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POSTED BY ON October 1, 2010 11:39 am ONE COMMENT
Hello,
I have Oriental HAPPY FAMILY FLOATER POLICY silver plan for 4 lakh coverage.
Two queries I have
(a)My mother age is 56 now on renewal,Will premium be increased?
(b)What is maxmium renewal age of family floaer policy?Somone told that my mother cant be part of floater policy once her age is 60,Is it correct?What is IRDA rule for same?
(c) I read a arcticle in TOI regarding proposal of migration of company A to Company B if customer wish with including all benefits which he entitles to get from A?
-MG
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Answer to your queries
1) There is a premium bracket indicated by the company.Whatever premium rate is there it will be charged.suppose the premium bracket is 50-55 and 56-60. Now your mother reaches to 56-60 bracket.So the premium rate will increase.
2) Generally renewals age in Floater policies go up to 75-80 now.Only some companies have for lifetime.Once you have taken the policy,the company is bound to renew it till their prescribed age.so if it is 75 or 80 then your mother will be included.But still i advise to go for a seperate policy for your mother and senior citizens policies are one good option after age 60.
30Migration form one to other company or Portability is at proposal stage.when it will be applicable,we will have to wait and see.Yes for sure when it will come,customer will have a great buying power.