- Evaluate health plan cost
- Low-cost health plans
- Tips to reduce cost
How Much Does Health Insurance Cost in India?
A suitable health insurance policy has become one of the most important assets nowadays, as medical emergencies are inevitable and becoming unaffordable. Most of the time, a wide-coverage health policy comes with a high premium option. But how is the premium of your health insurance decided?
The premiums of your health policy are decided based on several factors, a few of which are mentioned here:
- Age
- Medical conditions
- Residence zone
- Gender
- Pre-existing conditions
- Copayment or deductible clauses
- Coverage benefits
- The type of plan (like a family floater, critical illness, accidental, individual, etc)
Other than this, other aspects of health care insurance costs by state, the full health insurance coverage cost, and a few tips to avoid paying hefty premiums, and so on have been discussed in the article. Read further to know more about the same.
Key Takeaways
- Know your health insurance cost from the experts of PolicyX.com, your trusted policy advisor’s platform.
- You can reduce your health insurance cost or your policy’s annual premiums with effective tips (read further to know more).
- Age, zone of residence, medical conditions, etc also decide the health insurance cost of your policy.
Let’s Understand About the Health Insurance Cost in India
Here we have given several aspects through which the average health insurance costs in India are decided:
| Premium deciding factors | Explanation |
|---|---|
| Tenure of payment | If you pay your premiums annually or all at once, you will receive a discount on premiums at the time of policy renewal. Similarly, if the insured members choose to pay in instalments, they’ll have to pay additional charges with their base premiums. |
| Hidden clauses | Companies hide several clauses from their policyholders, including co-payment, deductible, coinsurance, and others, which you should check in detail from the policy wording, even before buying the health policy. |
| Riders | Check if you need add-on riders such as accidental cover, maternity care rider, specified illnesses cover, critical illness treatment covers and so on. Because add-on riders come with additional premiums which later affect your health insurance premiums. But if these riders are added with the base policy, it covers the relevant medical expenses and you do not need to pay any out-of-pocket expenses. |
| Cumulative bonus | If a health insurance policy offers you a no-claim bonus, there will be a discount on the next policy year which can decrease your payable premiums. |
| Eligibility criteria | The earlier you buy, the lower the health insurance premiums you need to pay. The sum insured is another factor which will affect your premiums e.g. the higher the sum insured required, the higher you’ll have to pay in premiums. Additionally, the policy tenure (minimum 1 year to maximum 3 to 4 years) affects the annual health insurance cost. |
Tips to Reduce the Annual Health Insurance Cost
Analyze your insurance needs
First, understand why you want to buy a health insurance policy, as it will help you learn the best coverage options. For example, if you are searching for an individual policy or a family floater plan, critical illness, parents’ insurance plans, etc, you should choose one according to your needs.Compare and choose the best
Comparing multiple options of health insurance policies on PolicyX.com helps you calculate your monthly premium liability, get the best coverage options, and so on. It will make sure that you get maximum coverage at an affordable premium.Buy at an early age
Starting an early health insurance policy will help you get it at the cheapest premium price. So, be an early bird and buy your health insurance as soon as you become eligible (18 years is the minimum entry age limit).Family floater plans
To save more on your monthly premiums, buy a health insurance plan that covers your family. A family floater health insurance policy offers overall health coverage to all family members without paying additional or separate charges.Regular updation of your policy
Keep tracking your policy’s effectiveness by regularly updating the same. For instance, if your family size increases, somebody gets an illness, you have a cover option that’s not needed anymore, etc. These things need to be updated regularly and your insurer must know about any such changes. It will help you regularize premiums and you will be able to avoid any such underinsured conditions or extra charges.
Summary
Concerning your health insurance benefits, you must also know how much health insurance costs in India. As it ensures that you are insured against a medical emergency and the health policy will cover all sorts of medical support at times of need.
For any enquiry related to your annual health insurance cost, give us a call at 1800-4200-269 and get your queries resolved.
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Health Insurance Cost in India : FAQs
1. Can health insurance costs affect my policy’s coverage?
Yes. Your health insurance premium is one of the most important factors that decide what will be the coverage of your health policy.
2. What is the minimum cost of health insurance in India?
Health insurance costs in India depend on the plan type and its coverage, which ranges somewhere from INR 700 and above. For more information on the specific plans, call us at 1800-4200-269.
3. Can I buy low cost health insurance with high coverage?
Health insurance plans such as Niva Bupa Aspire Gold+, Care Supreme, Star Health Assure, etc provide the best healthcare coverage at low monthly premiums.
4. Will my health insurance cost be impacted based on the zone of residence?
Yes, your residence zone is one major factor among many in deciding how much you’ll have to pay against your health insurance coverage.
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Written By: Simran Nirala
Lives In: Delhi, NCR Expertise: Health & Term Insurance Simran has an experience of 4 years in content writing. She transitioned from hospitality and digital marketing to the insurance industry after her emerging interest in how vast insurance is. With her ability to write complex insurance concepts in a simple, relatable manner, she keeps her audience hooked and solves their doubts smoothly.
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