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Premium loading and waiting period
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10 Jun, 2021
by darshan nakhate
I took medication for depression a few years ago. I was never hospitalised. I disclosed this to HDFC ergo optima restore health insurance. They immediately increased the premium by ₹2800, with a waiting period of 3 years, I asked them how did they increase premium without any document submission, and why is this a critical illness they just replied decision is made and has to be followed.
I'm not sure whether to continue with the policy or not. Do other insurance providers will charge the same?
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Dear Darshan
HDFC is a professional organisation but sometime an underwriter evaluates the case on personal prejudices and rate up the premium .
I recommrnd the following
1. Apply with two more companies of your chpice and submit with proper declsration .
2. Submit your past history with proper record , also mention yhat you are not under any medication now .
3. In all probability , your case will be accepted on standard rates with two year waiting period .
4. If both companies accept ypur case then go for the company of your choice and cancel the other within 15 days . You shall get back your full amount .
5. You can choose best option snd continue .. Do not discontinue HDFC till you have a confitmed option .
Brst wishes
Shailesh
Insurance Samadhan