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Health Insurance Price Index

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

Broader Vision

The Health Insurance Price Index has increased by 3.39% in Quarter 1, 2023 comparative to last Quarter (i.e., Q4 2022).

The percentage change Y-O-Y (Q1-2023 Over Q1-2022) has been 6.12%.

Comprehensive Perspective
Comprehensive Perspective
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Premium Prices Variation - Segment

Here are the premium prices from the leading 5 health insurance companies for all categories of age groups recorded in Q1, 2023. An average person of 26 years paid INR 9,264 premium annually for INR 5 Lakh sum insured and INR 11,495 premium annually for INR 10 Lakh sum insured for 1 Adult category. Whereas, the average payable premium by a 26-year-old, across categories, was INR 18,529 for INR 10 Lakh sum insured amount and INR 14,738 for an INR 5 lac sum insured.

This highlights the fact that the premium does not increase proportionately with the sum insured. From INR 5 lakh to INR 10 lakh sum insured, there was a hike of only 25.72% in premium compared to a 100% increase in sum insured.

Age Sum Insured 1A 2A 2A+1C 2A+2C Average Premium
26 5L 9,264 13,478 16,475 19,737 14,738
10L 11,495 16,993 20,899 24,727 18,529
36 5L 10,757 15,538 18,707 21,662 16,666
10L 13,523 19,789 23,803 27,274 21,097
46 5L 16,260 24,057 27,106 30,474 24,474
10L 21,074 31,511 35,371 39,414 31,843
56 5L 26,262 39,297 43,769 48,275 39,401
10L 33,462 50,993 57,021 62,528 51,001
Avg Premium 17,762 26,457 30,394 34,262 27,219

*Source: Average prices in the above tabular data are determined from 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

The average premium for the age group of 56-year-old was the highest whereas the average premium for the age group of 26-year-old was the lowest.

Average Premium Prices - Age

The average premium payable by an age group of the 26-year-old category was INR 16,633 by an age group of the 36-year-old category was INR 18,882, by an age group of the 46-year-old category was INR 28,158 and by an age group of the 56-year-old category was INR 45,201

Average Premium Prices - Age
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Premium Prices- Coverage

Premium Prices- Coverage

Premium Prices- Coverage

The health insurance premium prices are highly influenced by the number of people added to the health insurance plan. A family floater plan lets the policyholder add another member of the family without a major increment in the premium price. According to the Quarter 1, 2023 report, a premium paid for 1 Adult for 36-year old category is 10,757 whereas for 2 Adults of 36-years old was INR 15,538 and the premium paid for 2 Adults and 1 Child of the same age category was INR 18,707 against the sum insured of 5 lakhs.

The family floater plans generally cost less as there is an increase of premium of 44.45% on an average on adding 1 more adult of the same age while the increase is only 20.39% on adding a child to the policy.

Index Computation Methodology

The prices & charts displayed above are based on the average premium prices of 5 health insurance companies in India. We have selected five private health insurance companies in terms of their GWP earned as per the data available on their website. (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 represent the annual premium for each sample customer pertaining to age, coverage type & sum insured in Q1, 2023 (April 23 - June 23). The Insurer's individual rate may vary depending on age, coverage type, health profile, sum insured & add-on riders.

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