I have taken Oriental Happy family floater health insurance, with me as the proposer and my parents as dependents.
Policy is few years old. Suddenly now Oriental as changed the premium calculation method with a circular HO/Health/2013/CR-6837 dated 04-11-2013. [View circular]
My premium has gone up from by 20000+ to 40000+, almost doubled !
So far they have been calculating premium considering me as primary member, but now they have changed it to person with highest age.
Explained in detail at:
http://healthinsuranceindia.blogspot.in/2013/12/the-changes-in-oriental-happy-family.html
As per the circular:
a) If one generation is covered the primary member would be the person of higher age
b) If two generations are covered i.e. husband, wife & children, primary member would be the person of highest age.
c) If three generations are covered by excluding the senior most generations, the highest age member will be the primary insured.
I fall in category (b)
1) Is anyone in the forum facing the same problem ?
2) Is it correct on Oriental to change the premium calculation method for existing policy holders ?
What can I do about this ?