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Will my premium amount increase after I have bought a policy?
Typically, when you buy an insurance policy, it is a contract or an agreement that you are entering into with the insurance company. It is a fixed price (premium) that you are willing to pay in order to remain insured for the term of the policy. Thus, such a price (or the premium amount) is pre-fixed and the insurance company cannot increase the same later. However, as the Finance Ministry levied a service tax on insurance companies in 2002-03, premiums payable by the insured may increase!!!