Am holding a Health Insurance Policy with M/s ICICI Lombard since 9th Oct 2008 and paying yearly premium regularly. Policy No- 4128i/IHIA/83338197/09/000 issued on 27 Sep 22 for the year consisting of a premium amount of INR 24181/ PA is due for renewal early Oct 2023. Have received a renewal intimation dated 16th July 2023 on 10th August 2023 by Post. Shocked to see the revised premium at 63% higher than the present premium for INR 37935/ PA. demand from ICICI Lombard.
Have called ICICI Lombard customer care to enquire without any consent from the insurer why such a huge hike of premium is imposed. The answer I got from them is as per IRDA guidelines the insurance plans are upgraded and the calculations are as per the inflation in the respective Zone. Have told them by any means including inflation and other costs it should not be more than 10 to 15 percent whereas 63% increase that too for an existing customer for 15 years and a current Senior Citizen in now way justifiable. Also asked them to provide the proof of IRDA circular /instructions for upgradation of policy. Their customer care said they will register my complaint and their representative will call me. With the previous experience with ICICI Lombard in similar issues I have my own doubts that they may try to justify the proposed figure of premium at the eleventh hour and will be forced to pay the same inorder to keep up the benefits. To avoid any last minute crisis, I would like to bring forward to your attention for timely interventions and for the proper solution to arrive the nominal increase instead 57 % increase before the due date of renewal of my Health insurance.
Best Regards - VCN Mukund, Hyderabad- [protected]@gmail.com
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