Bangalore: If you are married, have stable income, and women majority at home then you will soon join 10 percent of India’s population to buy more health insurance products in comparison to current 2 percent.  Insurers are soon going to make some corrections in price of individual health insurance plans, so be ready to shell out more premiums for your individual health cover.

A senior official from the industry said, “Any hike in the premium of health policies should be justified by the concerned insurer before the regulator. Health insurers who are having a stress at their loss ratio and have completed three years of business in this portfolio may go for a price correction.”

The health insurers are more concerned about higher loss ratio among health insurers. Insurance companies had to pay off loss ratio from their own pockets in order to claim settlements. For example, if the insurance company pays out 60 as claim for every 100 from the collected premium, then the loss ratio is 60 percent.

“Top players are having a loss ratio of around 80-90 percent which is not healthy for the smooth running of the business,” an official added.

Though insurance companies have made many efforts, health insurance has not picked us as per they had expected. Insurance Regulatory and Development authority has come up with a data which discloses that the premium mop up of health insurers went down to 18.6 percent during 2011-12 as against 34 percent in 2010-11. The premium collection from the health sector was at Rs13, 354 crore during the last financial year.