A suitable health insurance policy has become one of the most important assets nowadays, as medical emergencies are inevitable and becoming unaffordable. Most of the time, a wide-coverage health policy comes with a high premium option. But how is the premium of your health insurance decided?
The premiums of your health policy are decided based on several factors, a few of which are mentioned here:
Other than this, other aspects of health care insurance costs by state, the full health insurance coverage cost, and a few tips to avoid paying hefty premiums, and so on have been discussed in the article. Read further to know more about the same.
Key Takeaways
Here we have given several aspects through which the average health insurance costs in India are decided:
Premium deciding factors | Explanation |
---|---|
Tenure of payment | If you pay your premiums annually or all at once, you will receive a discount on premiums at the time of policy renewal. Similarly, if the insured members choose to pay in instalments, they’ll have to pay additional charges with their base premiums. |
Hidden clauses | Companies hide several clauses from their policyholders, including co-payment, deductible, coinsurance, and others, which you should check in detail from the policy wording, even before buying the health policy. |
Riders | Check if you need add-on riders such as accidental cover, maternity care rider, specified illnesses cover, critical illness treatment covers and so on. Because add-on riders come with additional premiums which later affect your health insurance premiums. But if these riders are added with the base policy, it covers the relevant medical expenses and you do not need to pay any out-of-pocket expenses. |
Cumulative bonus | If a health insurance policy offers you a no-claim bonus, there will be a discount on the next policy year which can decrease your payable premiums. |
Eligibility criteria | The earlier you buy, the lower the health insurance premiums you need to pay. The sum insured is another factor which will affect your premiums e.g. the higher the sum insured required, the higher you’ll have to pay in premiums. Additionally, the policy tenure (minimum 1 year to maximum 3 to 4 years) affects the annual health insurance cost. |
Concerning your health insurance benefits, you must also know how much health insurance costs in India. As it ensures that you are insured against a medical emergency and the health policy will cover all sorts of medical support at times of need.
For any enquiry related to your annual health insurance cost, give us a call at 1800-4200-269 and get your queries resolved.
Yes. Your health insurance premium is one of the most important factors that decide what will be the coverage of your health policy.
Health insurance costs in India depend on the plan type and its coverage, which ranges somewhere from INR 700 and above. For more information on the specific plans, call us at 1800-4200-269.
Health insurance plans such as Niva Bupa Aspire Gold+, Care Supreme, Star Health Assure, etc provide the best healthcare coverage at low monthly premiums.
Yes, your residence zone is one major factor among many in deciding how much you’ll have to pay against your health insurance coverage.
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Simran has an experience of 3 years in insurance content writing. She transitioned from hospitality to the insurance industry after her emerging interest in how vast insurance is. With her ability to write complex insurance concepts in a simple, relatable manner she keeps her audience hooked and solves their doubts smoothly.
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