Analysis and Insights from Pricing of Health Insurance
from leading insurance companies in India.
The comparison between Quarter 3, 2022 and Quarter 4, 2022 for the Health Insurance Price Index remains the same.
The percentage change Y-O-Y (Q4-2022 over Q4-2021) stood at 4.78%.
Here are the premium prices from the leading 5 health insurance companies for all categories of age groups recorded in Q4, 2022. An average person of 26 years paid INR 8,893 premium annually for INR 5 Lakh sum insured and INR 10,852 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 17,810 for INR 10 Lakh sum insured amount and INR 14,383 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 23.83% in premium compared to a 100% increase in sum insured.
| Age | Sum Insured | 1A | 2A | 2A+1C | 2A+2C | Average Premium |
| 26 | 5L | 8893 | 13075 | 16020 | 19544 | 14383 |
| 10L | 10852 | 16237 | 20029 | 24123 | 17810 | |
| 36 | 5L | 10494 | 15446 | 18549 | 21858 | 16587 |
| 10L | 12990 | 19394 | 23270 | 27117 | 20693 | |
| 46 | 5L | 15504 | 23841 | 26560 | 30112 | 24004 |
| 10L | 19912 | 30952 | 34337 | 38537 | 30935 | |
| 56 | 5L | 25356 | 38366 | 41582 | 45853 | 37789 |
| 10L | 31916 | 49199 | 53581 | 58918 | 48403 | |
| Avg Premium | 16990 | 25814 | 29241 | 33258 | 26326 | |
*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.
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.
The average premium payable by an age group of the 26-year-old category was INR 16,097, by an age group of the 36-year-old category was INR 18,640, by an age group of the 46-year-old category was INR 27,469 and by an age group of the 56-year-old category was INR 43,096
If you are looking for health insurance estimate cost for you and your family use our health insurance calculator to calculate premium online instantly.
Calculate NowThe 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 4, 2022 report, a premium paid for 1 Adult for 36-year old category is 10494 whereas for 2 Adults of 36-years old was INR 15,446 and the premium paid for 2 Adults and 1 Child of the same age category was INR 18,549 against the sum insured of 5 lakhs.
The family floater plans generally cost less as there is an increase of premium of 47.19% on an average on adding 1 more adult of the same age while the increase is only 20.09% on adding a child to the policy.
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 Q4, 2022 (Jan 23 - Mar 23). The Insurer's individual rate may vary depending on age, coverage type, health profile, sum insured & add-on riders.
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