Canara HSBC Term insurance given counter offer

[Kiranonlinee]

********* Rejected Counter Offer *********


I bought 2cr term insurance from canara HSBC just 1 day before my birthday.

I already hold 1 cr term insurance

Initial quote was 18.5k P.A I paid initial payment and went for medicals and submitted all other docs

Insurer Provided Counter offer stating financial reasons.

Option 1 =>
1.8cr with revised premium of 20.5k P.A

Option 2 =>
1.64 with revised premium of 17.5k P.A

Is this a kind of scam or something else. Please provide a suggestion.

Thanks.

 

[Kiranonlinee]

But my reason they are quoting is not available in those six factors

 

[Kiranonlinee]

 

[Kiranonlinee]

What reason they provided? All good with medicals, didn't raise risk ratio there? Did you told them you already had policy of 1Cr. before or after taking the Quotation? Your application and approval increases your age to 1 year, did that they considered as Quotation before showing the 18.5k P.A premium? What about financial details, did you submitted before or after getting the Quotation? How about BMI etc. health factors, did they considered before Quotation or after?

If all and more of these parameters already verified and provided to you 18.5k P.A premium, then definitely you can file the complaint, they should oblige that premium.

During application I stated i had 1cr term insurance and submitted all the docs including financial

 

[prc1990]

Are the medical test expenses borne by insurance company or the insurer itself???

 

[Kiranonlinee]

Are the medical test expenses borne by insurance company or the insurer itself???

If you are taking policy then it will be born by insurance company if not they refund amount reducing the medical test expenses

 

[prc1990]

If you are taking policy then it will be born by insurance company if not they refund amount reducing the medical test expenses

Average costs of the test?

 

[Kiranonlinee]

Average costs of the test?

It varies according to the tests performed

 

[prc1990]

It varies according to the tests performed

Still under 5K, 10K? Just wanted to get an idea.

 

[Kiranonlinee]

Still under 5K, 10K? Just wanted to get an idea.

I'll update the post once I got refund

 

[Kiranonlinee]

Still under 5K, 10K? Just wanted to get an idea.

Mostly under 5k i think

 

[Kiranonlinee]

Got confirmation from the insurance company no amount for medicals were deducted and entire amount will be refunded back to source

 

[prc1990]

Got confirmation from the insurance company no amount for medicals were deducted and entire amount will be refunded back to source

Is it for most of the insurance companies or company/customer specific?

 

[Kiranonlinee]

Is it for most of the insurance companies or company/customer specific?

It varies from company to company

 

[prc1990]

It varies from company to company

So they rejected your insurance??

 

[Kiranonlinee]

So they rejected your insurance??

I rejected it , counter offer seems expensive for me even after 1 year I can get 2cr coverage at 20k now they are offering 1.8cr at 20.3k or something like this.

I don't want to pay more

 

[pankaj_ji]

As a suggestion, take term insurance atleast 1 month before birthday, else at times, they increase premium as if final policy decision result comes after birthday.
Avoid rejecting term insurance offer, or you may give them a counter-counter offer

 

[Kiranonlinee]

N

As a thumbnail, take term insurance atleast 1 month before birthday, else at times, they increase premium as if final result comes after birthday.
Avoid rejecting term insurance offer, or you may give them a counter-counter offer

NOpe my case is different I'm not meeting their financial criteria that is the reason thay increased premium and decreased coverage.

I don't know how this logic works.

 

[pankaj_ji]

Y

N

NOpe my case is different I'm not meeting their financial criteria that is the reason thay increased premium and decreased coverage.

I don't know how this logic works.

you purchased directly from them ?

 

[Kiranonlinee]

Y

you purchased directly from them ?

Policy bazaar