Last year I have purchased Heartbeat Silver plan for my mother.(current age: 54) Premium paid at that time was Rs. 8827/- However upon renewal this year, the premium is increased to Rs 10, 296/-
When I was contacted by their renewal dept. I asked the reason for the increased premium. The person on the phone told me with increase in age, premium also increases as people are categorized under different age band.
When I asked to give me the details of it, there was no satisfactory answer. The person told me that this year it has increased by Rs 1469 but next year it’ll only increase by another Rs 600 or 700. And in this year company is giving my mother free health checkup and 800+ loyalty points to be redeemed against any health related services.
I asked what is the criteria of increasing premium. Since my mother will be 1 more year older next year but in next year’s premium there is only 600 rupees raise so what is the calculation about which the person didn’t have any answers.
It is clearly seen here that whatever free health checkup is given to insured is not actually free, fees for it is covered in the updated premium. I checked the policy document and they have not mentioned any specific clause for increasing the premium with age except following words: "Renewal premium is payable on or before the due date in the amount shown in the schedule of insurance certificate or at such altered rate as may be reviewed and notified by us before completion of the policy period."
I think this is not fair on their part to do such cheap tactics. I hope my review will help others and for Max Bupa: Please clearly state everything to consumer so that they are aware of every clause before hand.