Health Price Index Logo

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 4.09% in Quarter 3, 2023 compared to the previous Quarter. The percentage change Y-O-Y (Q3-2023 Over Q3-2022) has been 7.80%. This is slightly more or less in sync with the overall inflation in the economy despite the fact that medical inflation is supposed to be higher than overall inflation.

Comprehensive Perspective
Buy Now Health Insurance

Premium Prices Variation - Segment

Here are the premium prices from the leading 5 health insurance companies for all categories of age groups recorded in Q3, 2023. An average person of 26 years of age paid INR 9,367 premium annually for INR 5 Lakh sum insured and INR 12,015 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 19,768 for INR 10 Lakh sum insured and INR 15,259 for 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 29.55% in premium compared to a 100% increase in the sum insured.

Age Sum Insured 1A 2A 2A+1C 2A+2C Average Premium
26 5L 9,367 13,903 17,190 20,577 15,259
10L 12,015 18,137 22,358 26,563 19,768
36 5L 11,146 15,965 19,242 22,561 17,228
10L 14,490 21,038 25,179 29,230 22,484
46 5L 16,715 24,540 28,157 31,912 25,331
10L 21,995 32,463 37,001 41,769 33,307
56 5L 26,777 40,204 45,206 50,127 40,579
10L 34,680 53,041 59,131 65,447 53,075
Avg Premium 18,398 27,412 31,683 36,023 28,379

*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

Average Premium Prices - Age

The average premium payable by individuals in the 26-year-old category was INR 17,514, for the 36-year-old category INR 19,856, for the 46-year-old category INR 29,319, and for the 56-year-old category it was INR 46,827.

Unlike term insurance, the person entering a health plan is not insulated by the premium increase that happens due to age or premium inflation. However, entering a health plan at an early age makes sense due to the fact that the chances of getting a coverage increases, and you can accumulate various continuity benefits like an increase in sum assured, premium discounts, restoration benefits, etc.

Average Premium Prices - Age
Health Insurance Calculator

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 Now
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 3, 2023 report, the premium paid for 1 Adult for 36-year old category was 11,146 whereas for 2 Adults of 36-years old was INR 15,965, and the premium paid for 2 Adults and 1 Child of the same age category was INR 19,242 against the sum insured of 5 lakhs.

The family floater plans generally cost less as there is an increase of premium of 43.23% on an average on adding 1 more adult of the same age while the increase is only 20.52% 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 Q3, 2023 (October 23 - December 23). The Insurer's individual rate may vary depending on age, coverage type, health profile, sum insured & add-on riders.

Contact Our Team
Want more information about the price index?
Contact Our Team

Got a press query? Contact our press team, they'll be happy to help with any questions you may have regarding the latest price index.

For Feedback and suggestion:

Contact Our Team