POSTED BY October 4, 2013 6:33 pm ONE COMMENTON
I am 30 yrs old male. have purchased a HDFC click2protect plan for 1.25 Cr & 30 yrs tenure through HDFC branch for Rs 15400/-. I had undergone medicals. Now they are loading my premium to Rs 5300 extra, as i am over weight. Now i have 3 options
1) Paying this extra premium – but i don’t like
2) Instructing HDFC to reduce my life cover as per Rs 15400/-
3) Cancelling this policy and getting my money back. They will deduct my medical & stamp duty fee.
How much will be the loss?
After i reduce my weight & i will take new policy. Can anyone guide me to take decision. plz.
Kindly guide me what to do?
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One reply on this article “Loading in HDFC Click2protect term plan premium ?”
Dear nesamani, Please opt the cancellation and waiting option only if you are 100% sure that in next few months till you reduce your weight, nothing ‘ll happen to you.
In my personal view, it’s good that Insurer is underwriting your proposal with a loading. How? Insurer is aware that you are overweight. This translates into more than normal risk. As the risk is higher, Insurer is charging extra prem. Now after paying this extra prem. if you die due to your extra weight problem, Insurer can not deny claim on the very same reason.