Hello ,

YES, the premiums charged by insurance company is usually the same for specific age groups such as 0 – 18, 19 – 30, 31 – 45, 46 -55, 56 – 60 and 60+. The premium usually remains constant as long as you are in the same age bracket. But once you shift from one age bracket to another the premium will increase.If you make a claim in the existing year, then chances are your renewal premium will be increased. The increase in premium is called load premium which can be looked at as an extra cost for the additional risk the insurance company is covering. But nowadays insurance companies state on their policy document that they will not load your premium for first five years irrespective of your claim history.If you do not make a claim in the existing year, then the insurance company usually offers you a bonus. This bonus could be in the form of discount in premium or increase in sum assured amount.

I Hope this Helps,


Wasim