The insurance regulator has instructed insurers to make sure that their health insurance products are appropriate for all age groups, as stated in a recent gazette announcement. 

    Additionally, they are not allowed to deny claims because of pre-existing medical issues. Those with serious illnesses like cancer, heart or kidney failure, or AIDS cannot be denied coverage by the insurers.

    Source: The Economic Times

    The elderly should be better equipped to handle the shock of unanticipated medical costs according to these guidelines. This is important in a nation where the UN Population Fund projects that by 2050, the proportion of elderly persons will surpass 20% of the overall population. Increased life expectancy is another important aspect that affects health insurance, especially for women.

    Nonetheless, it is imperative that insurance products be made more user-friendly. The intricacies and jargon often turn off potential clients. They are hesitant to purchase policies due to a trust deficit brought on by the fine print; even after they do, they are beset with uncertainties and worries.People who are misinformed or lack sufficient information about the advantages and hazards are more susceptible to harassment. 

    Source: Zee Business

    Gaining the trust of clients requires not less than openness and a simple claim resolution process. In addition, a more robust system is required to deal with dishonest players. A Deloitte poll from 2023 states that fraud is rapidly increasing for around 60% of Indian insurance companies, particularly in the life and health insurance sectors. Strict oversight is required to prevent malpractices such inflating service rates, fabricating claims, and invoicing for unneeded medical treatments.

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