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POSTED BY ON January 4, 2011 8:14 pm COMMENTS (3)
I am not seeing question posted yday hence reposting. Apologies if it appears twice.
Here is my current health insurance
self (age 33), wife (age 32), kids (6y and 5 months) – we have family floater insurance under companies’s group insurance policy for Rs 300000.
My mother (ge 56) has individual coverage of 1,00,000.
I feel we are inadequately insured hence want to increase cover. I am thinking of Oriental insurance’s Happy Family Floater for 2,00,000 which includes all of us (including mother).
Please let me know if this approach and policy is good?
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May be you can ask for a premium quote of two scenarios:
1. Your mother only for 2lakhs, rest of you 4 for 2 lakhs.
2. family floater with 5 of you together.
As I understand you already have the quote for option#2. Can you please check if option#1 comes out lesser?
If you are living in a metropolitan city, a coverage of 2 lakhs may not be enough. 3 lakhs is better. However 2 lakhs is perfect for non metros.
It is based upon age of eeryone. Highest for mother then followed by me, wife and children.
Is the premium determined by the age of the oldest member in family(i.e. your mother)?