While adequate sum insured would ideally be determined according to a family’s protection requirements, getting a health insurance policy with at least Rs 5 lakh cover is always advisable.
People usually select a health insurance plan based on its annual premium. However, the premium is not the only thing you should focus on while selecting a policy.
The Covid-19 pandemic has exposed the vulnerabilities of our lives like nothing before. In such a situation, having a comprehensive health insurance plan for your entire family with an adequate sum insured is an absolute necessity to prevent your family’s finances from getting drained in footing steep hospitalisation bills, especially considering the fact that multiple members of the same family are often requiring hospital treatment simultaneously due to the highly contagious nature of the virus.
Now, while adequate sum insured would ideally be determined according to a family’s protection requirements, getting a policy with at least Rs 5 lakh cover is always advisable, especially if the family resides in a big city.
People usually select a health insurance plan based on its annual premium. However, the premium is not the only thing you should focus on while selecting a policy. It’s equally important to consider factors like the plan’s network of hospitals, exclusions and sub-limits, medical checkups, waiting periods for pre-existing conditions, pre and post hospitalisation cash and no-claim bonus facilities, etc. and the insurer’s claim settlement ratio and the ease of settling claims, according to BankBazaar.
You must also consider getting the required add-ons like critical illness protection, maternity cover, OPD treatment, etc. according to your requirements which usually come at an additional cost but are extremely important nevertheless. Most importantly, you must prioritise buying a new policy if you haven’t done so yet because the premiums will go up as the insureds get older and you will put your financial health at great risk by not having any insurance protection at all.
In fact, even if one of the insureds gets above a certain age, they might not even qualify for a health policy because of their pre-existing conditions, and even if they do, the premiums could be ten times higher than what it would cost you when the insured is younger. Also, you should consider getting a health insurance plan even if you are covered under an office-provided group plan simply because those might not be adequately aligned with your family’s requirements, and, most importantly, will cease to exist if you lose your job, as per BankBazaar.
So, if you’re looking for a health insurance plan, here are the annual premiums for Rs 5-lakh individual policies currently being offered by 20 top insurers in the country. Do note these premiums are for basic coverage for a 30-year-old male living in a metro city. Your actual premiums could be different as it would be determined based on the age of the insured, health condition, place of residence, type of cover, add-ons, so on and so forth.
Annual Premiums for a Rs 5 lakh Health Insurance Policy
Disclaimer: Data pertains to individual health insurance cover of Rs. 5 lakh for a 30-year-old (married) individual residing in Bangalore, and is taken from respective websites as on Nov 10, 2020. Data is indicative. Actual premium and information may vary from the data mentioned in the table.* excluding taxes. **sum insured = Rs. 7.5 lakh. Data compiled by BankBazaar.com