Start Health & Allied Insurance has announced that it would increase premiums by 10-15% on a subset of its plans. The corporation has stated that hospital prices that increased under Covid have not been addressed and that decreasing the waiting period for pre-existing conditions will need higher rates.
"We have already planned for a couple of product price increases, one of which has gone live, and two more will go live in the next month," stated Anand Roy, MD & CEO of Start Health, in response to a query during a recent analyst call. He noted that improvements in policy, including as reducing the moratorium period and the wait time for covering pre-existing disorders from four to three years, will have a long-term influence on prices.
Amitabh Jain, the business's COO, stated that the company planned to raise costs on more than 30% of its policies. The average price increase would be 10-15%, boosting the company's overall premium collection by around 4%. The anticipated boost follows a recent substantial increase in the Family Health Optima Plan costs.
Hari Kanniah (72), who paid Rs 36,262 on a total insured of Rs 3 lakh for two adults in 2023-24, saw his premium increase to Rs 80,078 in 2024-25. Over Rs 12,000 of it went to GST. He was informed that the increase was due to a rate modification in the Family Health Optima Insurance Plan, as well as the transition to a higher age group.
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