10% premium cap for seniors only on new or repriced plans, others may see steep increases

IRDAI has clarified that the 10% cap on health insurance premium hikes for senior citizens applies only to new or repriced products filed after January 31. Existing policies can still face increases exceeding 10%, potentially up to 60%, based on claims experience. Insurers await written clarification, especially regarding long-term products and renewals without repricing.