52% of India’s health insurance policyholders indicate a premium increase

The industry’s premiums are expected to rise 10% to 15%.

Over half (52%) of India’s health insurance policyholders said their premium has increased by more than 25% in the past year or so, results from a LocalCircles survey showed.

Whilst, a fifth (21%) of the respondents noticed the increase was more than half of what they were paying previously. On the other hand, 31% stated it climbed between 25% to 50%.

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LocalCircles also said that ever since the Insurance Regulatory and Development Authority of India (IRDAI) decided to update its definitions of the pre-existing condition and moratorium period (MP) in health insurance policies last 1 April, the industry’s premiums are expected to rise 10% to 15%.

The decision comes after the observation that India’s consumers are challenged with health claims processes.

LocalCircle’s survey gathered responses from 11,000 individuals that are covered by health insurance residing in India.