May 27, 2015 09:31 PM
70981 Views
I purchased Max Bupa Family First(Silver) policy(30334181201400) in May 2014. The annual premium I paid was Rs. 15, 600. At the time of policy purchase, I was impressed with the kind of cover company provided(5L individual+ 15L floater). I was relaxed as I had got my health insurance checked in my personal finance check list. This year, when I went to renew the policy, I was aghast to see Rs 17373 as renewal premium. There was an increase of 12% in premium than last year. When I contacted customer care through email, I got response that company had not revised premium rates since 2010 and company has also revised health policy product. When I asked if it's not a company obligation to inform customer of any premium increase, I was told that company had send new health policy doc through email. When I read the policy document, it mentioned increase of 0-5% premium increase for Family First Silver plan that I own.
When I counter questioned on 0-5% being mentioned, I was told that this will be applicable from 2016 renewal. The only answer max bupa grievance redressal representaive(A Bhaskar) gave was that this sharp spike of 12% increase was approved by IRDA. When I asked that if company can share coming years premium increase% then why can't customer know in advance what% their premium would increase. He again replied that current increase is approved by IRDA and the approval is internal to company and cannot be shared with customer.
My concerns and hope this will be all other readers concerns too:
When Customer is paying premium, he has every right to know how much premium he'll need to pay for renewal well in advance. In my case, if I had know there was sharp increase of 12% in premium, I would have ported my policy to another company and I hope there is one fair insurance company. But, for porting too, customer need to inform existing insurance company 45 days in advance before their renewal due date. Companies do not disclose renewal premium by this limit period.
Company which shows proofs/documents for coming year premium increase percentages and hides behind IRDA approval(not to be shared with customer)for current year premium increase cannot be trusted. This is nothing but arbitrarily looting customers hard earned money and person looking to continue his health cover has to renew policy at inflated rates.
In my case, it's not about paying 12% more than last year but lack of transparency company has shown. God forbid, if I get in situation of making a claim, company is surely to show it's true fox nature and give me a tough time.
I would request people to take into consideration annual premium increase for max bupa policies. I believe no one can afford 12% yearly hikes in health insurance premiums.
Beware of Max Bupa, THE FRAUDSTERS!
