I have a retail policy for my mother who is now 59. For the past 3 years she is arthritis and taking medicines. Should I declare this to my insurance company? Policy continuity is for 9+ years
Since you have completed the moratorium period, this condition shouldn't affect your policy in any way. You can still inform your insurer about this update though.
So in case of life long renewability always comes a clause that until and unless they withdraw the policy and that is ridiculous. Because anyone can come with an ideal policy anyone would love to grab and after getting a decent number of customers the insurance company decides to withdraw the same and push the existing customers to their premium policy if they would like to continue the tenure. SBI General Arogya Plus is a recent example I am aware of which came with a fixed premium benefit for all ages and they withdrew the policy recently...
I keep hearing the increase in premium for health insurance would be 2 to 4% per year but when I bought my policy last year it was 5.5k for HDFC and when we are checking one for my brother for the same age for the same policy, it's gone up to 14k. How can medical inflation explain more than 50% in premium?
