proof of Covid vaccination while renewing or purchasing a health plan.

Many insurers had revised premium rates last year after meeting IRDAI norms for standardisation of exclusions.

“Usually, insurers revise their premiums once every three to four years based on the behaviour of a particular product. If that coincides with a pandemic year, it should not be considered as an indication that it has been done due to the pandemic. Last year, the regulator wanted to standardise some exclusions, so some insurers have utilised it (to revise premiums), others are yet to utilise it,” said an insurer.

Another insurer said, as of now, most companies are not looking to increase premium rates this year. “Whatever had to be done, has been done last year,” he said.

Covid vaccination

Health insurance companies also stressed that with respect to premium pricing, they would not be discriminating between customers on the basis of vaccination.

“It is for the safety of individuals to get the vaccine, but it is not that the insurers would use it to price the premium,” one of the insurers said.

Published on March 13, 2021

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