Health insurance premium is defined to rise this fiscal on the back of rising medical costs and high Covid-19 claims. While several insurers have previously announced hikes in their retail medical health insurance products, others are expected to raise in the coming months.
“High Covid-19 claims have impacted many insurers in the last year. A few are looking at increasing the premium by 15 per cent to 20 per cent on retail health covers,” said an executive with a private sector non-life insurer. Insurers also point out that the rising medical inflation along with new protocol post the Covid 19 pandemic has put into costs.