As part of the ongoing monitoring of insurance products offered in the Indian insurance market, IRDAI observed that there has been a steep increase in premium rates under some of the health insurance products offered to senior citizens (aged 60 years and above).
In India, people can purchase health insurance from multiple companies to ensure comprehensive coverage. Policyholders need to inform all insurers about their existing policies and submit the necessary documents for claims. Seeking professional advice is recommended to manage multiple policies effectively while addressing potential complications.
Health insurance claims may be rejected if pre-existing conditions are not disclosed. But sometimes, even the policyholder may not be aware of pre-existing ailments they may be suffering from. To prevent this, it is better that one undergoes pre-policy medical tests, though many insurers do not mandate them. Know more about how pre-policy medical checkups can possibly help avoid claim rejections.
Incurred claim ratio of general, health insurance cos: If you are planning to buy a new insurance policy or port your existing health insurance policy to a new insurer, do remember to check the latest claim settlement ratio of all insurers before finalising one. Irdai has released the claims payment details of general and health insurance companies for the financial year 2023-24. Check the latest incurred claim ratio (ICR) of general and health insurers in India.
Fever, gastritis, heart disease, diabetes, and cancer are top reasons for making claims. Men in urban areas emerged as the highest claimants in health insurance, per PolicyBazaar. Read on to know more about the recent trends in the Indian insurance space.
Health insurance premiums in India are tax-deductible under Section 80D of the Income Tax Act. Policyholders can claim tax deductions up to INR 1 lakh based on the insured individuals' ages. This not only encourages investment in health insurance but also ensures financial security during medical emergencies without straining personal savings.
The current health infrastructure, which includes 165 hospitals, 1590 dispensaries, 105 Dispensary cum Branch Offices (DCBOs), and around 2900 empanelled private institutions, would continue to provide medical services under the ESI Scheme. The ESI Scheme's integration with AB PM-JAY will enhance and reinforce ESIC's efforts to offer the nation's workforce and their dependents high-quality, easily accessible healthcare
