We are happy to inform you that a new Floater policy is introduced from July 1st of 2013.
The above policy has got some advantages and also the Premium rate is higher. The policy cover is increased to 20 lakhs but on floater basis. Our EC has discussed the for and against points yesterday and we are sending letters to GIPSA and all the four companies regarding the above policy. The main features of the present policy compared with the new policy is given down below. for your perusal. Please opt for a higher sum insured before June 30th.
the above points will guide you about the policy. we are also giving you the method of calculation of premium with some examples down below.
Main Details of the Policy.
Existing Revised Co's
Contribution
Eligible S.I. Eligible
S.I. 75% of Premium Payable
70,000 3,00,000 up to
Eligible Sum Insured
1,00,000 4,00,000 ( for
employee &spouse )
1,55,000 5,00,000 plus
TPA Fees &Service Tax
If you take Sum insured for 10 lacs
Members
Relation Age (Years) Amount
(Rs.)
A Self 63 17,358
B Spouse 55 6,702
C Dep.Child 1 24
3,003
D Dep.Parent 85
14,792
Yearly Premium- Total : 41,855
(plus TPA Fees &S/Tax)
Eligible S.I. - 3 lakh
Members
Relation Age (Years) Amount
(Rs.) Co's Contribution
A Self 63 8,274
B Spouse 55 3,205 75% of PremiumPayable
C Dep.Child 1 24
1,408 up to EligibleSumInsured
D Dep.Parent 85
6,769 (for
employee &spouse)
19,656 plus TPA Fees &ServiceTax
Co's Contbn.- 75% of 11,479
(i.e 75%of A & B) 8,609
Emp's Contbn.- Yearly - 11,047 ( For S.I.-Rs. 3 lakh)
(19,656 - 8,609)
(plus TPA Fees & S/Tax)
Emp's Contbn.- Yearly - 33,246 (For S.I. - Rs. 10 lakh)
(41,855 - 8,609)
(plus TPA Fees & S/Tax)
RETIRED EMPLOYEE
Example for Calculation of Premium
underStaff Mediclaim Policy on Floater Basis
Sum
Insured - Rs. 10 lak
Eligible sum ins.4 lakh
Members
Relation Age (Years) Amount(Rs.)
Co's Contribution
A Self 63 11,292
B Spouse 55 4,365 75% of Premium Payable
C Dep.Child 1 24 1,913
up to Eligible Sum Insured
D Dep.Parent 85 9,213 ( for employee & spouse )
26,783 plus TPA Fees & Service Tax
Co's Contbn.- 75% of
15,657
(i.e
75%of A & B) 11,743
Emp's Contbn.- Yearly - 15,040.00 (
For S.I.-Rs. 4 lakh)
(26,783-11,743)
(plus
TPA Fees & S/Tax)
Emp's Contbn.- Yearly - 30,112 (For
S.I. - Rs. 10 lakh)
(41,855 - 11,743)
(plus
TPA Fees & S/Tax)
IF YOU TAKE 10 LAKHS AND ELIGIBLE SUM INSURED
5LAKHS
Members
Relation Age (Years) Amount(Rs.)
Co's Contribution
A Self 63 13,446
B Spouse 55 5,192
75% of Premium Payable
C Dep.Child 1 24 2,327
up to Eligible Sum Insured
D Dep.Parent 85 11,459
( for employee & spouse )
32,424 plus TPA Fees & Service Tax
Co's Contbn.- 75% of
18,638
(i.e
75%of A & B) 13,978
Emp's Contbn.- Yearly - 18,446.00 (
For S.I.-Rs. 5 lakh)
(32,424-13,978)
(plus TPA Fees &ServiceTax)
Emp's Contbn.- Yearly - 27,877 (For
S.I. - Rs. 10 lakh)
(41,855 - 13,978)
(plus TPA Fees & ServiceTax)