Oriental Insurance to revise mediclaim policies

The state owned Oriental Insurance is all geared up to encourage more youth to buy mediclaim policies. As a move in this direction, it has plans to withdraw its existing mediclaim policies and replace it with new ones that would attract more young buyers. The premium income earned by the company was around 12-15% in ’04-’05 and the claims received were as high as 120%. The figures reveal a great deal of loss to the company, the new policies to be launched will have revised premium rates wherein those above 40 years of age will have to pay higher premium with respect to the tariff structure. Oriental Insurance, currently has two mediclaim policies in its kit, functioning for individual and group separately. These policies will be soon replaced it with new ones in a few weeks time. The policy will clearly spell out the pre-existing and the illnesses that will be covered. This will ensure transparency for a layman before he picks up a mediclaim policy.