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Old 12th June 2018, 11:10   #391
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Originally Posted by ramki067 View Post
Now they had provided 6682/- as premium initially and now after medical examination and thread mill test, i was informed of premium revision due to "Diabetes" (which i have now and was not present when i took previous policy of 50L) was Rs.10000/-.
Is this revised premium justifiable? Please enlighten.
PS: I'm now going to be 39 in August this yeari

If you have been diagnosed with diabetes then am afraid most if not all insureres will 'load' their premium. I think its fair. How much would a 1 cr policy cost you? 2x of what you have been quoted for 50l? Asking out of curiosity.


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Originally Posted by rajathv8 View Post
I picked up a term-only insurance few years back for healthy sum from Bharti Axa. A year back I wanted to discontinue payment and start a new term only policy with them for a significantly larger sum. I made the payment for the new policy and was awaiting the medical test team to reach out to me to take things forward.

However the customer service, which was swift the first time around, has plummeted south. I was disappointed with lack of response for months on end to the extent that I got the payment returned, which to my surprise was done pretty quickly.

This episode has left a bitter taste and I feel i cannot trust them with the policy currently in-force. I am compelled to switch to another insurance provider as I feel the customer service will make things difficult if one fine day I go to meet my maker.

Instead of discontinuing the existing policy, did you consider topping it up or purchasing an additional policy for the additional sum assured that you had in mind? Perhaps the insurer is not sure of your motives and perceives a risk. I do not think you need to worry about the one in force, insurance, especially life is heavily regulated by the IRDA and strong grounds are needed for any claim rejection.
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Old 12th June 2018, 11:55   #392
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Default Re: Best Life Insurance provider

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Originally Posted by hothatchaway View Post
If you have been diagnosed with diabetes then am afraid most if not all insureres will 'load' their premium. I think its fair. How much would a 1 cr policy cost you? 2x of what you have been quoted for 50l? Asking out of curiosity.
Thanks hothatchaway.
Don't know yet. But most probably 2x which i'm not interested.
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Old 5th July 2018, 09:00   #393
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Default Re: Best Life Insurance provider

28 years/Male/Non Smoker.

Picked up Maxlife term insurance : 1 cr + Critical illness rider (10 L) + Premium waiver incase of illness

Premium : INR 1450 for 50 years.

coverage : till 78 years; Riders till 68 years

one aspect which i've noticed is : Maxlife gives the max policy duration and also the rider validity is maximum (40 years) compared to ICICI

For information and discussion
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Old 8th July 2018, 10:17   #394
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Default Re: Best Life Insurance provider

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Originally Posted by vaasscit View Post
28 years/Male/Non Smoker.

Picked up Maxlife term insurance : 1 cr + Critical illness rider (10 L) + Premium waiver incase of illness

Premium : INR 1450 for 50 years.

coverage : till 78 years; Riders till 68 years

one aspect which i've noticed is : Maxlife gives the max policy duration and also the rider validity is maximum (40 years) compared to ICICI

For information and discussion
Is the total premium only Rs.1450/year or is it a typo?
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Old 8th July 2018, 10:18   #395
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Default Re: Best Life Insurance provider

Must be the monthly quote
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Old 8th July 2018, 10:58   #396
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Originally Posted by mithun View Post
Is the total premium only Rs.1450/year or is it a typo?

1450/month for 50 years.
My bad 🙈
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Old 18th July 2018, 14:21   #397
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Default Re: Best Life Insurance provider

Guys,

I recently enrolled for Aviva's Life insurance policy, this had a mandatory medical test and after the medical test my Sugar level was found to be at borderline, the also performed a HB1AC test which was not favourable and hence they decided to reject my policy and refunded me the whole amount. They left a small line in the rejection letter that I can re apply in 6 months. I was under the impression that the insurance companies used such reasons to charge additional premium and in no circumstances they reject a policy.

I know that a blood sugar level of 160 (140 is normal) after food and 106(100 is normal) at fasting, is not really something that would send alarm signals.

If they rejected my policy for such silly reasons, I am wondering what kind of people do get such policies?


Pramod
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Old 18th July 2018, 15:04   #398
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I know that a blood sugar level of 160 (140 is normal) after food and 106(100 is normal) at fasting, is not really something that would send alarm signals.
For Insurance cos yes it does send a warning signal that yours might be a Diabetes cases in few years and in case of any eventuality after 3 yrs of policy renewal they would have to pay the entire Sum assured amount. They would want to play safe here. Do you undergo annual medical check ups either self or through company? The increasing sugar levels would have been detected then.
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Old 18th July 2018, 15:30   #399
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For Insurance cos yes it does send a warning signal that yours might be a Diabetes cases in few years and in case of any eventuality after 3 yrs of policy renewal they would have to pay the entire Sum assured amount. They would want to play safe here. Do you undergo annual medical check ups either self or through company? The increasing sugar levels would have been detected then.

This happened due to a diet that went wrong, I have this condition for last 3 months and it was caught well in time, however the doctors I visited have not asked me to worry much.

on a lighter note, I have seen type 1 diabetics crossing 65 without any major issue, this will not cause an issue unless the lifestyle continues and worsens the situation.

Stress can trigger such spikes as well. Medicines(especially ayurvedic medicines) are known to cause temporary spikes.

Pramod
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Old 18th July 2018, 17:31   #400
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This happened due to a diet that went wrong, I have this condition for last 3 months and it was caught well in time, however the doctors I visited have not asked me to worry much.
d

They also did a HB1AC test and an unfavorable result means that your elevated sugar levels have been there for some time.


The fact that they have postponed means they are not writing off your case altogether. If its not an irreversible condition, you may consider reapplying once your sugar levels are back to normal. Chances are your proposal may be accepted at that time without a premium loading if everything else is normal. Also strengthens a case for a claim should it arise since you medicals would have been administered more than once.


I know that its a pain and dealing with poorly trained customer service folks can be frustrating, just how the situation is
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Old 18th July 2018, 20:28   #401
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Default Re: Best Life Insurance provider

I'm in a bit of a predicament.

I had a Term Insurance policy with ICICI Prudential since 2016, which I recently requested to be canceled/discontinued as I moved to another service provider.

The catch is ICICI PruLife outright refuses to cancel the policy, they've parked it in lapsed status and continue to bombard me with payment and late fees reminders.

Speaking to the local branch manager and the first-level Grievance Redressal Officer hasn't yielded any results. The GRO even responded with 'you didn't dispute it during the 15-day look-in period so you can't cancel it now', which left me feeling more amused than angry at the utter lack of comprehension of a customer request.

What are my options? What consequences, if any, would result from me sitting on a lapsed policy if ICICI don't cancel it as requested?

Any guidance is appreciated.
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Old 18th July 2018, 21:45   #402
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Originally Posted by Chetan_Rao View Post

The catch is ICICI PruLife outright refuses to cancel the policy, they've parked it in lapsed status and continue to bombard me with payment and late fees reminders.

What are my options? What consequences, if any, would result from me sitting on a lapsed policy if ICICI don't cancel it as requested?

Any guidance is appreciated.
A term insurance lapses the moment you do not pay the premium and the coverage also ceases. So where does the issue of payment or late fee come in?
If you have another policy, then just ignore them.
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Old 18th July 2018, 22:07   #403
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...So where does the issue of payment or late fee come in?
They're adamantly chasing me on all channels - phone, SMS, email, even the ICICI Bank app - with constant reminders, even though I've made it abundantly clear I no longer want the policy, and even submitted a request in writing to discontinue it, with several in-person follow ups.

Plenty of underhanded tactics from them that would thoroughly confuse a gullible customer, including pushing repeated collect requests on their EasyPay payment module, and sending 'Thanks for paying this month's premium, your receipt is attached' emails, which turn out to be my last premium receipt from before I stopped paying.

Multiple requests to tag me DND have been to no avail.

Quote:
If you have another policy, then just ignore them.
I do have another policy, but it's tough to ignore such blatant and relentless spamming. I block whatever contact they come from, but I suppose they have an unlimited number of ways to keep pestering customers, but none to effectively address concerns. If their grievance redressal office doesn't come through, I'm reporting them to IRDAI.

Last edited by Chetan_Rao : 18th July 2018 at 22:11.
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Old 19th July 2018, 09:21   #404
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Originally Posted by Chetan_Rao View Post
.... as I moved to another service provider
Hi,

Would you mind sharing which service provider you moved to from ICICI, and the reasons for doing so (if they can be shared here)?

The reason for asking is I am thinking of getting more term coverage than what I already have, and am evaluating options from ICICI Pru, HDFC Life and LIC.

Also, I am copying a link for your reference below, if you decide to escalate your issue to IRDAI.

http://www.policyholder.gov.in/Report.aspx

Cheers,
Vikram

Last edited by comfortablynumb : 19th July 2018 at 09:27.
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Old 19th July 2018, 09:52   #405
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....
Would you mind sharing which service provider you moved to from ICICI.....
I moved to HDFC Life (Click 2 Protect 3D Plus).

For a 28 year payment term (coverage upto 60 years age), I'm getting 3 times as much coverage (sum assured) as the ICICI policy for less than double the premium I was paying, even accounting for a premium hike for medical reasons.

Word of advice: whichever policy you get, don't sign up for any of the additional riders. It's much cheaper to get health and personal accident insurance separately, and far better coverage. The riders are equivalent of 'value added services' we get at A.S.S. with our vehicles. They add value to them, not us.

Mods: No solicitation intended. Stating facts of a personal purchase.

Last edited by Chetan_Rao : 19th July 2018 at 09:53.
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