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.
|Age||Sum Assured||1A||2A||2A+1C||2A+2C||Average Premium|
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.
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%.
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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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.
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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