Irdai’s new regulation reducing the waiting period for pre-existing conditions from four years to three, effective April 2024, may lead to higher health insurance premiums. Rakesh Kaul, Chief Business Officer at SBI General Insurance, estimates that costs could rise by 10-20 percent.
The change means insurers must honor claims related to pre-existing conditions after three years of policy coverage. SBI General Insurance has yet to finalize how much of this increase will be passed on to customers.
Kaul explained that the company reviews rates every three years rather than annually, despite a 7-8 percent medical inflation rate. SBI General plans to introduce several new products, including customizable health plans and super top-up coverage, aimed at expanding their individual health insurance offerings.
The company has also enhanced its in-house claims processing and service agreements with a broad network of private hospitals, leveraging new technology for product customization.
