Cost of a 10-Lakh Health Insurance Plan for a Family of Four
Contemplating a 10-lakh health insurance plan for your family of four people - yourself, spouse and two dependent children? Have a family floater health insurance plan whose sum insured can be utilised by all your family members. In the case of sum insured exhaustion, the insurance company allows you to restore the same based on certain conditions. What’s more, if you have no-claim policy years, it will help raise your sum insured on renewal without any hike in the premium. All that furthers your financial freedom against health hazards you or your family may face.
The premium of a floater plan depends on the age of the eldest member. The greater the age, the higher the premium. So, if you were thinking of adding your old-aged parents instead of dependent children, please guard against this move, as the premium will be astronomically higher in that case.
Health Insurance for Families
Insurance companies in India provide customized health insurance plans for families, known as family health insurance plans. These provide health insurance coverage to all your family members under a single program. Under this plan, your insurance company will pay for your medical charges if you or one of your family members face medical issues.
Family health insurance plans offer a sum insured on a family floater basis. Under family floater plans, the sum assured amount can be used by all your family members on payment of a single premium amount. Also, family health plans generally cover six family members: the policyholder, spouse, dependent children, and dependent parents.
Read more - All You Need to Know About Family Health Insurance
What Will a 10-Lakh Health Insurance Plan Cost for 4 Family Members?
The premium of a health insurance plan somehow depends on some of the factors, such as age, medical history, sum insured, no claim perk, etc. You can thus use a family health insurance premium calculator online to gauge the cost of buying a health insurance policy with INR 10 lakh coverage for a family of four members.
The calculator helps calculate the premium for a family health insurance policy. It considers the program's specifications and the applicant's details to estimate the premium for a plan.
For example - You are a 35-year-old individual wanting to secure the health of yourself, your wife (aged 30 years) and two dependent children aged three and seven years, respectively, the yearly premium could range from INR 10,000-35,000.
Read more - Why Family Health Insurance Plan Needs a Timely Re-evaluation
Some Factors Affecting the Family Health Insurance Premium
1. Policy Tenure: The premium amount for a yearly policy is lower than a long-term policy. However, if you opt for a 2 or 3-year policy, you will get a discount on the premium. So, the premium payment will be lower in such policies compared to an annual policy.
2. Medical History: A person's medical history is considered by estimating the premium. However, you'll have to pay an advanced premium, if you or your family members have pre-existing conditions.
4. Age of the Applicant: The premium for a family health insurance policy is generally calculated based on the age of the older family person to be covered under the plan. The higher the member's age, the higher the premium amount will be.
5. Sum Insured: The sum insured directly implies the amount of money your family can claim under the health insurance plan. The higher the sum assured amount, the higher the health insurance premium will be.
6. Riders: Riders are bought on payment of additional health insurance plan premiums. The more riders you include in your plan, the higher the premium will be.
7. Geographical Location: If you live in a polluted city or near an accident-prone area, you'll be charged a high health insurance premium due to an increased danger to life.
8. Occupation of the Applicant: Your family members' work and the level of trouble exposure also affects the health insurance premium. The progressive is the risk, and the higher will be the premium.
9. Smoking Habits: If any of your family members are regular smokers, the insurance company will charge a higher premium. This happens because some people who are regular smokers are more vulnerable to diseases, creating scope for more health insurance claims for insurers to clear.
To Sum Up
Family health insurance policies are ideal for people who want insurance coverage for their whole family without buying individual plans for each member. However, you must use a health insurance premium calculator to know its cost; if you're a family of four members who want to buy a health policy with an INR 10 lakhs coverage. Before purchasing a policy, remember to compare and calculate various family health insurance plans online.
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The best policy should cover you against numerous illnesses in exchange for an affordable premium. To find the same, go online, compare different quotes and see which one stands the best.
It will depend on the prevailing healthcare inflation, any medical conditions plaguing you or your family members, etc. You can start with a INR 10-lakh plan but get the value raised with time.
It depends on the healthcare costs prevailing in the country, the medical conditions of you and your insured family members, claim history, etc. It may sound enough when buying the policy. But there’s a need to raise the same with time to counter healthcare inflation better. It may raise your premium but would likely prove productive. That being said, the sum insured will rise if you don’t claim in a policy year.
Policy tenure options for a 10-lakh insurance plan are not different from others. These options are 1, 2 or 3 years.
The answer is yes. One can have medical insurance plans from two or more companies. However, check the worth of having two policies before buying the two.