New Delhi, Aug 04: In a bid to improve transparency and facilitate consumers, the Insurance Regulatory and Development Authority has directed life insurers to make public the premium rates and a facility for calculating it depending on age. The regulator has also threatened to take "suitable action" against insurers who do not comply with the directive.
"Every life insurer should make available the premium rates with a facility of a premium calculator on its website for the information of public," IRDA said in a directive to all life insurers.

The move comes in the wake of growing confusion over the variation in premium rates offered by the 13 life insurers operating in the country.
The premium rates also differed as insurers offer riders like accidental death benefit, disability benefits, hospital cash and critical illness benefits along with main policies.
While IRDA approves the products of all insurers before they are launched, the consumer is unable to know so far the details of premium rates for different policies. Bureau Report