Premiums for health insurance cover of 5 Lakh rupees can range from about Rs. 6000 to Rs 32,000 depending on how many people are insured. and conditions of the people insured. But first, we should look at why should you start with a minimum cover of 5 lakhs?
Advance in medical research has significantly increased the life expectancy in the last few decades. But though people are living longer, they are living less healthy especially in urban areas due to the urban lifestyle. Nowadays the chance of hospitalization has increased for everyone from newborn to elderly citizens. Health Insurance is a safety net to protect you against the rising cost of healthcare.
Even 3-4 days in a hospital can leave a person with a bill equal to 10 years medical insurance premium.
So, a health insurance plan for 5 lakhs is a minimum requirement to stay secure. One can understand this better as even the Ayushman Bharat National Health Protection Scheme, which covers over 10 crore poor and vulnerable families provides for coverage upto 5 lakh rupees per family per year for secondary and tertiary care hospitalization.
Below is an approximate premium you may have to pay for a sum assured of Rs.5 lakhs. You can alter your choices of coverage features and change in premium amount. Note that different companies might charge different premiums for different plans, these premiums are just an approximate amount:
Young Adult (aged 30 years): An individual policy is recommended and approximate premium would be Rs.6000
Newly married couple (Age 30 & 25): A family floater plan is recommended, and the annual premium might cost Rs.8500
Older family (Husband, wife and two children, 10 and 8): The family floater plan might cost around Rs.14000
Young Adult with Older Parents: An individual plan for self and a family floater for parents might cost Rs.6000 and Rs.32000 respectively.
While the premium for Arogya Sanjeevani Policy is lower than other policies making it one of the cheapest health insurance in India. The product not only offers a wide coverage at an affordable premium, but the cover, terms and conditions of the policy are also standard (common policy wordings) across all insurers. However there are multiple factors that contribute to the premium.
What are the factors which determine the premium for health insurance ?
- Age: Insurance premiums rise as a person grows older as older people are more prone to illnesses and use more healthcare services than young ones. Buying a health insurance is like fixing a leak, the longer you wait, the more expensive it gets.
- Gender: Health insurance premiums differ for men and women. Women tend to pay lesser than men because they generally tend to live longer.
- Coverage Details: The higher the sum insured, higher will be the premium amount you need to pay. Also, plans with more features and longer term will cost more.
- Medical History: The insurer would typically as for the medical history of you and your family and then decide the premium cost. Typically, if you have a family history of some specific diseases like cancer, heart disease, or blood pressure, then you are more likely to require medical care for the same in future, which means a higher premium for you.
- Smoker/Non-Smoker: There is a proven link between smoking and diseases like lung cancer, throat cancer, and infertility. Smoking is often called the most stylish way to cancer. If the policyholder smokes, the chances of making a claim for a health issues increase. Thus, a smoker would pay more medical insurance premium as compared to a non-smoker. Smoking affects both men and women equally.
- Pre-Existing Medical condition: Individuals with pre-existing diseases are required to pay more health insurance premiums as they will need more coverage in comparison to others.
- Profession: The nature of your occupation can play an important role in the calculation of your insurance premium. If you work in a hazardous environment or have a stressful job, then you are more likely to suffer from medical issues. Which means you will have to pay a higher premium.
Health Insurance is an important protection and investment tool. You must buy a health insurance plan for 5 lakh or above and secure the financial future of your loved ones. Love is precious and so is health.