CHENNAI : At a time when having a health insurance plan should have been a reason for comfort, Ram Manohar Reddy (48), an investment professional based out of Hyderabad, was in for a shock instead.
Earlier this year, his insurer sent him a renewal notice for his health insurance policy. The premium hike was an eye-popping 200%—up from ₹21,762 to ₹66,667.The insurer had discontinued the old policy and introduced a new product in its place with a few improved benefits. “I couldn’t immediately identify the benefits, but whatever it was, the premium was steep," Reddy said.He had bought individual health insurance plans for himself and his parents back in 2002 (father is now 75-years-old and the mother is 66-years-old).