Does Health Insurance premium changes every year ?

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Being.smart

Being.smart

Galvanizer
Last year i had opted for Apollo Munich Health Insurance for cover of 5 lac and multiplier benefit of 2.5 lac, for a premium of Rs. 6300

But while renewing online today, i came to know the premium is hiked to Rs. 7,300 :O

is this how the health insurance works ?? , like hike every year premium charges
 
No, it works on age slabs. The insurance premium is decided on age slabs. Look at your premium policy and you will know.

The older you get the insurance premiums get hiked up exponentially. By the time you're 60+ the premium would be around 35-40k per year or higher.
 
6pack said:
No, it works on age slabs. The insurance premium is decided on age slabs. Look at your premium policy and you will know.

The older you get the insurance premiums get hiked up exponentially. By the time you're 60+ the premium would be around 35-40k per year or higher.
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does it mean that, even if i had already taken policy last year, still i will have to pay a exponential hike every year since i am getting old :(
 
Not to mention the fact that the insurance rates change as well. So, its not just based on age alone or whether you availed it in the last year. You are buying a insurance policy for one year after which it expires. Why do you expect it to cost the same when you buy it next year. Is there anything else that stays with the same exact cost year after year?
 
Lord Nemesis said:
Not to mention the fact that the insurance rates change as well. So, its not just based on age alone or whether you availed it in the last year. You are buying a insurance policy for one year after which it expires. Why do you expect it to cost the same when you buy it next year. Is there anything else that stays with the same exact cost year after year?
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life insurance :p , insured myself for a big one and premium remains same
 
^ Which insurance provider?
I have heard that Apollo Munich is really good, anybody here have any experience with them ?
 
You will get a no claim bonus. To know which companies are good check out the irda site. They publish claims settlement ratios of all companies, life n general.
 
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