The four public sector non-life companies, which have a 70% share of individual health policies, have received approval from the regulator to raise rates for individual mediclaim policies. Prices are set to rise by 20-30%, depending on the age group of the insured.
While Chennai-based United India brings into effect new rates from this month, Mumbai-headquartered New India Assurance will roll out the new policies from August. Kolkata-based National Insurance (NIC) will revise rates from October and Delhi-based Oriental is also looking at raising rates from the second half.
It had been reported in the media earlier that that general insurers were looking at raising health cover premiums.