Frequently Asked Questions premium and loading Questions and Answers Related To premium and loading
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1 How do I pay the premium?
You may pay your premium through all RBI approved transactions - Online transaction , credit card, debit card, cheque & cash as per existing law of the land
2 Do I get any discounts while buying my insurance from you
Yes, if you take a family floater insurance, then the premium is discounted to some extent and is cheaper than individual policy. You could also get a discount for co-pay option.
3 Are premiums fixed for my policy
No. Premiums will vary with covers,features,age and other specifics related to each individual or/and family
4 How are health insurance premiums calculated?
They are calculated based on age and medical condition of insured members, and the benefits and limits that are included in the policy conditions.
5 Will health insurance prices go up in 2021?
It all depends upon premium received and claim ratio calculated when the financial year ends.
6 How can I get a better rate of premium
Health insurance plans are for one year and premiums change with age. One way to get benefit os to buy a 2 or 3 year plan so that your premiums are same for 2 or 3 years and there is also a discount given on the rates. This facility is available with most insurers
7 How much will a health insurance policy cost
The annual premium depends on the Sum Insured and benefits that are included in the policy and age of the insured. There may be loading or extra cost for people with existing diseases, in case their proposal is accepted for issuance.
8 Can I pay premium in installments, like a quarterly or monthly mode ?
IRDAI has very recently allowed payment of premiums in instalments. This facility will become available as and when Insurers launch it.
