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Max bupa premium chart & clauses

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17 May, 2021 by  VishRaj

Hello all,

I was planning to buy max bupa health companion or reassure plan but while talking to sales person I was taken aback by 2 points . Wanted advice on below points -


1) they said they did not have premium chart based on age slab , meaning I don't how much will pay for each age slab . Is that a concern?

2) for health companion plan, they said , they will increase premium for each year by 2-3 %. Is that fair to do so? Never heard , normally it increases by age slab for every 5 yrs.

I am confused by these ppl and wonder if they will increase premium exponentially because they don't jave a premium chart to compare and can be used as a loophole to increase premium

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18 May, 2021

Dear Vishraj ,


They should have a premium chart. As per my knowledge, Health companion has an age wise premium and not age band wise.


Just to give you a brief - A company can file a product with age band / age wise premium to suit their needs. There is no hard and fast rule to have an age band wise premium chart.


Regards

Nimesh




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20 May, 2021

Hi Vishraj,


I will just top up Nimesh's answer point wise -


1) They should have an age wise premium chart. Press on it & they will share it with you. Another way to check premiums is by using the premium calculator available on the Insurer's website.


2) As Nimesh has already mentioned, some Insurers price their products age band wise & some price it on actual age. Both ways are acceptable.


3) In both cases, an Insurer has the right to review & revise premiums based on claims experience & medical inflation. This can be done after the Insurer files revised premiums with IRDA & get its approval (which is almost always given). So don't feel that the premium can't increase for you after the Insurer has shown you a premium chart.


Hope this helps.


Asad

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19 Sep, 2021
vijay

ICICI lombard has removed premium charts as well for their main Health Shield/Health Elite plans as of Sept '21. Pressed for it, customer care, unaware as they are, first said since premiums are subject to change, thus there is no use of such charts. Pointed out that the charts are there for 13 other smaller plans and those for the main plans were there till 3 weeks back, he had no answer.


As usual, hapless customers can do nothing except enter fake birth details in the premium calculator tens of times to know premia for each age band/age. The much vaunted/touted/praised IRDA couldn't probably care less for a minor point like this and we're left to fend for ourselves.

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