| 6- Specimen Premium Rates of Insurance Company's |
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| SPECIMEN PREMIUM RATES OF INSURANCE COMPANY'S - ORIENTAL INSURANCE RATES |
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| Oriental insurance has made significant changes in the underwriting guidelines for Mediclaim Policy on Sep 15, 2006. The salient points of these are. |
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- Premium has been reduced for lower age group and has been increased for higher age group.
- If cashless settlement option is not taken then discount of 5%
- Cumulative bonus concept has been removed but discount will be given in lieu of the same, which is favorable for the insured.
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| The full details of the underwriting guidelines are as follows: |
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- DATE OF ENFORCEMENT: This policy will be effective from 15-09-2006.
- TPA OPTION: The premium includes cashless facility through TPA. If the policy holder does not require cashless facility then 5% discount on premium may be given.
- PREMIUM RATES: The premium should be charged as per following scale which has modified Age band and sum insured band. The minimum sum insured is now Rs. 50,000/- and can be increased in slabs of Rs.25,000/- upto Rs. 2 lacs & by Rs.50,000/- from Rs.2 Lacs to Rs. 5 Lacs.
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| Sum Insured |
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Age In Years |
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Domiciliary |
3m- 20 |
21-35 |
36-45 |
46-55 |
56-60 |
61-70 |
Above 70 |
| 50000 |
10000 |
672 |
747 |
892 |
1395 |
1984 |
2965 |
3971 |
| 75000 |
15000 |
974 |
1082 |
1295 |
2025 |
2872 |
4286 |
5739 |
100000
125000 |
20000
23750 |
1300
1604 |
1445
1781
|
1727
2131 |
2699
3338 |
3842
4754 |
5731
7099
|
7677
9577 |
| 150000 |
27500 |
1906 |
2118 |
2531 |
3976 |
5665 |
8467 |
11477 |
175000
200000 |
31250
35000 |
2178
2450 |
2420
2722 |
2893
3255 |
4569
5162
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6521
7376 |
9757
11050
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13280
15087 |
| 250000 |
40000 |
2934 |
3260 |
3898 |
6256 |
8971 |
13481 |
18506 |
300000
350000 |
45000
50000 |
3419
3842 |
3799
4269 |
4541
5104 |
7350
8353 |
10568
12050 |
15914
18193
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21925
25154 |
| 400000 |
50000 |
4265 |
4740 |
5667 |
9357 |
13531 |
20474 |
28386 |
450000
500000 |
50000
50000 |
4690
5112 |
5211
5680 |
6229
6791 |
10359
11363
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15013
16495 |
22753
25034
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31615
34844 |
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| Note :- Premium is inclusive of Service Tax @ 10.30% |
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- AGE : This insurance is now available to a person between 18 to 80 years of age as under.
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- Dependent children between the age of 3 months and 21 years can be covered provided parents are covered concurrently and suitable premium is paid. If the child above 18 years is employed or if the girl child is married. He or she shall cease to be covered under the policy. However male child can be covered up to the age of 26 years. If he is a bonafide regular student and fully dependent on primary insured. Female child can be covered uptil the time, she is unmarried.
- If the insured has taken continuous Mediclaim insurance policy with Oriental for at least 5 years prior to attaining the age of 80 years the policy can be renewed beyond the age of 80 uptil the age of 90 years as a special case with the approval of Regional In charge on case to case basis.
- No inclusion of family member during currency of policy is permissible except for new born child between the age of 3 months to 6 months and newly married spouse within 60 days of marriage. Otherwise inclusion of family member shall be allowed only at
the time of renewal.
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