 "The regulator has sought to standardise products to improve the current offering in order to be in line with dynamic needs of today")
Health insurance premiums are set to rise as non-life insurance companies and standalone health insurance firms scurry to revamp their products to include the modifications mandated by insurance regulator Insurance Regulatory and Development Authority (IRDAI).
The rise in premiums could be in the range of 5-25 per cent, depending on the features that each insurance company adds on its products. Insurance firms have been given time till September 30 to include modifications mandated by the regulator. From October 1, the products must have the suggested modifications of the regulator.
Insurers are using this time to revamp their offerings by adding
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