Health Insurance Premium Rise on renewal

[knight]

I took health insurance from Aditya Birla last year for my parents (eldest member 57).
It's a multi-individual plan covering both parents and younger brother for 10L each. Took it since the diff wasn't much from family floater. I took it offline since I wanted my parents to be able to reach an agent for support while claiming.

I had asked the agent for approx yoy rise while buying and she had said around 1k per year, and a bit more when my parents touch 60,70 etc.
The premium was around 36k and now they have raised it to 40k.
There have been no claims in the last year.

Is it usual for health premiums to rise this quickly? A straight 11% rise year on year, and this is when both parents are below 60.

How has your experience been with renewing health insurance policies? Is this usual or shall I talk to the company and discuss this?

 

[Tejo]

I took health insurance from Aditya Birla last year for my parents (eldest member 57).
It's a multi-individual plan covering both parents and younger brother for 10L each. Took it since the diff wasn't much from family floater. I took it offline since I wanted my parents to be able to reach an agent for support while claiming.

I had asked the agent for approx yoy rise while buying and she had said around 1k per year, and a bit more when my parents touch 60,70 etc.
The premium was around 36k and now they have raised it to 40k.
There have been no claims in the last year.

Is it usual for health premiums to rise this quickly? A straight 11% rise year on year, and this is when both parents are below 60.

How has your experience been with renewing health insurance policies? Is this usual or shall I talk to the company and discuss this?

i prefer kotak group

 

[beingmohit]

I took health insurance from Aditya Birla last year for my parents (eldest member 57).
It's a multi-individual plan covering both parents and younger brother for 10L each. Took it since the diff wasn't much from family floater. I took it offline since I wanted my parents to be able to reach an agent for support while claiming.

I had asked the agent for approx yoy rise while buying and she had said around 1k per year, and a bit more when my parents touch 60,70 etc.
The premium was around 36k and now they have raised it to 40k.
There have been no claims in the last year.

Is it usual for health premiums to rise this quickly? A straight 11% rise year on year, and this is when both parents are below 60.

How has your experience been with renewing health insurance policies? Is this usual or shall I talk to the company and discuss this?

Unlike Term Insurance, health insurance providers are allowed to hike the premium as and when they see fit. The premiums rose quite a bit YoY during the pandemic. Fortunately for me, HDFC chose not to increase my premiums this year.
To avoid the hike, you can opt for paying for 2 years in one go. This not only locks the current premium price for 2 years, the companies often provide a 5-10% discount on the second year's premium.

 

[Tejo]

I took health insurance from Aditya Birla last year for my parents (eldest member 57).
It's a multi-individual plan covering both parents and younger brother for 10L each. Took it since the diff wasn't much from family floater. I took it offline since I wanted my parents to be able to reach an agent for support while claiming.

I had asked the agent for approx yoy rise while buying and she had said around 1k per year, and a bit more when my parents touch 60,70 etc.
The premium was around 36k and now they have raised it to 40k.
There have been no claims in the last year.

Is it usual for health premiums to rise this quickly? A straight 11% rise year on year, and this is when both parents are below 60.

How has your experience been with renewing health insurance policies? Is this usual or shall I talk to the company and discuss this?

try tata aig, they provide discount on 2,3 yrs term

 

[Arun Pratheep]

I took health insurance(Niva Bupa) for my parents for 3 years in one go. So same price for those 3 years

 

[knight]

I took health insurance(Niva Bupa) for my parents for 3 years in one go. So same price for those 3 years

yeah for longer contracts the premium stays same.

But when you renew after 3 years, they'll factor in the new rates i guess

 

[Arun Pratheep]

yeah for longer contracts the premium stays same.

But when you renew after 3 years, they'll factor in the new rates i guess

Yes, for renewal after 3 years they will increase the premium

 

[navonline7]

I took health insurance from Aditya Birla last year for my parents (eldest member 57).
It's a multi-individual plan covering both parents and younger brother for 10L each. Took it since the diff wasn't much from family floater. I took it offline since I wanted my parents to be able to reach an agent for support while claiming.

I had asked the agent for approx yoy rise while buying and she had said around 1k per year, and a bit more when my parents touch 60,70 etc.
The premium was around 36k and now they have raised it to 40k.
There have been no claims in the last year.

Is it usual for health premiums to rise this quickly? A straight 11% rise year on year, and this is when both parents are below 60.

How has your experience been with renewing health insurance policies? Is this usual or shall I talk to the company and discuss this?

Doesn't matter if you haven't claimed. There are other factors that come into play (like the city you live in, etc.) when it comes to health insurance premiums. I have a health insurance from HDFC ERGO (erstwhile Apollo Munich) and I haven't claimed even once since I bought the policy 5 years ago. Even then, I ended up paying more this year, when compared to last year.

 

[knight]

Doesn't matter if you haven't claimed. There are other factors that come into play (like the city you live in, etc.) when it comes to health insurance premiums. I have a health insurance from HDFC ERGO (erstwhile Apollo Munich) and I haven't claimed even once since I bought the policy 5 years ago. Even then, I ended up paying more this year, when compared to last year.

Can you share an approx yoy percentage change in your premiums over the last 5 years?

It'd would give me an idea of what to expect.. you can dm me also.