Yes – most of us assume or believe that PSU Insurance Premium will always be lower – is it a truth or is it a myth? With entry of many insurance companies in last 12 years we find that this assumption is not valid.
Family   Floater Mediclaim Policy (2+1 Adults)  |  |||
Insurance Company  |   Apollo Munich  |   Religare  |   Oriental  |  
Product Name  |   Optima  |   Care  |   Gold  |  
Sum Insured (Rs.)  |   10 Lakhs  |   10 Lakhs  |   10 Lakhs  |  
Age  |   |||
41  |   14150  |  ||
37  |   2830  |  ||
8  |   2130  |  ||
Net Premium  |   14258  |   15192  |   19110  |  
Service Tax 12.36%  |   1762  |   1878  |   2362  |  
Total Premium  |   16020  |   17070  |   21472  |  
You will notice that for a family of 41, 37, & 8 with sum assured (family floater) of Rs.10 lakhs the premium is:
Company  |   Premium Amount (Rs.)  |   Higher than Apollo Munich   by %  |  
Apollo Munich  |   16020  |   -- --  |  
Religare  |   17070  |   6.55%  |  
Oriental  |   21472  |   34.03%  |  
Therefore we come to the conclusion that one should consider various options before going in for selection of any insurance policy.
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