This is my review on iTerm plan for those who look forward for reviews.
Recently I was planning to increase my Term cover & applied for iTerm insurance. Already I have a Term cover of 60 lakhs. I want to increase the cover so opted for a pretty large cover of 2 crore.
Application process was straight forward & declared all the facts correct. I am a healthy male who don’t smoke & drink. Application was completed on 15th Feb & done my medicals & Test on 20th Feb.
I believe there was no problem found in my medical test. While disclosing I said both my parents are diabetic. After the review of the medicals, I was told due to the family history my premium will be raised by 40%. I was in utter shock.
Come on, now I believe more than 30% of urban population will be having diabetes. This figure is bound to increase in the coming years. I am sure increase of premium for those who has problems currently is fine, but increasing the premium for those who might gain medical problems is atrociousness.
If that is the case, while filling the form itself they should have asked does any of you family has medical problems & based on that premium needs to be recalculated correctly. But affront they charge lower amount & later charging more amount is surely a bait and switch.
For the other 2 covers I have the same medical history is also mentioned & they haven’t increased the premium after medicals. Only I believe Aegon Religare is following this method.
I have rejected the counter offer & waiting for the refund. My Quote number is: 512022611708
I have no problem with the customer service. Only problem is with false advertisement they make & increasing the premium later which reminds me of the bait & switch work offered by online stores.
If they want confirmation from customer, why can’t they collect token premium from customer, do medicals & then disclose the final premium. Instead advertising lower rate & later increasing premium is surely a no no.