Does Mediclaim renewal premium increases every year?

[asht]

I've a Mediclaim policies from National.
While first renewal of National Medicalim policy, my agent demanded more renewal premium.
I was surprised to hear that as my Life insurance premium will be same for all consequent renewals. Agent said that is due to age and pre-existing conditions.
But I've declared all my pre-existing conditions while buying the policy and the first year was claim free.

Then why more premium is demanded?
Please let me know if my premium will increase every year.

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[Manish_Kumar]

Yes, it increases every year because of following reasons:
1) Due to increasing age factor
2) Medical inflation
3) Demographic of those insured by your insurance company

Source: PW.com

[Manish_Kumar]

But you will get Cumulative bonus @5% of sum insured for each claim free policy year provided the policy is renewed without break.

Health check up expenses will be reimbursed once at the end of a block of 4 continuous claim free policy years

[wasim]

Hello ,

YES, the premiums charged by insurance company is usually the same for specific age groups such as 0 – 18, 19 – 30, 31 – 45, 46 -55, 56 – 60 and 60+. The premium usually remains constant as long as you are in the same age bracket. But once you shift from one age bracket to another the premium will increase.If you make a claim in the existing year, then chances are your renewal premium will be increased. The increase in premium is called load premium which can be looked at as an extra cost for the additional risk the insurance company is covering. But nowadays insurance companies state on their policy document that they will not load your premium for first five years irrespective of your claim history.If you do not make a claim in the existing year, then the insurance company usually offers you a bonus. This bonus could be in the form of discount in premium or increase in sum assured amount.

I Hope this Helps,

Wasim