PNB Oriental Royal Mediclaim Policy – Three fold increase in Premium

We had availed PNB Oriental Royal Mediclaim Policy in the year 2016, for our family of Four memebers.
Sum assured: Rs.5 Lakhs
Premium paid for the year 2016: Rs. 6990/ (includes service tax)
Premium paid for the year 2017: Rs. 6990/ (includes service tax)
we received an e-mail for policy renewal for this year dated: 8th June, 2018. We contacted our PNB branch, RMV extn., regarding the policy renewal. To our shock and dismay we found that the premium amount has been increased to Rs. 19587.00 (Nineteen thousand five hundred and eighty seven, includes 18%GST)
When I contacted the local branch manager, he affirmed that the premium has been hiked based on Age factor. Since oriental mediclaim offered minimum premium without age factor, we opted with much contemplation. Now, they’ve considered the age factor and increased the premium exorbitantly. Is this justified?
My spouse Mr. S. Rxxxxxxxm who is the policy holder was 59 yrs. when we availed the policy. we wrote an e-mail to the Chairman on 16/06/2018 seeking clarifications regarding the increase. So far, we have not received any feed back from them.
we would like to renew and continue the policy, but can’t afford to pay a huge difference. In this regard, I request the consumer forum to mediate and resolve the issue amicably.
A copy of the letter sent to the chairman has been attached for your reference.

Jalahalli, Bangalore 560013, Karnataka

Please do not submit complaints in the comment / reply box.

Leave a Reply

Your email address will not be published. Please do not submit complaints in the comment/reply box. For complaints use Submit Complaints link menu.

error: Content is protected !!