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Calculation of Floater Health Insurance Plan premium on renewal

I have a family floater plan, which also covers my 61-year-old mother. What is the process followed by insurance companies to review their premium, especially if senior citizen are included in cover. Is there a maximum age for renewal in a family floater policy?

Jan 9, 2014 by Ajay Singh, Trichy  |   General Insurance

Most insurance companies review their portfolio and increase premium rates, from time to time. The periodicity of the review and revision varies from one year to few years. Please note the review is at a company level and not specific for any policy. Some policies also have a clause that allows for higher premiums, based on the claims made in a year.

Each company has a different maximum age for renewal, but many insurers also offer lifelong cover. It is recommended that you review your current policy documents to get this information.

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