How to control Passive Smokers?

Should Health Insurance Premium be adjusted?

Sometimes you come across interesting facts in publications. Economics Times Wealth August 18-24, 2013 has carried the following information

56% is the difference between the premium of a smoker and a non-smoker for a life insurance policy. The question before us is:

 

If Life Insurance Industry penalizes a person by 56% then what is the figure for Health Insurance? Why not penalize family members / colleagues who are passive smokers and are being compelled to smoke? May be this will result in reduction of smokers in our country.

PSU Insurance Premium will always be lower – is it a Myth

Let us look at the following table:

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.