I had bought my policy about 3 years ago. But my medical conditions have changed—I was obese, but have managed to bring down my weight to within reasonable limits. If I bring this to the notice of my insurer, will they re-examine my case and change the premium? If they don’t reduce my premium, can I go to another insurer? If I go to another insurer, will only the current conditions be considered or the past facts will also matter? —Akshat Mehta
Life insurance policies are long term in nature. The conditions of these policies cannot be changed mid-term. So, your improving health will have no bearing on your existing policy. It is likely that at the time of underwriting of your first policy, you were charged a loading on standard premium. If you approach another insurer now, they will not charge you that additional loading. A new insurer would do fresh underwriting, and look at your new medical reports. They will not look at your past weight record. Only your past medical history, if any, will be considered.