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HACKS O LOWER DOWN YOUR HEALTH INSURANCE PREMIUM  1) Go for purchasing a 3-year plan. When you do that, you will save an upfront discount of 10-15 percent. Also, you won’t have to worry about rising premium costs in the near future. 2) Tax benefits: According to Section 80D of the Income Tax Act, you can claim a deduction of up to Rs 25,000 for the health insurance premium. In case you’re taking a 3-year health insurance plan, you can divide the amount over 3 years and claim every year. 3) If you’re in the younger age group, your options are more. You can compare premiums across insurers and port to one that offers lower premiums along with the same or even better benefits offered by the original insurer. 4) If you’re a senior citizen you might face certain restrictions. You need to look for a better premium plan only if your current premium plan is unaffordable. Plans for senior citizens often come with room rent sub-limits and disease-specific capping. A sub-limit is an extra ...

COMMISSION RATES NEED TO BE DISCLOSE  According to the report, IRDAI may soon consider a proposal that seeks to have a single limit for expenses made by insurance companies including operating expenses, commissions, rewards, etc. Moreover, under the proposed rules, web aggregators will have to disclose their charged commission rates and rewards that they are qualified to receive from insurance companies for selling their policies, products, and plans. Currently, in accordance with the continuous endeavor towards promoting ease of doing business for insurance companies in India, IRDAI has allowed separate limits for expenses at the business level and for operations, commissions, and rewards.  It is expected that this proposal may bring transparency and customer protection and also reduce the misselling of products which will enable insurers to better focus their efforts with the ultimate goal of improving coverage and penetration.  SOURCE:-  IRDA  THANKS TEAM FO...