Can an insurer cite my deteriorating health to re-load the premium during the policy tenure of my life policy?
Bharat Shah, Mumbai
Unlike a health insurance policy, where the policy tenure is not for the long term and where the insurers have the provision to increase the premiums based on the claims experience specific to your case, life insurance policies are long-term contracts and the insurer cannot change the terms and conditions of this contract unilaterally. The only situation in which insurers can propose an upward revision in premium is when they are able to point out concealment of a material fact by you at the time of taking the policy.
