Health Insurance 903 views March 3, 2021

A premium is an amount that you will pay to an insurance company to get health insurance coverage. Premiums are based on varied factors such as age, current health condition, smoker/non-smoker, gender, etc. How much do you want to pay for health insurance? Because we provide you the list of top health insurance plans whose premium is affordable and will come under every household range. Let’s start reading this post and choose the plan that has a suitable health insurance premium for you.

Health Insurance

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Top Health Insurance Policy with Premium

You can compare the premium amount of different health insurance plans and choose the one that comes with the best premium as per your income. Let’s check out the table below.

Policy NameMinimum Yearly Premium Amount (In INR)
Niva Bupa Health Companion424
Star Comprehensive Insurance Policy7,015
Care AdvantageAs specified by the insurer
New India Floater Mediclaim Policy1,380
Oriental Happy Family Floater Policy1,029
ICICI Lombard Complete Health InsuranceAs specified by the insurer
HDFC Ergo Health Suraksha1,795
Bajaj Allianz Health Guard2,973
ManipalCigna LifeTime Health Global PlanAs specified by the insurer
Future Generali Health Super Saver3,535
Reliance Health Infinity Insurance PlanAs specified by the insurer
Bharti AXA Life Triple Health Insurance Plan3,320 for male and 3,570 for female
Acko Arogya Sanjeevani PolicyAs specified by the insurer
SBI Arogya Plus Policy7,000
Chola Privilege Healthline Insurance Plan2,619
Digit Health Care Plus PolicyAs specified by the insurer
Kotak Health PremierAs specified by the insurer
Tata AIG Mediprime2,556
IFFCO Tokio Family Health ProtectorAs specified by the insurer

Factors Affecting Health Insurance Premiums

If you have selected the health insurance policy from the above, it’s time to check whether you are eligible to purchase the health insurance at a low premium amount. Because the insurance company considers the following while deciding your premium amount.

  1. Sum Insured – Based on the chosen sum assured, the company will calculate your annual premium amount. Suppose you are 25 years old and purchase a Tata AIG Mediprime health insurance policy on an individual basis for a sum insured of INR 10 Lakh, your annual premium would be INR 6,558 (approx.). So choose a sum insured that you think would be sufficient to cover your future healthcare expenses.
  2. Age of the Insured – Your and your family members’ age decide your premium payment amount. In an individual health insurance policy where there is only one insured person, only the age of the policyholder will be considered. Whereas in family floater plans, the age of the eldest family member will be considered for your premium amount.
  3. Gender – Many insurance will provide discounts to female insured. So if you are purchasing health insurance for yourself and your spouse, you can use it in your favor.
  4. Current Residence City/State – Sometimes the insurance company divides the premium amount based on zones. A zone is the group of state or city, so if you fall under a zone where the premium payment is less than the other zone, it can be beneficial for your health cover.
  5. Existing Health Condition – Compared to a healthy individual, an individual with pre-existing illnesses or conditions will pay a higher premium amount. And the insured must disclose all the existing conditions or diseases to the company before the policy approval. Because if the company finds that you have hidden your illness or condition, the policy shall be terminated and no claim shall be admissible.
  6. Habits – Habits like smoking, tobacco intake, alcohol consumption, etc. can impact your health insurance premium.

Benefits of Timely Health Insurance Premium Payments

If you pay the premium for health insurance regularly, you will be entitled to the following –

  1. Hospitalization Cover – If you meet with any medical emergency, in such cases, you can use your health insurance to pay for your hospitalization expenses, provided the policy is in force and all due premiums are paid till the date of hospitalization.
  2. No Claim Bonus – Regular premium payments not only help you cover the hospitalization expenses but also enhance your sum insured if you don’t claim in a financial year.
  3. Tax Benefits – You can claim tax deductions Under Section 80D of the Income Tax Act (ITA), 1961, up to INR 1.5 Lakh in a financial year.

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