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Health Insurance Price Index

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

The Overall Picture

Overall Picture

The index value remained unchanged at 24026. The average price for a 5 lac sum assured was Rs 20781 and for a 10 lac sum assured it was Rs 27271 There was no change for all the 6 insurance companies forming part of the index. The price is an average price for 4 age bands i.e 26 years, 36 years, 46 years and 56 years & 4 coverage Types i.e 1 adult, 2 adults, 2 adults + 1 child and 2 adults + 2 childs.

Overall Picture
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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 premium prices from top 6 health insurance companies. A 26 year old Individual would pay Rs. 7844 per annum for a 5 lakh sum assured policy and Rs. 9999 for 10 Lakh sum assured policy.

*Source: Average prices in above tabular data are determined from leading 06 health insurance companies in india. These prices are for illustration purposes & actual price may vary insurer to insurer.

Average Premium Prices By Age

Average Premium Price Age

Premium increases rapidly with age due to the fact that both frequency and severity of claim increases as we grow old. There is a nominal increase of 14.6% on an average from age 26 to 36 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 policy directly affects 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 premium on adding children to the policy. Most companies allow children upto 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 was very high compared to variance observed in term plans. This is due to the fact that coverages, features and benefits differ significantly for health insurance whereas term insurance is usually simple with similar death benefits.

Premium Variance
Index Computation Methodology

The prices & charts displayed above are based on the average premium prices of six health insurance companies in India. We have selected one public and five private health insurance companies in terms of their GWP earned as per IRDA 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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