Term insurance premium load

POSTED BY Sunny Gandhi ON June 27, 2013 10:35 am COMMENTS (2)

Hi everyone,

I had purchased an online term policy from Aegon Religare for SA 1 cr with an annual premium of Rs. 8080/- (M-26, Smoke- No). I have completed my medicals and mentioned about me having Asthma to which they conducted the test for which the reports are normal (informed to me from where I did the tests). Now the co. has given me a counter offer and increased the premium to Rs 13429/- which is almost more than a 50% increase. Is this justified?

I would like to hear your views on the same whether I should accept the offer or bargain on it.

Thank you.



2 replies on this article “Term insurance premium load”

  1. Dear Sunny, if you are already having Asthma, how can be your life a normal one v/s a No Asthma, person? To accept or not the offer is your choice but I w’d ask you to accept the same as you are still getting it very cheap than the competition.



  2. Underwriting rules for each company is different. Your premium will always be loaded.

    You can get medicals done by another company find out their loading and think of bargaining IF it is lower!. Hardly worth it.

    Is it justified of course it is. If you die a couple of months from now because of an Asthma attack the loss is theirs. So their are minimizing their loss. Simple as that.

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