What is the Cost of 10 Lakh Health Insurance Policy for a Family?

Health insurance is a necessity for individuals and families. People of all ages can face medical emergencies resulting in major expenses. A health insurance policy can help your family to deal with medical inflation and get financial assistance if anyone in your family gets sick or accidentally injured.

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      Understand Health Insurance for Families

      Insurance companies in India offer customized health insurance plans for families, which are known as family health insurance plans. It provides health insurance coverage to all the members of your family under a single plan. Under this policy, your insurance company will pay for your medical expenses if you or one of your family members face a medical emergency.

      Family health insurance plans offer a sum insured on an individual and family floater basis. Under family floater plans, the sum insured amount can be utilized by all your family members on payment of a single premium amount. Moreover, family health plans usually cover up to six family members comprising of the policyholder, spouse, dependent children and dependent parents.

      How Much Health Insurance Coverage Should Be Opted by a Family of 4?

      The premium of a Rs 10 lakh health insurance policy for a family of four members can range from Rs 858 per month to Rs 2769 per month depending on factors, such as age, medical history, no claim bonus, etc. For instance, if you are 30 years old and want to buy Rs 10 lakh health insurance for your family of 4, the premium will cost you Rs 1389/month from Insurer A and Rs 2058/month from Insurer B. You can check the cost of various Rs 10 lakh health insurance plans for a family of four members by visiting the family health insurance page on Policybazaar.com

      The exact cost of buying a health insurance policy with Rs 10 lakh coverage for your family of four members can be estimated with the help of a family health insurance premium calculator. It is an online tool that will calculate the premium for your family health insurance plan by considering your personal details and opted coverage. You can also use a family health insurance calculator on Policybazaar.com to calculate the premium of a Rs 10 lakh health policy for your family of four members.

      What Will Be the Cost of Rs 10 lakh Health Insurance Policy for a Family of 4?

      The premium of a health insurance plan depends on a variety of factors, such as age, medical history, sum insured, no claim bonus, etc. Therefore, the cost of buying a health insurance policy with Rs 10 lakh coverage for a family of four members can be estimated with the help of a family health insurance premium calculator.

      The family health insurance premium calculator is an online tool that calculates the premium for a family health insurance plan. It takes into consideration the specifications of the plan along with the details of the applicant to estimate the premium for a policy. You can use a family health insurance calculator on Policybazaar.com to calculate the premium of a Rs 10 lakh policy for a family of four members.

      How to Use Family Health Insurance Premium Calculator?

      A family health insurance premium calculator is an easy to use tool, which is available online. Just follow the steps given below to use the health insurance premium calculator online:

      • Visit the website of policybazaar.com
      • Go to ‘Insurance Products’ on the menu bar and click on ‘Health Insurance Calculator’
      • Fill up the form with your details, including gender and phone number
      • Choose the family members to be covered and enter the age of the eldest member & child
      • Enter your city of residence and the medical history
      • The premium for family health plans by various insurers will be displayed.
      • Choose the cover as Rs 10 lakh using the filter
      • You will be able to view the premium for Rs 10 lakh health insurance plans for a family of four members.

      Once you have chosen the most suitable plan, you can purchase it by paying the premium online. Your family health insurance policy will be issued within a few minutes.

      Factors Affecting the Family Health Insurance Premium

      The following factors are considered while estimating the premium for a family health insurance policy:

      • Age of the Applicant– The premium for a family health insurance policy is usually estimated based on the age of the eldest family member to be covered under the plan. The higher is the age of the eldest member, the higher will be the premium amount.
      • Sum Insured – The sum insured directly implies the total amount of money that your family can claim under the health plan. The higher is the sum insured amount, the more will be the health insurance premium.
      • Medical History – The medical history of a person is considered by estimating the premium. If you or any of your family members have pre-existing diseases, you will have to pay a higher premium amount.
      • Policy Tenure – The premium for an annual policy is lower than a long term policy. Thus, if your family opts for a 2-year or 3-year policy tenure, they will have to shell out more money.
      • No Claim Bonus – No Claim Bonus (NCB) offers a discount on renewal premium if you have not raised any claims in the previous policy year. The higher is the NCB percentage, the lower will be the premium amount.
      • Riders – Riders are purchased on payment of additional health insurance premiums. The more number of riders you include in your policy, the higher will be the premium.
      • Geographical Location – If you live in a polluted city or near an accident-prone area, you will be charged a higher health insurance premium amount due to an increased risk to life.
      • Occupation of the Applicant – The occupation of your family members and the level of risk exposure also affects the health insurance premium. The higher is the risk, the higher will be the premium.
      • Smoking Habits – If any of your family members is a regular smoker, then the insurance company will charge a higher premium amount. This happens because regular smokers are more vulnerable to diseases, thereby, increasing the insurer’s liability.

      In a Nutshell

      Family health insurance plans are ideal for people who want insurance coverage for their entire family without buying individual plans for each member. If you are a family of four members who wish to buy a health policy with Rs 10 lakh coverage, you must use a health insurance premium calculator to know its cost. Just remember to compare various family health insurance plans online before buying a policy.

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      *All the health insurance plans cover hospitalization expenses including COVID-19 treatment cover up to the specified limits. You can also buy specific COVID-19 health insurance policies such as Corona Kavach Policy and Corona Rakshak policy.

      **All savings and online discounts are provided by insurers as per IRDAI approved insurance plans. #Tax Benefits are subject to changes in tax laws. GST Exemptions depend on fulfilment of qualification criteria and submission of relevant documents.

      *₹1748/month is the starting price for a 1 crore health insurance for an 18-year-old male, with no pre-existing diseases. Discount on renewal premium is subject to the number of wellness points earned in the health insurance policy. For more details about the plans, please read the sale brochure carefully to get upto 100% discount on renewal premium.

      *₹400/month is the starting price for ₹ 5 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

      *₹541/month is the starting price for ₹ 10 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

      *₹762/month is the starting price for ₹ 1 Crore Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

      *₹243/month(₹ 8/day) is the starting price for a 5 lakh health insurance for a 20-year-old male, non-smoker, living in Bengaluru with no pre-existing diseases

      *₹2020/month is the starting price for ₹ 1 Cr Health insurance for a 50 year old male & 50 years old female, living in Bangalore with no pre-existing diseases rounded off to nearest 10.

      *₹390/month (₹13 per day) is starting price for 1 cr. Health insurance for 25 years old male, with pre-existing diseases, residing from tier 1 city rounded off to the nearest 10.

      *No medical tests are required unless requested by the insurer’s underwriter. In-case of pre-existing diseases relevant medical proof would be required as per the terms and condition of the policy opted.

      *The values taken for effective cost calculation are indicative values and may change as per the selected plan.

      *Coverage upto double the amount of Sum Insured is available on certain covers for a minimum plan of Rs. 5 Lakh on the first claim only to an individual of upto 45 years of age with no pre-existing diseases. The benefit is available with or without extra cost depending on the plan chosen.

      *Coverage of pre-existing diseases is provided by insurer as per their underwriting policy.

      *The scope of coverage may vary from plan to plan.

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