| 6- Specimen Premium Rates of Insurance Company's |
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| Source: Website of The Oriental Insurance Company Limited |
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| b) Oriental Insurance Co. Ltd. |
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| Example: Insured was 45 years when he took the policy on 01-04-2002 first time for a sum insured Rs. 1 lac. Now on renewal on 01-04-2006 he is 46. Therefore he is eligible for 15% discount (3*5%) on premium of Rs. 2447/- which he will enjoy every year till he reaches the age of 55 years provided aggregate claim experience remains 50% since 01.04.2002. This discount will not be applicable for any increase in sum insured. |
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| COMPARISON |
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| S. NO |
Entry Age |
Current Age as on 01.04.06 |
Renewal Premium as per old table on 01.04.06 |
Renewal Premium as on 01.04.06 as per revised table |
Percent age Discount for early entry on revised table |
Discount Premium for early entry |
Percentage increase decrease in premium from old table |
| 1 |
40 |
43 |
1424 |
1566 |
15 |
1331 |
-6.3 |
| 2 |
40 |
46 |
2039 |
2447 |
25 |
1835 |
-10 |
| 3 |
42 |
50 |
2039 |
2447 |
15 |
2080 |
2 |
| 4 |
44 |
52 |
2039 |
2447 |
5 |
2325 |
14 |
| 5 |
46 |
52 |
2039 |
2447 |
NILL |
2447 |
20 |
| 6 |
56 |
60 |
2322 |
3483 |
NILL |
3483 |
50 |
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15. PRE - ACCEPTANCE HEALTH CHECKUP: Any person above 45 years of age seeking insurance cover for the first time as an individual or as member of a family or where there is break in Insurance will be required to undergo the following Medical Check-up or any other medical test as required by the Company from its authorized Network Diagnostic Centre in prescribed format. The cost shall be borne by the insured. 50% of cost of Medical Check up to a maximum of 20% of the premium charged will be reimbursed to the client subject to acceptance to the proposal by the Company.
The ROs must ensure that the Diagnostic Centre for this purpose are networked and spread through out the Region.Further these centres must agree to conduct the specified tests at a cost such that the reimbursement done does notexceed 20% of the premium charged or Rs. 1500/- whichever is less. |
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| Age |
45-45 |
Above 55 years |
| MEDICAL TEST |
PHYSICAL EXAMINATION |
PHYSICAL EXAMINATION |
| URINE (MICROALBUMIN UREA) |
URINE (MICROALBUMIN UREA) |
| GLYCOCYLATED, HAEMOGLOBIN |
GLYCOCYLATED, HAEMOGLOBIN |
| ULTRASONOGRAPHY (WHOLE ABDOEN AND PELVIS) |
ULRTASONOGRAPHY (WHOLE ABDOEN AND PELVIS) |
| ELECTRO CARDIO GRAM |
X RAY BOTH KNESS(ANTEPOSTERIOR AND LATERAL) |
| COMPLETE EYE TEST INCLUDING FUNDUS ETC |
COMPLETE EYE TEST INCLUDING FUNDUS ETC |
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STRESS TEST (TMT) |
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16. PROPOSAL FORM: Revised proposal form, enrolment form and self- declaration from and preacceptance Health Check up form duly completed in all respects are mandatory.
17. RENEWAL: The renewal of a Health Insurance Policy should not be rejected arbitrarily on grounds other than moral hazard etc. In case the claims experience is poor and it is felt that premium needs to be loaded then the premium can be suitably loaded upto a maximum of 200% of the basic premium for the relevant age band. If required deductible / excess of upto 25% of the sum insured may also be imposed.This loading / excess should be applied only after completion of minimum of 2 policy period.
18. SERVICE TAXstrong: As applicable.
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