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Thread: Does Mediclaim renewal premium increases every year?

  1. #1
    NewBie
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    May 2017
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    India
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    Exclamation Does Mediclaim renewal premium increases every year?

    I've a Mediclaim policies from National.
    While first renewal of National Medicalim policy, my agent demanded more renewal premium.
    I was surprised to hear that as my Life insurance premium will be same for all consequent renewals. Agent said that is due to age and pre-existing conditions.
    But I've declared all my pre-existing conditions while buying the policy and the first year was claim free.

    Then why more premium is demanded?
    Please let me know if my premium will increase every year.


  2. #2
    PW Stalwart Manish_Kumar's Avatar
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    Patna
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    Yes, it increases every year because of following reasons:
    1) Due to increasing age factor
    2) Medical inflation
    3) Demographic of those insured by your insurance company

    Source: PW.com
    Everyone has a scheme of getting rich.. Which never works.

  3. #3
    PW Stalwart Manish_Kumar's Avatar
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    But you will get Cumulative bonus @5% of sum insured for each claim free policy year provided the policy is renewed without break.

    Health check up expenses will be reimbursed once at the end of a block of 4 continuous claim free policy years
    Everyone has a scheme of getting rich.. Which never works.


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