Buy Rs 5 lakh health insurance plan? Check premiums for 20 policies
Putting in place adequate health insurance protection should be a priority for everyone, especially in these times of a pandemic when its third wave is imminent. Comprehensive health insurance coverage would protect your family’s finances in the event that one or more members need hospital treatment during an insurance year amid skyrocketing medical costs.
Although the meaning of “adequate” may depend on your actual medical insurance needs, you will be well advised to have an individual or family floating policy with an insured sum of at least Rs 5 lakh to Rs 10 lakh, especially if you live in an urban area. In addition, depending solely on your group health plan provided by your employer can be risky, as it would be of no use if you stop working for your current employer. Health insurance premiums rise as policyholders age – as such, you may want to buy them first if you haven’t already.
But before purchasing an independent medical insurance policy, be sure to carefully compare your options to find a plan that best meets your needs. Check the characteristics of the policy, additional benefits and riders such as pre and post-hospitalization coverage, protection against critical illness, list of hospitals in the network, exclusions, sub-limits, waiting periods for pre-existing conditions, the no-claims bonus, ambulance coverage, etc., according to BankBazaar.
Keep in mind that some of the benefits may be available on a top-up basis depending on the terms and conditions of the insurer you have chosen. So, you will be well advised to opt for them even if it results in slightly higher premium obligations depending on your needs.
However, the cost of the premium should not be the only criterion when choosing a health insurance policy. You should also focus on things like the insurer’s claims settlement history, ease of handling claims, etc. when choosing a particular plan.
To help you make informed decisions, here are the indicative premiums for Rs 5 lakh individual health insurance policies currently offered by 20 leading insurers in the country. Note that all premiums have been calculated for a 30-year-old married person residing in Bangalore, and the premiums applicable to you may be different depending on your age, gender, place of residence, pre-existing conditions, size of coverage and characteristics. policy or any other condition of the insurer you have chosen.
Indicative annual premiums for individual health insurance plans of Rs 5 lakh by 20 insurers
Disclaimer: Data refers to individual health insurance coverage of Rs 5 lakh by 20 insurances collected on July 13, 2021. * All indicative annual premiums calculated for a 30 year old (married) individual residing in Bangalore . The data is indicative and the actual premiums and information may differ from the data mentioned in the table. ** Sum insured = Rs 5.5 lakh.
Data compiled by BankBazaar.com, an online marketplace for loans, credit cards and more.