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.