Insurance firms seek more premium from disabled
have a credit card from a private bank. I always make payments by cheque. Last time, I dropped my cheque in the bank’s ATM before time. But the amount was debited late from my account and they charged me a penalty of ` 350. refund? Can I claim a Raghunath
Chennai
QI
This is a common problem. The due date for credit card payment is the date on which the issuing bank should receive the credit in their account. It is recommended that when you pay by local cheque you should keep a margin of four to six working days between your cheque deposit and the due date. In your case, the amount got deducted from your account after the due date even though you deposited the cheque before time. That’s why the bank levied the late payment charges. As a first step, you can approach the bank and request them to reverse the charges. It is not binding on the card issuer to agree. Even if you decide to dispute the penalty, please pay it up under protest and simultaneously file a grievance with the bank. This will ensure that your credit report is not adversely affected by this so- called default.
To avoid such mistakes, you can issue an electronic debit instruction into your main account so that the payment is
Qautomatically made on the due date. I am 35 years old. I have bought StarHealth Family Optima policy for a sum assured of ` 3 lakh. I have missed my due date for the premium was August 20, 2014. Can I pay it now? What will happen if there is a claim?
B. Rajan Hyderabad
Star Health Family Optima Policy has a grace period of 30 days from the date of renewal. So you should pay the premium as soon as possible and continue your existing policy benefits. No claims will be payable during the grace period, so you should not wait till the end of grace period.
It is advisable to pay the premium of health insurance policy in advance at least 10 days before due date.
QI bought a pension plan from the Life Insurance Corporation with life insured risk of ` 9 lakh ( normal death) and ` 18 lakh ( accidental death). I have a disability in my right leg due to polio, for which I have submitted certificate at time of buying policy along with a medical certificate.
I have paid the premium sought by the insurer for the quarter. But the insurer is asking me to pay extra premium for me disability. Is it legally right to charge extra premium for person with disability? Chandrakant
Hyderabad
Insurance companies can and do charge extra premium from the buyer, in case of disability or any health related issues. The normal premium is meant for healthy individuals and the insurance company charges more for any health related or disability condition which, in its opinion, increases the risk of the insured event occurring. So the quarterly premium that you have paid must be for a healthy individual in the same age group. So only after you accepting the revised proposal and payment of additional premium, the proposal will be converted to the policy and your insurance cover will start thereafter. You will not receive the policy document till you accept to pay extra premium and risk will not commence till then.
The writer is the CEO of Apnapaisa. com. You can send in your queries to movingmoney@ deccanmail. com