HDFC Click 2 Protect offers me Rs 50L coverage at a premium a good Rs 2k less than that for a coverage of Rs 40L!!!!! Not very logical.
Interestingly, the preiums againg rise from 50L to 60L.
I am sceptical why Rs 50L coverage comes at a lower premium than Rs 40L coverage? Is there a reason like more stringent medical fitness critera for Rs 50L coverage ? or a different eligibility criteria like- finacial status / living condition etc? I must know the exact reason before going for the more tempting offer of Rs 50L coverage (less premium and higher coverage than Rs 40L).
Haven’t found a logical answer to this even after talking to umpteen number of customer service execs on the helpline. All they say is exclusions and the terms of coverage are same in both cases. And the premium depends upon our internal calculations which is normally not shared bha bhah…..
My simple argument is- How come the mortality rate (for the same perosn) considered for Rs 50L can be less than that considreded for Rs 40L coverage?
While the insurers expect us to be completely fair and honest in revealing the facts in our application, I get a feeling that there is something that the company is unwilling to disclose! And that’s the least we expect in a contract like term insurance which is based on faith.
Please share your views.