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POSTED BY ON April 25, 2014 12:15 pm COMMENTS (3)
Hello Sir, That’s Dr.Vishal Shah , from Ahmedabad , Gujarat. I am Holding a Oriental Happy Family floater Health Insurance Which Includes Me as a Primary Member (Age-30) , My Wife as spouse (Age-30) & My Parents (father -61, Mother -52 years) My SA for Previous 2 Years was 2,00,000 but last year I upgraded it to 3,00,000 (premium
Now i want to Upgraded it to 6,00,000 ( Gold Plan) So, I made inquiry about that & on this way . I came to know about changes in IRDA guide line . They told me to upgrade it to SA – 6,00,000 (Gold Plan) but premium would be very high – 47,000 . For this, they argued that according to New IRDA Guidelines, Primary Member is of Higher age only. So, In My Case , My Father -61 Year, would be the primary Holder , In this way , they increased my Premium almost 4 Times . I paid 3 year with trust that after 4 Year, i can get some benefits for my Health Insurance . But after 3 Year of paid premium , Now i am in trouble, i don’t know what to do. I am your regular reader so, I know you can help me out of this.
(1) I want to know that it is right that IRDA insisted to make the higher age person as a primary member for family Holder Policies??? Whether it is for all companies (or) selected Companies ?? ( Like my Oriental Insurance )
(2) If i Have a child , then they are ready to consider me as a primary member , is it So?? I will Have Baby Next Year (January -15,, as my wife is pregnant) who can be Included Only after 3 month of age. After Including my Baby , they are ready to consider me as a primary member so what should i do?? i thought that i Should let them make my Father as a Primary Member for this Year and for next Year i will automatically be a Primary Member , Is my way is Right ? ( Is it cost Effective??)
(3) Now after paying 3 premium , what should i do ?? Should i continue till i get a new Policy from different Insurance Provider??? After that, for how much time i have to wait to get Health Insurance Benefit ??
(4) What other plans Would be best for me with at least 5,00,000 SA with least premium & better facilities. Please Suggest Me.
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please don’t touch your parent policy because they are in age that if you want to switch company or take new insurance they need to medical check up and if they have PED then loading may be charged and waiting period
PS: upgrade for 5 lac (3 lac extra SA is applicable 3 year waiting for PED if ANY )
Premium
(22900+2080+1040+1040)+12.36%
=30404
if you have any PED
continue this policy and take a policy for you and your wife simultaneously unless your waiting period is over then free your parents policy
if you haven’t any PED
take a new policy for you and separate your parents policy
for you
try some bank policy
or go for apollo
hello
oriental premium calculation as per new guidelines
higher age should be charged as primary member but you can show your parents dependent in policy
premium for 6lac gold A
31220+2840+1430+1430
=36920+12.36%(st)
41483 TOTAL if last year no claim and no PED like sugar loading included
Dear Vishal, do you have any child?If yes, please add your child also in the policy and then ask for prem. quote.
In case you do not have any kid, still demand a prem. quote by adding your kid (just for example purpose). Share your new info with us here.
To understand Oriental Happy Family Floater better, you may join my FB group named as asan ideas for wealth.
Thanks
Ashal