I have purchase MAX BUPA health companion policy in Apr 2017 for 2 adult+1 kid for 10 lac insurance.
At the time of purchasing, I was getting discount if I paid the premium for Ist 2 year so I paid 24k however yearly premium was between 13-14k at that time. Now its time to renew the same but I am shocked now to see the premium ; it is 17k for yearly premium and if I opt for 2 year then it is around 32k. At the time of purchasing Executive confirmed me that there would be only 500 or 1000 increment. When I called customer care they said it is due to inflation and it would not get much incremented for next renewel premium.
Could you please let me know Is it fine or I should change health insurnce comapny?
What is your expert opinion?
First try to find out the reasons behind raise in premium. In many cases it is due to your age as when you move from one age slab to another. Hence, if that is the case of age, then continue. Otherwise, better to shift to some other insurance company.
I had no idea that premium can increase according to age as well. I have insurance for mom but nothing such was mentioned. Is this feature common?
Yes, it is common in Health Insurance Products.
I have insurance for my mother but no such thing was mentioned there. Is this a common feature? I had no idea about age slab changing the premium