Insurance plan

Buy Rs 5 lakh health insurance plan? Check the premiums of 20 policies

Before purchasing an independent medical insurance policy, be sure to carefully compare your options to find a plan that best suits your needs.

Having adequate health insurance protection in place should be a priority for everyone, especially in these times of the pandemic where its third wave is imminent. Comprehensive health insurance coverage would protect your family’s finances in case one or more members need hospital treatment during a policy year amid soaring medical costs.

Although the meaning of “adequate” may depend on your actual medical insurance needs, you will be advised to have an individual or family float policy with a sum insured of at least Rs 5 lakh to Rs10 lakh, especially if you live in an urban area. Additionally, relying solely on your employer-provided group health insurance plan can be risky, as it won’t do you any good if you stop working with your current employer. Health insurance premiums increase as policyholders age – as such, you might want to buy them first if you haven’t already.

But before buying an independent medical insurance policy, be sure to carefully compare your options to find the one that best suits your needs. Check policy features, additional benefits and riders such as pre and post-hospitalization coverage, critical illness protection, list of network hospitals, exclusions, sub-limits, waiting periods for pre-existing conditions, no-claims bonus facility, ambulance coverage, etc, according to BankBazaar.

Keep in mind that some of the benefits might be available on an add-on basis depending on the terms and conditions of your chosen insurer. You will therefore be well advised to opt for them even if this results in slightly higher premium obligations depending on your needs.

However, premium cost should not be the only criteria when selecting 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 differ depending on your age, gender, place of residence, pre-existing conditions, size of cover and policy features or any other terms and conditions of the insurer you have chosen.

Indicative annual premiums for individual health insurance schemes Rs 5 lakh by 20 insurers

Disclaimer: Data refers to individual health insurance coverage of Rs 5 lakh by 20 insurers collected on 13th July 2021. *All indicative annual premiums calculated for a 30 year old (married) residing in Bangalore . The data is indicative and the actual premium 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.