Health Insurance 124 views March 6, 2021

Looking for health insurance with a cover of INR 5 Lakh? We have some of the best policies for you whose premium starts from as low as INR 779 per month. By purchasing a health insurance plan, you can cover varied medical expenses like room rent, medicine/drugs, ICU charges, ambulance fees, etc. Know about the premium of the best 5-Lakh health insurance plans below.

Health Insurance

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Policy NameAnnual Premium Amount for INR 5 Lakh Sum Insured (In INR)
Star Health Family Health Optima Insurance Plan7,400-76280
Max Bupa Health Companion Plan5,085
ICICI Lombard Complete Health Insurance3,595-67,194
Aditya Birla Activ Assure Diamond Plan4,567-1,19,856
Bajaj Allianz Health Guard - Gold4,619-88,247
Universal Sompo Arogya Sanjeevani Policy3,590-91,395
HDFC Ergo Health Suraksha Plan3,621-67,042
Star First Optima1,950-92,890
HDFC ERGO Arogya Sanjeevani Policy5,698-68,477
HDFC Ergo my:health Medisure Classic Insurance5,153-38,431
Star Group Health Insurance Policy – Gold8,957-45,214
Star Health Medi Classic Insurance Policy5,080-24,430

Factors Affecting Health Insurance Premium Amount

While deciding your premium amount for health insurance, the insurer checks the following –

Gender: Health insurance premiums differ for males and females. Insurers provide females a discount on their premium rates. So if you are purchasing health insurance for your spouse, mother, or you are a woman, you’ll have low premiums to pay.

Age: Insured aged around 18, 19, 20 or 25 years get lower premiums compared to the people aged 45, 50, 60 or 65 years. Do you know in the case of a family floater health insurance plan, the age of the eldest family members is taken into account to determine the policy premium rate. For instance, if your family age is between 16 days to 35 years, you will get a premium of INR 7,400 per annum for a 5 Lakh Star Health Family Health Optima Insurance Plan. Whereas for the same plan and sum insured, the family whose age is between 46-50 years needs to pay a premium of INR 13,640 per annum.

Existing Health Conditions: Do you have any ongoing health conditions? Because if the answer is yes, you must disclose it to the insurer. The existing health condition can impact your 5 lakh health insurance premium. Health risks are more with an insured who already has a medical condition. And your pre-existing illnesses or conditions shall not be covered in the policy. The company puts a waiting period for your existing illnesses or conditions. It means your existing health condition shall be covered after the expiry of the waiting period.

Note: The waiting period shall be removed from your policy, provided there is no break-up during the policy term and you have paid the renewal premium in full.

Family Medical History: Does your family have any medical history? The medical history of your family matters in health insurance approval as well as premium amount determination because the insurer wants to know whether your family health conditions are hereditary or not like coronary heart problems, cholesterol, and diabetes are hereditary.

Body Mass Index (BMI): What’s your BMI in your recent health check-up? Because if it is greater than 40, you will pay a high premium for your 5 Lakh health insurance. Obese people are charged with a higher premium in comparison to a normal healthy person. The reason it happens is that many diseases are linked to obesity. So, an obese insured person is more prone to illness and likely to make more claims.

Intake of Injurious Substances: Whether you are a regular or seasonal smoker, you must disclose it to your insurer because it is an important factor that helps determine your premium amount. If an insured person has a habit of smoking, alcohol consumption, vaping, it can increase his/her premium amount. Why is it so? Because an insured with a smoking habit is likely to fall ill more compared to a healthy individual.

Rider Cover: If you have purchased a 5 Lakh health insurance plan and have added riders to it, you will need to pay more premium. Because customized covers like personal accidents, critical illness and disablement have their own premiums. So your combined premium amount would be more than the base cover premium.

Type of Profession: As per the terms and conditions of the insurance company, if the profession of an insured person includes a more elevated risk of sudden or premature demise, a high premium amount will be charged on his/her 5 Lakh health insurance. What are types of hazardous professions? This will include but is not limited to coal miners, airline pilots, flight engineers, firefighters, armed guards, electrical power-line installers and repairers, construction labourers.

Marital Status: If you are already married or get married during the health insurance period, it can impact your health insurance premium based on your decision –

  1. If you add your spouse to your individual health insurance, it will automatically increase your premium amount, as there will be two Sum Insured for two individuals.
  2. Whereas, if you decide to purchase a family floater plan, you and your spouse need to share the sum insured, and the premium is high compared to an individual plan.

Residence State/City: Insurer has divided the different city/state in three zones such as zone 1, zone 2 and zone 3, so check which zone did you belong to. For example, in Star First Optima, the premium amount for 5 Lakh health insurance plan is as follows –

Age (In Year)Zone 1 (In INR)Zone 2 (In INR)Zone 3 (In INR)
16 days to 357,535-14,2006,405-12,0705,765-10,865
36-459,165-15,5257,790-13,1957,015-11,875
46-5014,500-20,64512,325-17,54511,095-15,790
51-5518,125-25,80515,404-21,93513,865-19,740
56-6021,750-30,96518,490-26,32016,640-23,685
61-6526,100-37,15523,490-31,58521,140-28,425
66-7031,320-44,59026,620-35,79523,960-32,215
71-7537,585-53,50531,945-42,95528,750-38,660
76-8045,100-64,20538,355-51,54534,500-46,390
More than 8054,120-77,05046,005-61,85041,405-55,665

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