ICICI Lombard Term/Group Insurance through AMEX

[akiratoriyama]

Got offered this today and they were quite insistent on closing the deal on phone without sharing any documents. 1cr cover for 12.8k premium. No medical checkup needed no disqualifiers based on pre existing disorders. Is it actually good or are there any gotchas to be aware of?

 

[quino]

no disqualifiers based on pre existing disorders.

wtf? how's that possible?

 

[akiratoriyama]

wtf? how's that possible?

That's what I was shocked by. I have a few chronic health conditions, Ditto directly told me I can't get term insurance at all lol. Often whatever sounds too good to be true, is.

 

[rogerthat]

Got offered this today and they were quite insistent on closing the deal on phone without sharing any documents. 1cr cover for 12.8k premium. No medical checkup needed no disqualifiers based on pre existing disorders. Is it actually good or are there any gotchas to be aware of?

Don't. It sounds lucrative and too good to be true because it is a group insurance policy. This means that the policy and cover will apply only as long as you are an Amex customer. If once day they unilaterally decide to close all your cards (which they totally can and will), you will be left holding the bag. It is just the same as your employer health insurance but without any of goodwill and accessibility offered by your employer.

All aspects of the policy is controlled by Amex (and ICICI). You cannot port the policy, make any changes whatsoever to it, and most importantly, are completely left to the whims of Amex when it comes to claims. It also does not build a credit history with the insurer which is absolutely necessary these days.

Spend more and purchase a personal policy from the insurer directly on your terms.

 

[akiratoriyama]

Don't. It sounds lucrative and too good to be true because it is a group insurance policy. This means that the policy and cover will apply only as long as you are an Amex customer. If once day they unilaterally decide to close all your cards (which they totally can and will), you will be left holding the bag. It is just the same as your employer health insurance but without any of goodwill and accessibility offered by your employer.

All aspects of the policy is controlled by Amex (and ICICI). You cannot port the policy, make any changes whatsoever to it, and most importantly, are completely left to the whims of Amex when it comes to claims. It also does not build a credit history with the insurer which is absolutely necessary these days.

Spend more and purchase a personal policy from the insurer directly on your terms.

I asked them this exact thing and they said it doesn't matter if I am no longer holding AMEX cards. Still seems off to me.

 

[BVCBVC is verified member.]

Just now bashed them and disconnected the call. Me/ My brother/ My spouse have got around 20-30 calls (All together) this month. They are in hurry rush to sell these as March is approaching.



My view on Group Health & Term policies lasts as long as you are with either of them and as long as both the parties are together. So better avoid them for future hassle.

 

[RAMESH BABU N]

All insurance firms sell policies based on your proposal form - which should contain ALL details. Including any/all PEDs - pre existing deficiencies/diseases - and all other relevant data like physical statistics n a never-ending finely-printed undertakings.

The PROBLEM arise, when you make a claim. Then, each n every clause or given certificates/undertakings will be verified. Even one deviation will make the claim invalid n unsustainable.

So, be extra careful with such lucrative offers n unbelievably good offers.

 

[akiratoriyama]

Just now bashed them and disconnected the call. Me/ My brother/ My spouse have got around 20-30 calls (All together) this month. They are in hurry rush to sell these as March is approaching.

View attachment 84399

My view on Group Health & Term policies lasts as long as you are with either of them and as long as both the parties are together. So better avoid them for future hassle.

Got from the same number as well. Just messaged amex on chat to put me in DND for insurance. They said they will. Hopefully works.

 

[BVCBVC is verified member.]

Got from the same number as well. Just messaged amex on chat to put me in DND for insurance. They said they will. Hopefully works.

After March 31st, they will activate DND on Insurance. 😋

 

[akiratoriyama]

All insurance firms sell policies based on your proposal form - which should contain ALL details. Including any/all PEDs - pre existing deficiencies/diseases - and all other relevant data like physical statistics n a never-ending finely-printed undertakings.

The PROBLEM arise, when you make a claim. Then, each n every clause or given certificates/undertakings will be verified. Even one deviation will make the claim invalid n unsustainable.

So, be extra careful with such lucrative offers n unbelievably good offers.

Yup, my pre existing illnesses make me ineligible for the term providers ditto has. Ive applied for icici pru term and got the medical test done today. The agent told me to lie through my teeth but told her I won't.

If I don't get any term insurance, it's fine. Don't want to lie and face issues later.