How much is the premium for health insurance?

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The premium for health insurance in India depends on some factors such as your age, coverage amount, your medical history, family size and more. However, the premium is not a fixed price for any type of health insurance, be it an individual plan or a family floater plan.


What is health insurance?


Health insurance is a financial protection that secures you and your loved ones from a wide range of medical expenses, whether an illness or an injury. A comprehensive health insurance covers the costs of pre- and post-hospitalisation, doctor’s consultations, hospital stays, nurse charges, diagnostic tests, daycare treatments, ambulance services and more.


Average Health Insurance Premium in India


Here is a general estimate for annual health insurance premiums:




































Policy type



Age group



Sum Insured



Approx. Premium



Individual



25 to 30 years old



Rs. 5 lakh



Rs. 4,000 – Rs. 7,000 per year



Individual



40–45 years old



Rs. 5 lakh



Rs.8,000 – Rs.12,000 per year



Family Floater



2 adults and 1 child



Rs.10 lakh



Rs.12,000 – Rs.18,000 per year



Senior Citizen



60+ years



Rs.5 lakh



Rs.18,000 – Rs.30,000 per year



Note: This estimate is for guidance only. Actual premium costs may vary by insurer provider, geographical location and health condition.


Factors That Affect Health Insurance Premium


Your provider will calculate your health insurance premium on the basis of:



  • Your Age: It is one of the crucial elements that may impact your health insurance premium. Younger people pay lower premiums than older candidates.

  • Type of Plan: The kind of plan you opt for, whether an individual or a family floater plan. It is best to buy a family floater plan because it is quite affordable as compared to buying separate policies for each member.

  • Location: Depending on where you live, it also impacts the premium amount. Candidates living in Tier 1 cities have to pay a higher premium than those in Tier 2 and Tier 3 cities.

  • Add- ons: Maternity cover, OPD consultations, etc., can also increase your premium.


Can I Lower My Health Insurance Premium?


Fortunately, yes, you can reduce your premium by following the steps:



  • Buy a health insurance policy when you are young.

  • Compare different plans available.

  • Go for family floater plans if you want to cover several members.

  • If not necessary, avoid unnecessary add-ons.

  • Choose a higher deductible or co-payment


Quick Take ways


The premium amount depends upon your age, geographic location, lifestyle habits, and more. However, the premiums for health insurance in India are affordable if you choose a plan wisely.