Decided to take Aviva-ilife term insurance plan after reading the discussions and recommendations in the forum . I compared the premiums and disbursement ratios of all insurance companies online and went through the terms of aviva , icici and aegonreligare. I opted for aviva even though they were offering only death benefit (no benefit for disabilities)
I am a 30 year old non smoking male and took an online term plan from Aviva NUP75030457 with a cover of 1 crore for which the premium was Rs.8582 and went for the medical examination. After the medical examination even though everything was normal they have increased the premium by 75% by Rs.6602 which is higher than other policies. When I checked online I found lot of other customers who are facing the same issue and seems Aviva is using the low premium as a means of attracting the customer and increasing the premium at will.
What do you advise – Should I go for another policy or pay the increase premium?
Is there someway by which I can approach IRDA with the issue?
Any other term policy that you recommend?