Dear All
Based on the inputs received from this Forum, I chose to go with Aviva for Term Policy. On the face of it, it seems a good policy and is much more attractive than other online Term Policies.
Initially, Aviva gave a quotation of only about Rs. 6350 for coverage of Rs 50 Lakhs for me (age 36 years).
As I am slightly Diabetic (it is varying from normal to slightly diabetic in regular checkups), the Under-Writer team of Aviva has increased the premium amount to Rs. 14485 (which is more than 225% of initial Quote). This is done after medical examination by Aviva.
When I spoke to underwriter team, they informed, even for slight diabetic, their policy is to charge this much and there will be no negotiations or discounts on the premium. I was even ready for reducing the policy duration, still they could not reduce the final quotation.
My Doubts or Questions are:
1. When Aviva has a policy to charge more than double to a Slightly diabetic person, they should have informed me well before taking my initial payment. Why don’t they do it?
2. Is claims of Aviva that they are providing insurance at very low cost is only for advertisement purpose? Underwriter team is charging high amount once they receive application and initial payment!
3. When I declared that I am diabetic to the Aviva Team well before getting their Quote, Why did they offer initial Quote of so less (only 6350) and why the Underwriter team increase the same abruptly (more than 225%)? (Also this is done after receipt of my initial payment)
4. When they are revising their quotation to more than 225%, why cant they allow me to take back my money and withdraw the policy. Where as other insurance providers like Aegon Religare are allowing for withdrawal of policy without charging anything extra at any point of time.
5. If my experience with Aviva is like this before taking policy, how can i trust them for future?
6. Btw, can somebody inform me the Claim Settlement Ratio of Aviva Term Policy.
Going by this Bad experience, I am not sure whether Aviva is able to give fair settlement to its customers in future.
Can somebody clear my doubts., Thanks
KK Babu