IRDA Committee To Submit Report On Seniors' Health Insurance Issues

IRDACalcutta: Set up by the Insurance Regulatory and Development Authority, a seven-member committee on “issues relating to health insurance for the elders”, will submit a report on health insurance for senior citizens by the first week of November.

B.D. Banerjee, a member of the committee and former chairman of Oriental Insurance Company, said, “The committee will meet in Mumbai between October 9 and 11. The panel was asked to submit its report by October-end. But, I think, we will be able to give our recommendations only by November 7,”

As the insurers had raised the premium on mediclaim plans by over 200 per cent between September 2006 and April this year, the committee was formed by the insurance regulator in May this year under the chairmanship of K.S. Sastry, former chairman of the National Housing Bank.

According to Banerjee, the insurers increased the premium for senior citizens even though the regulator advised against raising it by more than 70 per cent.

The committee will offer solutions to problems in extending health insurance without an age limit. It will also suggest easier procedures for claim settlement and separate schemes for the elderly.

Speaking on the sidelines of an interactive session on health insurance, organized by the Bengal Chamber of Commerce and Industry, here today, Banerjee said, “Most private insurance companies refuse medical insurance policies to people above 60,”

He added, “Among public sector insurers, only Oriental Insurance doesn’t have a health insurance policy for senior citizens. But, it has drawn up a plan for senior citizens and is waiting for the regulator’s approval to launch the product.”

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