What is the Cost of a ₹10 Lakh Health Insurance Policy for a Family of 4?

How Much Health Insurance Coverage Should Be Opted by a Family of 4?

When determining how much health insurance coverage a family of four should opt for, several factors need to be considered to ensure complete protection while balancing affordability. A sum insured of ₹10 lakh is often considered a good starting point for family health insurance plans, as it provides substantial coverage in the event of major medical emergencies.

Under such health insurance plans, the insurance company will pay medical expenses up to ₹10 lakh if any of the insured family members face a medical emergency. Moreover, these plans usually cover up to six family members comprising the policyholder, spouse, dependent children and dependent parents.

However, it is important to note that the ideal health coverage for a family of 4 depends on the family's specific health needs, medical history, and budget.

What Will Be the Cost of ₹10 Lakh Health Insurance Policy for a Family of 4?

The cost of ₹10 lakh health insurance policy in India for a family of four can range from ₹858 per month to ₹2,769 per month, depending on a variety of factors, such as age, medical history, sum insured, no claim bonus, etc. People can even calculate the approximate cost of buying such plans with the help of a family health insurance premium calculator.

The family health insurance premium calculator is an online tool that calculates the premium for a family mediclaim policy. It considers the plan's specifications and the applicant's details to estimate the premium. One can use the family health insurance calculator on Policybazaar.com to calculate the cost of ₹10 lakh health insurance policy per month.

How to Use a Family Health Insurance Premium Calculator?

A family health insurance premium calculator is an easy-to-use tool that is available online. Just follow the steps given below to use the health insurance premium calculator with ease:

Step 1: Visit Policybazaar.com.

Step 2: Go to ‘Insurance Products' on the menu bar and click on ‘Health Insurance Calculator' under ‘Health Insurance'.

Step 3: Fill up the form with personal details, including gender and phone number.

Step 4: Choose the city, family members to be covered and enter the age of the eldest member & child.

Step 5: Select the ₹10 lakh coverage amount option and click on ‘Calculate'.

Step 6: The premium for ₹10 lakh family health plans by various insurers will be displayed.

After choosing the most suitable plan, pay the premium online and the family health insurance policy will be issued within a few minutes.

Factors Affecting ₹10 Lakh Family Health Insurance Premium

The following factors are considered while estimating the premium for a ₹10 lakh family health insurance policy:

• Age of the Applicant- The premium for a ₹10 lakh family mediclaim plan is usually estimated based on the age of the eldest family member to be covered under the plan. The higher the age of the eldest member, the higher will be the premium amount.
• Sum Insured - The sum insured directly implies the total amount of money that a family can claim under the health plan. The higher the sum insured amount, the more will be the health insurance premium.
• Medical History - The medical history of a person is also considered while estimating the insurance premium amount. If the policyholder or any of the family members have pre-existing diseases, the health insurance premium will be high.
• Policy Tenure - The premium for an annual policy is lower than a long term policy. Thus, if a family opts for a 2-year or 3-year policy tenure, they will have to shell out more money.
• No Claim Bonus - No Claim Bonus (NCB) offers a discount on renewal premium if no claims have been raised in the previous policy year. The higher is the NCB percentage, the lower will be the premium amount.
• Riders - Riders are purchased on payment of additional health insurance premiums. The more number of riders people include in their policy, the higher the premium will be.
• Geographical Location - If a family live in a polluted city or near an accident-prone area, they will be charged a higher health insurance premium amount due to an increased risk to life.
• Occupation of the Applicant - The occupation of the family members and the level of risk exposure also affect the health insurance premium. The higher the risk, the higher will be the premium.
• Smoking Habits - If any of the family members is a regular smoker, then the insurance company will charge a higher premium amount. This happens because regular smokers are more vulnerable to diseases, thereby, increasing the insurer's liability.

In a Nutshell

Family health insurance plans with sum insured of ₹10 lakh are ideal for people who want insurance coverage for their entire family without buying individual plans for each member. If you are a family of four members who wish to buy a medical policy with ₹10 lakh coverage, you must use a health insurance premium calculator to know its cost. Just remember to compare various family health insurance plans online before buying a policy.