Health Insurance Premium Hike: Customers renewing health insurance have to pay increased premium. Many companies have increased the insurance premium amount in view of medical inflation. Customers have many options to deal with this.
Inflation rate is increasing year by year. In this sequence, there has been a huge increase in the medical inflation rate. India’s medical inflation rate in the year 2021 was 14 percent, which was the highest rate among Asian countries. At present, this rate has increased further, which is affecting the premium while renewing the insurance policy.
To avoid increase in the premium of health insurance policy, customers should renew the policy well in advance. Due to this, the insurance company will not be able to charge you more money at the last moment by talking about increased premium rates or citing inflation. Whereas, making the first payment also develops a trust factor between the insurer and the customer.
Do not wait till the last date of the policy It
has been seen in many cases that the customers waiting to renew the policy till the last date have to pay the premium given by the insurer. Because, they do not have extra time to talk to the insurer on this, because if even a day passes without renewal, then there is a risk of policy lapsing or being left without insurance cover.
If you are not satisfied with the service or overall experience provided by your existing insurer, have any issue with the premium or product, then you can port your policy. You have the option of porting if your insurer is charging a higher premium. Porting gives an opportunity to choose a policy plan with a new insurer, at a cheaper premium. Parthanil Ghosh, president, retail business, HDFC Ergo General Insurance, says that if you do not find a suitable policy for your needs with your current insurer, or a better product with higher value for money with other insurers, then you can consider porting. can think about.
