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New India Assurance, the country’s largest general insurer, has announced a 10% increase in premiums for certain health insurance products, effective November 11, 2024. This adjustment aligns with recent changes by the Insurance Regulatory and Development Authority of India (Irdai) to expand coverage and address higher anticipated claims.
The revised premiums follow Irdai’s master circular, which includes reducing the waiting period for pre-existing diseases from 48 to 36 months and shortening the moratorium period from 8 to 5 years.
New India, holding 18.8% of the industry’s health portfolio, attributed the hike to these regulatory changes. The company’s health portfolio represented approximately 53% of its business, worth Rs. 5649.86 crore as of June 2024.
Amid rising medical inflation, other insurers have also increased premiums. Medical inflation, often two to three times higher than standard inflation, necessitates these adjustments to sustain insurance products.
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