As you may recollect, we had conducted a survey of interest for group insurance in March, 2022. We had received responses from 157 alumni who listed a total 387 persons including themselves and their family members. Average age of our alumni group based on the survey was 40 years, with the youngest alumni of 22 years and oldest of 55 years.
Thank you for the overwhelming response to our first ever IIMCAA Group Health Insurance Plan.
Several insurance companies refused to offer us group insurance due to primarily lack of any history of our group and secondly due to the very small size of the group. Despite these shortcomings, we could secure a quote from TATA AIG, which offered a quote to insure these 387 persons, keeping their age in mind, against a premium of 25,23,260 INR for a year. We simply divided the premium by total persons expected to be covered under the scheme to arrive at a per person premium of Rs. 6,521/-.
We are sorry to inform you that the premium for IIMCAA Group Health Insurance is being revised in age wise slabs, keeping in view the responses on multiple grounds we have received so far, to make it fair for young people and reasonable for older persons.
After the announcement of the scheme and premium, we have received several queries that indicate that the average age of our group is going to change towards older people. Age is the main ground of premium calculation for companies when they assess risk of claims. Hence in the interest of everyone, IIMCAA Insurance Committee has decided to recall the 6,521 INR premium offer and introduce the slabbed premiums for different age brackets that will do justice to youngsters who would pay less and reasonable for olders who would pay more.
Must remember, if you buy health insurance individually, you pay more than any group insurance, additionally you undergo several tests while many diseases are covered after a defined period. Our Group Insurance scheme covers most pre-existing diseases from day one, without any waiting period.
New slabs for IIMCAA Group Health Insurance
Alumni should calculate the premium on his/ her own based on his/ her age and age of spouse and children. Refer to the age and premium table below for calculation. Payment to IIMCAA should be made only after your calculation is confirmed by the Insurance Committee. Fill up your details in the Google Form and we will intimate to you the premium you would be required to pay. Further you will need to transfer that amount by NEFT to IIMCAA Account and inform us.
After the closure of the scheme, we will go back to TATA AIG with the final list. Depending on the number and other demography of our final list, TATA AIG will arrive at final premium amount, which may be higher or lower than the one they have offered now, depending on extent of variation in demographics of the final list from the original list.If TATA AIG premium is lower than the collected money, it will be notified to all participating alumni and a refund or an additional policy such as accidental coverage etc may be issued to them by our agent. Similarly, if TATA AIG fixes a higher premium than what we have collected, we will come back to participating alumni and seek additional funds to meet the shortfall.
Premium for various age slabs for IIMCAA Group Health Insurance Plan:
All other details and dates of the IIMCAA Group Health Insurance Scheme communicated to you on 22nd November remain the same which you may read here.
IIMCAA Group Health Insurance: How To Register, What is Premium Amount – FULL DETAILS
It is our first project of this type and scale. Hence we could not anticipate that the final participating alumni could be widely different than those who had expressed interest originally. Therefore we are constrained to revise the premium and put them in different age brackets, to be fair to one and all. We regret the inconvenience caused to you.
Request you all to grab the opportunity to get covered with all pre existing illnesses without any waiting period.
Let's Do It !
– IIMCAA Group Insurance Team