Free quotes from top insurers with lowest premiums in
4 simple steps
*Please note that the quotes shown will be from our partners
*savings provided by insurer

How Health Insurance Premium is Determined?

Health insurance provides for medical expenses in case the insured is hospitalized due to sickness or accident. The amount coverage depends on the Sum Assured taken while buying the policy. The premium paid depends on various elements too:

Age: Higher the age, more the premium. That is because as one gets older the medical expenses tend to increase. A young person would rarely require medical attention but same is not true for elderly people.

Health: A person’s fitness also determines health insurance premium. If a person is healthy then probability of him getting hospitalized due to illness is lower. At the same time, if the person has any genetic disease the premium would be higher or the disease may be excluded from the coverage.

Lifestyle: A person’s way of living also influences the health insurance premium. If a person’s lifestyle is susceptible to health risks like drinking or smoking, his premium may be higher.

Geographical Region: A person living in Tier I cities may have higher premium than a person living in Tier II or Tier III cities. The cost of healthcare in metro cities is more as compared to small cities.

Type of Health Plan: Premium also depends on whether it is individual plan or family floater plan. Family floater plan is expensive since the cover extends to complete family.

Amount of Coverage: The Sum Assured you choose also determines the health insurance premium. Higher the Sum Assured more will be the premium.

Additional Benefits: The health care plans offer many additional benefits like hospital cash, critical illness which will increase the premium nominally.

You May Also Like
  • Top 10 Health Insurance Companies in India

    Every year, Insurance Regulatory and Development Authority of India (IRDA) announces a list of health insurance companies. There are few important features that help it to rate the insurance companies, such as their perf...

    read more
  • Top 5 Maternity Insurance Plans

    Maternity or pregnancy is an important phase of life, and one needs to prepare in advance to embrace parenthood. Though rearing a child is an expensive affair and may require good financial backup to meet the requirement...

    read more
  • List of Health Insurance Companies in India

    A quiet revolution has swept through India’s health care sector in the past five years- best evidenced in the fact that now nearly 27% of the nation’s population is insured. The Indian healthcare sector is projected ...

    read more
  • Top 8 Family Health Insurance Policies for 2019

    From the air we breathe to the food we eat, everything is intentionally or unintentionally subjected to adulteration. Due to this, the disease rate in India is rising drastically. Naturally, more and more people are visi...

    read more
  • Health Insurance Claims Ratio- Things You Should Look Before Buying Health Insurance

    There has always been a doubt in customers mind about whether the private company will keep its side of the bargain i.e. it will settle the claim or not. A customer spends premium annually which will cover his medical ex...

    read more

Search

Sign up for newsletter

Sign up our newsletter and get email about health plans.