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Health Insurance Price Index

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

Bird's Eye View

Bird's Eye View

The index value remains constant at Rs 24,026 in Q1 2021. There are some indications for the increase in the index value of health insurance with an impact on rise in COVID19 claims however no change has been witnessed lately. The average price for a Rs 5 lac sum and a Rs 10 lac sum assured is Rs. 20,781 and Rs. 27,271, respectively. Prices shown here are average of all the age groups 26 years, 36 years, 46 years, and 56 years & all coverage types i.e, 1 adult, 2 adults, 2 adults + 1 child, and 2 adults + 2 children. Also, there is no change in premium prices for all six insurance companies, forming part of the index.

Bird's Eye View
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Segment Wise Premiums

Age Sum Assured 1A 2A 2A+1C 2A+2C Average Premium
26 5L 7844 11172 13539 16491 12,262
10L 9999 14459 17539 21014 15,753
36 5L 8938 13146 15534 18225 13961
10L 11563 17257 20291 23436 18136
46 5L 14145 21980 24097 27061 21821
10L 18527 29402 32010 35476 28854
56 5L 24025 36009 38395 41899 35082
10L 31274 47808 50984 55302 46342
Average Premium 15789 23904 26549 29863 24026

Segment Wise Premiums

The premium prices mentioned are average prices taken from the top 6 health insurance companies. For instance, a 26-year-old individual would pay Rs. 7,844 per annum for a Rs 5 lakh sum assured policy and Rs. 9,999 for a 10 lakh sum assured policy.

*Source: Average prices in the above tabular data are determined from the leading 6 health insurance companies in India. These prices are for illustration purposes only. Actual prices may vary from insurer to insurer.

Average Premium Prices By Age

Average Premium Price Age

Premium increases rapidly with the growing age as it leads to an increase to both frequency and severity of the claim. There is a nominal increase of 14.6% on an average from the age group of 26 to 36 years, while the percentage change observed in age brackets from 46 to 56 is 60.7%.

Average Premium Price Age
Average Premium By Coverage Type

Average Premium By Coverage Type

Average Premium By Coverage Type

The number of family members covered in the policy directly make an impact on the premium prices. Adding an adult member does not increase the prices proportionately highlighting the fact that family floater plans are more economical than buying 2 separate policies. There is a negligible increase in the premium upon adding children to the policy. Most companies allow children up to the age of 18 or 21 to be added to the policies in a family floater plan.

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Premium Variance

Premium Variance

Of the 6 companies forming the index, the variance observed in premiums between the companies is very high compared to variance observed in term plans. This is primarily because of the fact that coverages, features, and benefits differ significantly for health insurance whereas term insurance is usually simple with similar benefits in case of death.

Premium Variance
Index Computation Methodology

The prices & charts displayed above are based on the average premium prices of 6 health insurance companies in India. We have selected one public and five private health insurance companies in terms of their GWP earned as per IRDAI annual report 2018-19 (The New India Assurance Co. Ltd, 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 & Religare Health Insurance Co. Ltd.)

The prices represent the annual premium for each sample customer pertaining to age, coverage type & sum assured as of January 01, 2021. The Insurer individual rate may vary depending on age, coverage type, health profile, sum assured & add-on riders.

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