Elderly can stay insured as long as they want

IRDA has released draft of new guidelines for Health Insurance.

Customers who were sick at renewal were denied insurance renewal, now they shall get the policy renewed.

Elderly up to the (entry) age 65Y can enroll and if they keep renewing without break they can stay insured as long as they want, i.e. there shall be no exit age.

The valuable advice of learned experts’ members is sought on this development.

Due to some problems at LCI website the file could not be attached.

However the files can be seen at following links.

---http://irda.gov.in/ADMINCMS/cms/frmGeneral_Layout.aspx?page=PageNo1713

---http://irda.gov.in/ADMINCMS/cms/frmGeneral_Layout.aspx?page=PageNo1715

IT IS A GOOD BENEFIT TO THE SENIOR CITIZENS. IREDA IS RIGHT IN GIVING SOCIAL SECURITY BENEFITS TO THE AGED.

HOWEVER THE PREMIUM OF INSURANCE IN THE CASE OF ELDERLY PERSONZ TEND TO BE MORE AND THE SAME CAN BE REGULATED OR RATIONALISED .

IN POINT OF FACT THE INCOME CAPACITY SHALL DIMINISH AT SIXTY PLUS AGE  AND THUS THE INSURANCE PREMIUM PAYMENT ALSO SHOULD BE KEPT AT THE LOW LEVEL TO ENABLE THE ELDERLY PERSONS TO TAKE ADVANTAGE OF THE PROPOSED SCHEMES OF INSURANCE.

DR VEDULA GOPINATH

The premium for elderly should be brought down.

The insurance companies decide their mortality rate and mortality table. Till some 2 years back mortality table was maintained by insurance companies on their web site. It was a good tool to compare the mortality rates and hence the basic to arrive at premium rate.

The mortality data of LIC was taken a s reference it being the oldest insurance company in India.

RBI has been decentralizing the powers and granting autonomy to banks to decide their own rates, charges, and this has become boon for many altercations and hardships to customers due to arbitrary decisions.

IRDA has been having limited role and loose control for quite some time. Due to lackluster control and role the insurance companies fleeced the customers.

IRDA must control mortality rates.

IRDA must establish its full fledge offices in all State Capitols and should hold courts in all cities of each state on specific dates/days. This shall help the general public.

Even the competition has not fetched reasonable premiums for customers. Looking into life style and vulnerability to diseases Health insurance of a few thousand rupees may not fetch reasonable protection.

Insurance is right and mentioned in Social Security needs.

IRDA has published on its web site at the following link:

http://irda.gov.in/ADMINCMS/cms/frmGeneral_Layout.aspx?page=PageNo1715

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