If your life, health, or vehicle insurance premiums just got more expensive — you're not alone.
In 2025, IRDAI approved a wave of premium hikes across categories due to:
Higher healthcare inflation
Risk-based pricing for term insurance
Increased reinsurance costs
Rising vehicle repair and hospitalization expenses
This is squeezing household budgets. But with Vizzve Finance, you can navigate it smartly.
🧾 How Much Have Premiums Increased?
| Insurance Type | Avg. Hike (%) | What It Means for You |
|---|---|---|
| Health Insurance | 15–25% | Higher renewal costs annually |
| Life Insurance | 5–10% | Higher term policy pricing |
| Vehicle Insurance | 10–15% | More expensive third-party and own-damage coverage |
📌 Example: A ₹10,000 annual health policy may now cost ₹12,500–₹13,000.
💡 What Can You Do If Your Premiums Just Went Up?
✅ 1. Review Your Coverage
Do you really need add-ons like maternity, OPD, or roadside assistance?
Trim unnecessary riders to save 10–20%
✅ 2. Increase Your Deductible
Opting for a higher voluntary deductible lowers premiums
Risk trade-off: you pay more out-of-pocket during a claim
✅ 3. Use Vizzve to Rebudget
Create a dedicated insurance bucket
Track all auto-debits or yearly premiums
Get reminders for renewals, premium hikes, and renewal offers
✅ 4. Compare Insurers
Use IRDAI or aggregator platforms to compare premium hikes across providers
Switch if your insurer is consistently increasing prices
✅ 5. Explore Top-Up or Super-Top-Up Plans
For health insurance, a ₹5L base + ₹10L top-up is cheaper than a ₹15L standalone plan
✅ 6. Claim Loyalty Discounts
Some insurers offer no-claim discounts (NCDs) on health/vehicle policies — claim them during renewal
✅ 7. Pay Annually, Not Monthly
Monthly or quarterly plans carry extra processing costs
Paying annually saves 5–7% on average
📊 Vizzve Finance: Your Insurance Assistant
With Vizzve, you can:
Set renewal reminders
Create a monthly insurance fund
Track total insurance spending by type (life, health, motor)
Compare plans and choose affordable alternatives via integrations (coming soon)
🧠 Bonus: Should You Drop Insurance to Cut Costs?
Short answer: No.
Insurance is essential, especially for unexpected hospital bills or accidents.
Instead, optimize the plan — don’t cancel it.
❓FAQs
Q1. Why are insurance premiums rising in 2025?
Due to medical inflation, global reinsurance pricing, and stricter risk assessments.
Q2. Can I port my health insurance if it’s become too costly?
Yes. You can port your policy to another insurer at renewal without losing benefits, as per IRDAI guidelines.
Q3. How do I know if my policy is still worth it?
Compare premiums vs benefits. Use Vizzve to get a value-to-cost ratio tracker.
Q4. Are there tax benefits for higher premiums?
Yes. Health insurance (Sec 80D) and life insurance (Sec 80C) still offer tax deductions.
Published on : 19th July
Published by : SMITA
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