6 replies on this article “Oriental Insurance Family Floater”

1. ashal jauhari says:

   December 24, 2011 at 12:52 pm

   Dear Pavan, as you are paying the prem. yes is the answer. You may claim a total of 30K or 35K (if one of your parents is Sr. citizen) under section 80D.

   Thanks

   Ashal

   Reply
2. ashal jauhari says:

   December 24, 2011 at 10:01 am

   Dear Pavan, thanks for providing all the details. My take, First of all please check with Andhra Bank & if it’s possible, increase your parent’s cover from 1L to at least 2.5 or 3L Rs. if not more. This ‘ll act as a buffer also for the intervening period of your job change or for the situation where you are no more.

   Please do note – If the person is covered in multiple mediclaim policies, the claim ‘ll be settled among all the insurers based upon the ratio of their respective sum assured. So no matter your intention is good, whenever there is claim from you, your wife or your parents within that grand oriental policy, it ‘ll effect your equation for that Andhra Bank as well as Apollo policy also.

   My take – Purchase a family floater for you, wife & parents under your name as proposer.

   Purchase another family floater wife as proposer & covering her & her parents only.

   in your absence, your own family floater may stop covering but the Andhra Bank policy ‘ll keep covering your parents. As your wife has separate policy for herself & her parents, no issue ‘ll be there to continue in your absence.

   Please look for Tax benefit as an added advantage only & not the main advantage.

   Also as you mentioned that there are some health issues with the elders, make sure that sum assured is sufficient to cover future expenses.

   Thanks

   Ashal

   Reply
   1. Pavan Avala says:

      December 24, 2011 at 11:58 am

      Thanks for your reply.

      Coming back to my initial question

      “If I take Oriental Health family floater Insurance policy, being my wife as proposer, and if I include her parents into that policy, then can I submit the money paid to that policy in my 80D?”

      Reply
3. Pavan Avala says:

   December 24, 2011 at 9:47 am

   Few more points to add

   *) Planning to shift to different company within one year, and I have set of companies in mind and none of those companies provide health cover for parents. That is why I have included parents in Oriental family floater.
   *) Priority of usage of policies to balance the claims and reduce loading charges.
   Me : Company policy -> Apollo munich
   Mywife: Company Policy -> Apollo Munich
   Parents: Company policy -> Policy from Andhra bank -> Oriental policy
   In-laws: Oriental->policy

   Reply
4. ashal jauhari says:

   December 24, 2011 at 2:23 am

   Dear Pavan, if your intention is to cover your family as well as all the parents in a single family floater plan, to me it’s a sure shot recipe for disaster. In the proposed policy, there ‘ll always be an issue of claim as 4 elder persons are involved as insured persons. By the way, how much cover are you planning to purchase for this policy?

   Thanks

   Ashal

   Reply
   1. Pavan Avala says:

      December 24, 2011 at 8:48 am

      Let me be more detailed.

      Background:
      1) I work for MNC and company covers me, mywife and parents (6L cover).
      2) My parents are having individual 1 lakh polices (I think, less coverage) provided by Andhra Bank.
      3) No policies for my-inlaws.
      4) No policies for me and my wife (apart from company provided).
      5) Parents and In-laws having health problems.

      My requirements:
      1) I want to cover all family members (me, my wife, parents and in-laws).
      2) I want to take family floaters to minimize premium.
      3) I want my wife not to face problem in getting new policy when I am not there. I mean, she should not face problem in getting new policies or their should not be again medical check ups. Their should not be again waiting period for pre-existing diseases.

      My decision:
      1) I want to take Oriental Health family floater Insurance policy, being my wife as proposer, and include her parents and my parents into that policy (2.5 – 3 L).
      2) Me as a proposer, I want to take Apollo Optima restore family floater (3 L)

      Reasons:
      *) With 1) and 2), I will be covering all members with less premium.
      *) As my wife is proposer in one policy, when I am not there, no need to take another policy with again attending medical checkup and waiting for pre-existing disease.
      *) As we can not guarantee on company policy of covering parents, with above 2 policies, I will not face any problems in future even if company discontinues it.
      *) As Oriental family floater considers proposer age into consideration while calculating premium, premium is less compared to having separate policies for parents and in-laws.

      I know, very long description. Thanks for reading.
      Please provide your comments and inputs.

      Reply

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