Don't overcharge senior citizens: Irda

The Insurance Regulatory and Development Authority (Irda) have warned all public sector full general coverage companies not to bear down higher coverage premium from senior citizens on medical insurance policies or mediclaim.

According to industry sources, a prima populace sector full general coverage company is charging senior citizens almost Rs 1,000 other in premium.

For example, for a sum of money assured of Rs 1 lakh, the company is charging Rs 2,700 in insurance premium compared to Rs 1,500 before the revision. It may be recalled that all public sector full general coverage companies had revised mediclaim insurance premium in April 2007.

Irda additional added, "The Authority have received respective ailments from senior citizens that renewal insurance premiums are exorbitant. Senior citizens should not be compelled by coverage companies to transmigrate to other wellness coverage merchandises if it is to the disadvantage of senior citizens."

The regulator have asked all chairmen of public sector coverage companies not to transcend 50-75 per cent of insurance premium charged prior to the revision.

Meanwhile, the regulator have created a separate cell to go to to grudges of senior citizens in regard of non-renewals Oregon extortionate additions in coverage premium payments on mediclaim policies by public sector full general insurance companies.

Pension premia contributed about 22 per cent to the sum insurance premium income of insurance companies last year.