Hi,
I recently applied for Apollo Munich’s group health insurance for myself and my wife(Easy Health with SA of 7.5 Lacs).
Firstly, even before our medical tests were performed, the company deducted the entire premium amount thru the cheque given by me at the time of filling up the application form. Is it a normal way of working for health insurance companies to deduct the premium amount before I have signed up for the policy? Is this not against the consumer’s interest because:
1. He is losing the interest on the premium amount if the company refuses to issue a policy because of the test results or if the consumer decides against taking the policy.
2. The medical tests and policy issuance takes a few days for completion. During this time he is not medically insured and yet the company has taken premium money beforehand.
Shouldn’t there be a norm to minimise the gap between date of premium payment and date of policy enforcement to protect consumer interest?
Secondly, Apollo Munich has mentioned in a letter that I have a high Body Mass Index(BMI) which would result in extra premium amount. ( I am 30 yrs old with height of 5’8″ and weigh tof around 88 Kgs). So the company is already applying a loading for being overweight, even before the start of policy.
Would it be wise to trust such an insurance company for a long term relationship because I feel that they can apply loading for any reason going forward on premium renewals?
Regards,
Rajat