The new rules are likely to give an impetus to senior citizens who have some pre-existing diseases, thus leading to an exorbitant medical expenses on a regular basis.
In FY23, the insurance industry had reported a growth rate exceeding 16%. However, there was a slowdown in FY24 largely due to the performance of crop insurance. Specialised insurer AIC reported a decline of 32% in growth due to the slowdown in agriculture insurance.