Health Insurance may be cheaper in Kolkata

Kolkata residents may soon have to pay a lower health insurance premium than those staying in other metros like Mumbai, Delhi, Bengaluru and Hyderabad.

Several health and general insurance companies are coming up with a system in which different zones and areas will have different premiums following deregulation of the sector by the IRDAI. A city or zone with a lower “loss ratio” (actual claims compared to every Rs 100 paid as premium) will now get to pay a lower premium if other factors (like type of policy and age group of the insured) remain the same.

Kolkata had a much lower loss ratio compared to Mumbai, the National Capital Region and even Gujarat, National Insurance Company general manager Ashok Kumar Lahoty told TOI. “The loss ratio in Zone 1, which has Gujarat, is highest at 92% for some of our products. Zone 3 (where Kolkata lies) has a loss ratio of 80%-82%,” he added.