The brochure says pay premium asper your entry age till claim. It doesn't means that premium applicable to your age will never increase.
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GUIDE into Buying your Health Insurance - Discussion & Guide
- Thread starter Vasuki
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sovon
TF Legend
Okay, let's assume I don't know anything.
I'm tooo my policy at 30 for ₹25k
Till 50, no claim.
So my premium will increase at 35, 40, 45, 50 ?
sovon
TF Legend
What did i Say?
I said little bit misleading.
Then what does it mean by premium lock? The only premium I know that is locked is pure Term insurance.
If they increase price for same policy for a 30yr old male then you have to pay more. It may happen at 31 or /and 39 or any other year or never.
Insurance companies change price as per their claim experience and inflation.
Health insurance works differently than term insurance.
Health insurance premium is different for different ages, your premium for age 30 will be different then age 35. Also anyone entering at age 35 will pay same premium as the one who is a subscriber since long.
Premium lock means you'll continue to pay latest premium applicable to your entry age as long as you don't make a claim.
sovon
TF Legend
The price will rise based on age brackets, such as 26-30, then 31-35, and so forth, even if there is an age lock feature.
They will justify the increase by citing medical inflation and general inflation.
There won't be a significant difference between others and Niva with the age lock feature.
That's why I mentioned it can be somewhat misleading.
Otherwise, if someone purchases a policy at 25 and maintains it without any claims until they reach 50 or 60, do you really think Niva will only raise it according to inflation? If that were the case, they wouldn't be able to sustain their business.
And let's conclude this here, I'm not gonna argue over this, this is not the Only feature people consider, so even without this feature,there are many other major factors to check before purchasing.
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I am well aware of both as I have them for last 12 years. There is nothing like premium lock in health insurance. That word is marketing BS.
Insurance companies revise premium based on 'medical' inflation which is non standard measurement and not adopted by IRDAI or GoI. This is across the board hike for renewal without claim and new users.
Most insurer increase further based on age bracket as higher age carries more underwriting risk to them. New users are already covered due to their age.
Last is the claim cases renewal. Most insurers will bump you off by quoting exorbitant premium because IRDAI I remember prohibited denial of insurance coverage.
So overall I don't see much benefit in early age coverage in premium but it builds good NCB if the policy offers it.
sovon
TF Legend
Already purchased the policy?
Not required
If u r taking new policy then yes
Does your insurers asks your health information on renewal?
No I just wanted to know if I had to disclose or not
sovon
TF Legend
If you share this info now, you won't need to provide all those details when you make a claim.
It's like they already have all your records, so you won't need to bring the initial consultation paper to prove that this issue was diagnosed after you got your policy.
However, they might raise your premium; I'm not entirely sure, so it's best to look into that, ask your agent.
But remember, this isn't required. You have to keep the initial consultation papers, prescriptions, and test results safe, just in case they ask for them later.
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