What Is the Cost of Health Insurance in India?

Over the past few decades, medical advances have greatly increased life expectancy. However, changing lifestyles and external influences have resulted in people living longer but in poorer health and shape. Everyone is more prone to hospitalization today than they were a few years ago, from newly born babies to the elderly. The good thing is that most individuals and families are aware of the importance of having health insurance coverage, and the unfortunate thing is that most of them do not act on it. We at Aditya Birla Health Insurance are here today to discuss the average cost of health insurance plans so that our readers are well-informed and aware of the current market position.

If you're someone seeking a health insurance policy in your early years of life, you should always select policies that cover you for 3 lakhs or more. This will assist you in obtaining the necessary coverage for the expenses incurred during an illness. Other benefits include greater cumulative bonuses that you can take advantage of later in life, as you are unlikely to claim your health insurance at a young age, which means your total insured coverage may increase by up to 200 percent year after year. As the statistics depict, the annual premium is always cheaper for younger individuals and covers a greater period.

When purchasing individual health insurance plans for senior citizens, the sum assured must be enough to cover health care expenses even after a few years, considering the factor of inflation.

How much should a family health insurance policy cost?

A single trip to the hospital, if not planned for, might exhaust a family's carefully adjusted finances and savings. Considering these possibilities, having health insurance coverage in place to protect you and your family in the event of an emergency is critical.

To get the most out of your health insurance policy, it's also critical to have the right balance between coverage and budget. In India, it is recommended that families are assured for roughly Rs 7-10 lakhs with annual premiums between Rs 15000-20000, with the family sharing the common total insured sum via a family floater policy.

If the family has old members and children above 18, a health insurance policy covering more than 10 lakhs is recommended for the family floater policy. Although, it will work out cheaper if the old couple holds a family floater policy and children hold separate policies. In this way, the couple floater covering 15 lakhs will cost an annual premium of approximately Rs 26000, and the individual policies for the children covering 3 lakhs each would cost an annual premium of approximately Rs 7000.

Health insurance coverage is determined by several factors, including the type of hospital you prefer, the current age of your family members and their health conditions, the family budget, and so on; thus, families need to find affordable health insurance plans and that is where we can help. Our policies at Aditya Birla Health Insurance are extremely low-cost and we provide the best rates in the market to ensure every family, despite their conditions, can live stress-free.