How Much is ‘Affordable’ for Your Health Insurance?

The second wave of coronavirus in India has sparked everyone’s concern. Our focus had largely shifted from pandemic to vaccinations. If you have not yet bought a health insurance policy, now is the time to go for one. The ongoing second wave of infections has offered many people another ‘lens’ to estimate how effective health insurance is and consider how much a comprehensive cover will cost.

In general, a health insurance premium is affected by several factors such as:

  • Age of the eldest member
  • Locations
  • Type of policies
  • Number of people covered
  • Pre-existing health condition
  • Plan features and benefits, and more.

The economic survey report of 2018-2019 by the Government has revealed that medical inflation in the country was 7.14%, which was twice the CPI for the same period. A good hospital can sweep away your savings in a few days in case of hospitalization due to COVID-19 or other diseases. Having health insurance could be a saviour.

Let’s explore how much cost is an affordable health insurance policy for you and which private insurance is the best.

Health Insurance Cost in India

As mentioned above, the premium depends on the number of members to be covered, the age of the eldest member, sum assured, location, features, we have compiled a few of the best plans of private health insurance companies for people of different age groups. With this, you will get an idea of how much is ‘affordable’ for health insurance of 5 lakh or 10 lakh sum assured and how much it will cost yearly for an individual of 26, 36, 46, 56. To get the exact premium amount, use an online premium calculator. It generally takes 20-30 seconds. The below table was last updated in April 2021.**

AGESUM ASSURED1 ADULT2 ADULTS2 ADULTS+1 CHILD2 ADULTS+2 CHILDRENAVERAGE PREMIUM
265 lakh784411172135391649112,262
 10 lakh999914459175392101415,753
365 lakh893913146155341822513,961
 10 lakh1156317257202912343618,136
465 lakh1414521980240972706121,821
 10 lakh1852729402320103547628,854
565 lakh2402536009383954189935,082
 10 lakh3127447808509845530246,342
AveragePremium1578932904265492986324,026

Find below a few health insurance policies to better understand a policy. These plans are suitable for an individual of 30 years, his wife (28 years old), two children (10 and 5 years old. The sum assured amount is 10 lakh. You will see that the premium significantly changes across several insurers and their health insurance products.

PLAN NAMEPREMIUM AMOUNT
Bajaj Allianz Health Guard-GOLDRs 19,191
ICICI Lombard Complete Health Insurance PolicyRs 20,208
Max Bupa Health CompanionRs 21,631
Start Health Family Health OptimaRs 21,569
Care Health Insurance PlanRs 21,690
SBI AarogyaPremierRs 31,752

Why You Need Health Insurance

You need to have the best health insurance plan as financial support and be able to meet the soaring healthcare costs in India. An adequate health cover allows you to pay for expensive medical treatments, hospital bills, in case of coronavirus, an accidental injury or illness.

Hard Facts

  • Only 20 per cent of the total population in the country has health insurance.
  • Only 18% of the total population in urban areas is covered under a health cover.
  • 14% of the total population in rural areas possesses any health insurance coverage.

Have a look at why you need a health insurance plan in India during pandemic

  • A health cover policy pays for hospitalisation expenses
  • Covers costs of medication and laboratory test, ambulance, doctor fees, etc.
  • Some health plans also provide coverage for OPD expenses up to a certain limit
  • Health insurance reduces out-of-the-pocket expenses with a cashless treatment in the network hospitals
  • Some policy covers treatment for coronavirus, including the cost of PPE kits, masks, ventilators, ICU charges, etc.
  • Coverage for maternity and new-born baby is available under certain plans available
  • Health insurance also covers expenses incurred on surgeries like open-heart surgery, liver transplantation, and day-care treatments such as cataract surgery, varicose veins, etc.

To conclude, a health insurance policy is a boon for everyone during COVID-19. It lets you and your family has peace of mind without worrying about future hospitalization. If you are not able to pay much premium, not sure which health insurance plan is suitable for you, contact an insurance aggregator online and compare policies using an online premium calculator for free. The tool will tell you how much is an ‘affordable’ health insurance policy for you.

Why wait? Let’s get started comparing health insurance policies online and choose one which is most suitable for you.

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