Dear Mr.Gangadharan
Thank you for reminding about the last date for opting the desied Mediclaim cover. You have also given a chart indicating the premium payable for different Floater cover for different ages. It is quite useful to arrive at the premium payable for the year 2014-15.
I have a formula whereby one can calculate the premium payable for the year 2014-15 (which includes the Premium for Additional Floater cover for 9 months payble by employee/retired emploee).
The formula is: 0.75 x - 0.50 y,where x represents the premium for different ages for the desired floater cover (for example 8 lacs, 10 lacs or 20 lacs)
and y represents the premium for different ages for compulsory Floater cover (may be 3 Lacs, 4 Lacs or 6 Lacs accaording to the category to which one belongs to).
Here the premium for husband's age and wife's or dependant's age may be added and taken as x or y as the case may be.
If one is not opting for additional Floater cover (ie remaining at compulsory Floater cover) the Formula is simple: It is 0.25 y.
An example is worked out below:
Husband's age 76: Compulsory floater cover Rs. 6 lacs: Premium for this cover : Rs.17,442Wife's age 67 Compulsory floater cover Rs. 6 lacs Premium for the cover : Rs. 3,998
Total Premium Rs.21,440 which is taken as y
Husband's age 76 Total cover (including compulsory cover of Rs.6 Lacs) Rs.8Lacs; Premium for this cover: Rs.19,535
Wife's age 67 Total cover (including compulsory cover of Rs.6 Lacs) Rs.8Lacs Premium for this cover Rs. 4,478
Total Premium Rs.24013 which is taken as x
Applying the Formula: 0.75 multiplied by x minus 0.5 multiplied by y
= 0.75 multiplied by 24013 minus 0.5 multiplied by 21440
= 18009.75 minus 10720 = 7289.75 (rounded off as 7290
If the above persons opt for only compulsory Floater cover of Rs. 6 lacs the premium payable is : 0.25 multiplied by 21440
= 5360.00
If you feel that this is useful for us (LIC employees/retired employees) you may kindly publish in LIC Pensioners' Chronicle.
sincerely
v.s.rajamani
coimbatore