How Much Does Health Insurance Cost for You

How Much Does Health Insurance Cost for You

Buying a proper health insurance is one of the key steps in financial planning. It is indeed essential to have a health insurance as it will be necessary during medical emergencies. A health insurance policy ensures cashless treatment at the hospital that has tie ups with the insurance company. Many of us do not give much importance to it because health insurance is anyway provided by our employer. There are several factors that determine the rate of health insurance and premiums. Depending on a person’s income and health condition he/she may have various options to choose from or may be able to qualify for certain types of plans only. Insurance firms hold tie-ups with many hospitals and clinics to provide cashless treatment to the insured persons.

Benefits of Health Insurance:

Cashless facility: In case if the policy holder is hospitalised, he/she does not have to pay for any treatment related bills. The insurance provider directly deals with the hospital and settles up the expenses made for the treatment of the policy holder.

Tax Benefit: Every insurance policy holder enjoys various tax benefits to the premium paid towards the insurance plan.

Lifelong Renewability: The policy holders are offered the benefit of lifelong renewability option upon the expiry of the policy term.

24×7 Customer Support: Most of the health insurance companies provide round the clock support to the policyholders by addressing their doubts or queries.

Types of Health Insurance Plans:

  • Individual Health Insurance Plan
  • Senior Citizen Health Insurance Plan
  • Critical Illness Insurance Plan
  • Maternity Health Insurance Plans
  • Group Health Insurance Plans
  • Personal Accident Insurance Plans

Regular Health Insurance for General Insurers

Premium for a cover of Rs 20 lakh for non-smoker males with no pre-existing diseases

AGE ANNUAL PREMIUM (In INR)
35 10,829-16,638
45 13,798-24,307
55 24,185-46,727
65 37,183-70,799

Combination of Regular Health Insurance Policies and Top-ups

Premiums are for a cover for non-smoker males, with no pre-existing diseases.

Base cover is Rs 5 lakh and top-up cover is Rs 15 lakh.

AGE ANNUAL PREMIUMS FOR REGULAR PLANS (In INR) ANNUAL PREMIUMS FOR TOP-UPS (In INR)
35 5,288-9,734 1,298-5,548
45 6,525-12,339 1,558-7,498
55 11,142-20,895 3,090-12,698
65 17,522-40,223 7,674-23,345

Premiums of Critical Illness Policies

Premiums are for a cover of Rs 20 lakh for non-smoker males with no pre-existing diseases.

AGE ANNUAL PREMIUMS (In INR)
35 7329-9310
45 16838-27610
55 40061-78225
65 87079-184080

Premiums of Cancer Policies

Premiums are for a cover of Rs 20 lakh for non-smoker males with no pre-existing diseases. The cover is till the age of 75

AGE PREMIUM (RS) TENURE
35 3365-15325 40 years
45 7618-28117 30 years
55 16,166-74,494 20 years
65 33,663-1,25,468 10 years

Key Points to Remember when Comparing Health Insurance

  • Sum Insured by the policy
  • Premium to be paid for the coverage
  • List of network hospitals and Claim Settlement Ratio
  • Sub-limits (if any) and Waiting Period (for PEDs)
  • Co-pay