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Premium loading or waiting?
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03 Apr, 2021
by Prakhar
Hi experts,
I had a not so good health insurance for my parents(aged 69 & 62) which was initially a group policy later converted to retail insurance product which I continued for 6 or 7 years. Then, I learnt about portability, and I ported to another policy which is better than previous.
While porting, the premium was loaded, I tried to negotiate so they offered a waiting period instead with same premium. I took the waiting period option (also paid a 2-year premium). Later, I got to know that loading of the premium was one-off. Now, on hindsight, I realized, I made a mistake. Now, I have few questions.
- Which is better option? Premium loading or waiting period?
- Will the waiting period be considered from start of original policy or the new ported policy?
- Is there any way to fix the problem in the middle of the policy? Also, taking in to consideration my parent's age and 2 year premium paid already. The policies are in force already.
Thanks & Regards
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07 Apr, 2021
Prakhar
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07 Apr, 2021
CEO, Insurance Samadhan
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Dear Prakhar
I agree that you did not do due diligence at time of policy porting .
New insurer have the right to ask for price load but they can not deny you continuity benefit .
My answer are given below
1. Premium loading will be better as it ensures continuity . As your parents are old hence insurance is needed from the day 1 .
2. Ideally waiting period is from the day of original policy under portability but in your case , new insurer is demanding from the date of new policy .
3. Now you have accepted the terms , you can not change .
I wonder whether your policy was ported or you have been given a new contract .
Please read the terms and check whether policy has been ported .
In case , it is a new contract then you are victim of mis selling and you should reach us by visiting our website www.insurancesamadhan.com .