The Changes in Oriental Happy Family Floater policy’s guidelines result in increase in premium for many families as high as 86%

The revised calculation method announced by Oriental Insurance Co. Ltd. on Nov. 4, 2013 is:

·        If one generation is covered the primary member would be the person of higher age

·        If two generations are covered i.e. husband, wife & children, primary member would be the person of highest age.

·        If three generations are covered by excluding the senior most generations, the highest age member will be the primary insured.

This has affected the premium amount a lot.

Let us see this with example

Let us take an example- Suppose a family of 4 members, husband (35yrs), wife (33 yrs), mother (60yrs), father (62 yrs) was insured for Rs. 6 Lakhs of sum insured. According to the old rate their premium would be 20490 Rs. But, according to the revised rate its premium will be 38200.

Oriental Happy Family Floater Comparison Rates
	Age	Old Rate for Rs. 6 Lakhs	New Rate for Rs. 6 Lakhs
Self	35	Rs. 7,140	Rs. 1,430
Spouse	33	Rs. 1,430	Rs. 1,430
Father	62	Rs. 7,800	Rs. 31,220
Mother	60	Rs.4,120	Rs. 4,120
Total Premium		Rs. 20,490	Rs. 38,200
Total Premium after S.tax (12.36%)		Rs. 23,023	Rs. 42,922