Almost 100% Hike In Premium - Should I Renew My Policy?
Hi... currently I have an individual health insurance policy for my family of 5 members, myself (49yrs), wife (42yrs), son (15yrs), daughter (19yrs) & mother (80yrs), with Royal Sundaram, I am holding this policy with Royal Sundaram for the past 17 years or so. My policy has been upgraded few times based on notice of withdrawal of my old policy. Even last year I got an intimation from Royal Sundaram that my old policy is withdrawn and provided me couple of new policy options. I selected "Lifeline - Classic Health Policy" (2lacs sum assured + 50k no claim bonus for each individual) and my premium was fixed accordingly. I paid a total premium cost was around Rs.58729/- last year for this policy last year.
This year again I received an advance intimation for Lifeline policy revision stating that due to IRDAI guidelines to standardize exclusions under health insurance products, they have revised my total premium to around Rs.97300/- for the same sum insured for each individual. I feel that increase in premium is very high. Also, there is no claim last year from any of my family member. Is the hike in accoradance with IRDAI guidelines? Should I go for renewal or consider portability option? Please let me know your thoughts on this.