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Health Insurance Price Index

Analysis and Insights from Pricing of Health Insurance
from leading insurance companies in India.

Broader Vision

In Q4 2020, health premiums saw a giant leap, which was more than the 12.81% inflation rate. The latest data shows that Q2 2024 premiums haven't fluctuated at all when compared to the Q1 data- the average premium stands at INR 28,814. This price stability suggests that now is a good time to purchase health insurance before potential increases in the next quarter.

Comprehensive Perspective
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Premium Prices Variation - Segment

New data highlights the importance of purchasing health insurance at a younger age to benefit from significantly lower premiums. A 26-year-old can secure a 5 lakh sum assured with premiums averaging INR 15,763, while a 56-year-old faces an average premium of INR 42,402 for the same coverage.

When looking at the insurance cost for an adult who's 26 years old and chooses a coverage of 5 lakh the premium they need to pay is 9,499, if the 2 adults take the plan separately it will cost more which can be 18,998 which is higher, rather than they would pay for a multi individual policy for average premium of 14,311. Going for a plan can lead to savings. So it's advisable to go for a combined plan to cut down on expenses.

With stable premium prices in Q2 2024, now is an ideal time to secure higher health insurance coverage at a nominal additional cost. This data clearly illustrates that health insurance premiums increase with age, highlighting the financial benefit of securing health insurance early.

Age Sum Insured 1A 2A 2A+1C 2A+2C Avg Premium
26 5L 9499 14311 17730 21514 15763
10L 12167 18491 22712 27329 20175
36 5L 11349 16467 20002 23615 17858
10L 14491 21137 25487 29903 22754
46 5L 16634 23960 28090 32190 25219
10L 21328 30764 35893 40986 32243
56 5L 27944 42038 47229 52398 42402
10L 35718 53866 60306 66510 54100
Grand Total 18641 27629 32181 36806 28814

*Source: Average prices in the above tabular data are determined by the leading 5 health insurance companies in India. These prices are for illustration purposes only. Actual prices may vary from insurer to insurer

Average Premium Prices - Age

Average Premium Prices - Age

The premiums paid by individuals vary based on age categories. For instance, those in the 26-year-old category pay an average of INR 17,969, while the 36-year-old category pays INR 20,306. The 46-year-old category has an average premium of INR 28,731, and the 56-year-old category pays INR 48,251. However, starting a health plan early offers advantages, including improved coverage chances and the accumulation of benefits such as increased sum assured, premium discounts, and restoration benefits.

Average Premium Prices - Age
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Premium Prices- Coverage

Premium Prices- Coverage

Premium Prices- Coverage

Adding family members to your health plan can lead to varying premium costs. A family floater plan allows the inclusion of your spouse and children under a single policy without experiencing a significant premium hike. This is evident in the second quarter of 2024 when a 36-year-old adult had a premium of INR 11,349. Adding another adult of the same age increased the premium to INR 16,467, and including a child raised it to INR 20,002 for two adults and one child in the same age category, with a sum insured of 5 lakhs.

Opting for family floater plans often leads to cost savings. When including another adult of the same age with 5L SI, the premium typically rises by approximately 45.10%. However, if you add a child, the increase is more modest, around 21.47%. Considering this, ensuring the entire family under a single policy via a family floater plan can be a budget-friendly choice.

Index Computation Methodology

The prices & charts displayed above are based on the average premium prices of 5 health insurance companies in India. To update the PolicyX Price Index, we have considered the data of 5 trustable Indian private health insurance companies, in terms of their latest earned GWP. These companies are Star Health and Allied Insurance Co. Ltd, ICICI Lombard General Insurance Co. Ltd, Bajaj Allianz General Insurance Co. Ltd, HDFC ERGO General Insurance Co. Ltd & Care Health Insurance Co. Ltd.

The prices given are a representation of the yearly premium for every sample policyholder in terms of age, coverage type, and opted sum insured on Q2 2024 (July - September 2024). The Insurer's individual rate may vary depending on age, coverage type, health profile, sum insured & add-on riders.

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