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POSTED BY ON July 4, 2012 3:34 pm COMMENTS (12)
I am a 35 year old, non smoking male and took an online term plan from Aviva NUP75074650 with a cover of Rs. 55 Lac for which the premium was Rs. 6274/- at the time of proposal/policy payment i have alreday discussed and clarified to their product expert (Tripti Aggarwal) that i am not a smoker, and even i didn’t use anything (Cigarrete/Bidi/Pan Masala/Alcohol) related to smoker category. Occasionally, I just takes simple pan or pan with a very little tobacco in one or two times in a month, not regularly and also i am not habitual about it, she told me this doesn’t matter and if their is anything wrong in your medical report than only your premium will be incresed. After the medical examination even though everything was normal they have asked me to exra premium by more than 50% (Rs.3600/- extra) by saying that your category has been changed to smoker due to consumption of tobacco (pan with tobacco), and the amount will be refunded after the deduction of medical charges in case of cancellation. I requested him to arrange my Cotinine Test for the same, and if i found +ve then after i will be able to do final decision about the policy to continue or not. and i am waiting for their response.
I am not able to decide what to do in this case?.
Any other term policy that you recommend?.
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Dear Ashal,
As per your suggestion and guidance, i agreed and paid the extended premium (due to considering me under Smoker Category) for my Aviva i-Life Policy# : AIL5009062 before issueing it to me. and i also requested to correct/complete some of my details in the policy proposal/documents on 19-Jul-2012.
As per my request and their response email dated 27-Jul-2012 they updated the details at their end and issued me my policy on 30-Jul-2012.
But they have issued me the policy without these updates-
1) As my premium is increased by considering me under the Smoker Category, so i should cover under this policy even i can Smoke or consume Tobacco in any form in near future or during my policy term, and also changes in my policy/proposal details as according to Smoker Category.
– Not updated / mentioned in my policy documents (You just issued me the policy as Non-Smoker Category and with premium of Smoker Category).
2) Inclusion of complete details of my owned Three Insurance Policies (as mentioned in my email) to be added in my final policy documents.
– Not updated in my policy documents (Only the details of two policies are mentioned and not the third one).
3) Completion of my Permanent Address, and also the address of my both the Nominees as mentioned in my email.
– Not updated in my policy documents (Incomplete address of both Nominies and Appointee).
I wanted all above things in written in policy itself/ or in a reference letter so that i can have this with my policy documents for future reference (As i have already clarified before issue of the policy).
but after so many emails they are not giving me the proper response, so can you suggest me what should i do in this situation?
Do i return back their policy as this is under review period till 30-Aug-2012 ?
Waiting for your valuable response.
Regards,
Pankaj
Dear Pankaj, In the light of the info given by you above, Yes you should return back the policy. To surrender the policy, act now & act fact.
Thanks
Ashal
In my opinion, an extended premium is actually better. Since at the time of claim, you (actually your family) can say that since the premium was upped, it was not a normal policy, and the company had done due diligence and checking of things before the issuance of the policy. This is actually a lesser risky option than the normal fill the form, pay, and issuance of a policy (original idea given by Subramoney.com).
Since you have got the policy issued to you now, just keep all those emails with you. Get a printout and keep them with the policy documents, so that everything is properly documented.
Do not panic because of the details not being updated in the policy documents. You have done your work, now it is upto the insurance company to get the necessary paper work done.
Ramesh
Glad you disclosed all the facts.
This would be helpful in case of claim settlements.
Dear Anshal, Thank you so much for your guidance, and giving me your valuable time.
Thanks,
Pankaj
Dear Ashal, The other thing for which i want your valuable guidance-
I have three ULIP policies, and i have declared two of them (due to limited space) in my i-Life proposal.
1). Do i need to email/send the details of all policies including remaining one to AVIVA?
2). If i surrender/close any one or all of them in near future then in that case what do i need to do?
Dear Pankaj, if you intend to close one of the ULIP in near future, you may skip to report. If you close one or all after reporting, do nothing, just relax.
Thanks
Ashal
Dear Ashal, Thanks for your valuable suggestion…
Here the issue is they told me that if your medical reports are fine and if you pass Cotinine Test then no reason to increase your premium but without my Cotinine Test and looking into the facts only intention is to get the extra/increased premium.
So in this case what should be my next step?
Dear Pankaj, if you opt out at this stage from this Aviva policy & apply for a new one from any other insurer, what ‘ll you tell for the question – Had you denied a cover previously or the prem. was raised?
Still if you feel not satisfied for this cotinine test (not done), You may ask the insurer to done it first & on the basis of the test, decide the prem.
Regarding ULIPs, Please quote other ULIPs by declaring the same via e-mail.
Thanks
Ashal
there are so many cases for AVIVA ONLINE TERM PLAN. they are mareketing as cheapest premium but then after they raised premium under cotinine test.
u r the 16th person, whom i come to know for the same.
i am also 1 of the victim of this type
Dear Babban, so you meant to say that the insurer should not raise prem. at all? I’m not defending Aviva or any other insurer here but what I feel is – paying a higher prem. after a detailed medical is actually in our favor. The insurer can’t deny claim (if happens at all) on adverse health condition or suppression of materiel facts.
If you feel, paying a normal prem. in an offline plan is better, well all of us has personal choices & you have every right to go for your choice.
Thanks
Ashal
Dear Pankaj, You honestly declared the tobacco consumption. The same has put you in to smoker category & this is actually good for you. The reason is every insurer ‘ll do the same for you after your honest declaration. Now interestingly, Aviva is ready to cover after knowing the risk & this risk ‘ll remain same for Aviva. No matter what’s your tobaccos consumption down the line after few years from now onwards. I’m not saying you should increase your tobacco consumption.
I had purchase Aviva’s online term cover for myself & due to my job profile (I’m a Chem. Engr. by profession) the prem. was raised almost 3.5 times. I happily agreed & paid the extra prem. Now I’m not worried that due to my job profile, the claim can be denied later on.
Thanks
Ashal