Your health insurance premium may soon dependent on the place you live, your age and income. New India Assurance — the country’s largest general insurance player — has submitted a new medical insurance product — where the premium will be determined by age, income and geography—for the Insurance Regulatory and Development Authority’s approval. “We want to encourage younger people to start buying health insurance, so there will be discounts for people in the younger age bracket. People, who continue with the policy till their old age, will have an advantage in pricing, compared to those who enter a new policy at an old age,” said Bimalendu Chakrabarti, CMD, New India Assurance. There are also likely to be incentives for people to hit the gym. Chakrabarti added that customers with good health habits are likely to get discounts, provided the insurance regulator approves the product. The new product will also reintroduce sub-limits that will ensure that hospitals and customers do not misuse insurance. The product is expected to hit the market by September 1st.