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How much will Rs 10 Lakh Health Insurance Plan Cost for a Family of 4?

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Published on June 8, 2021. EST READ TIME: 3 minutes

If one is not in a position to buy a health cover for a high amount for all the family members, the Family Floater plans can be opted for. In a Family Floater plan, on paying a single premium amount, the sum insured (coverage) can be utilized by any member of the family. The premium is generally arrived at as per the age of the eldest family member. Such plans suit young families, especially millennial with young kids.

Hospitalisation expenses have sky rocketed after the pandemic and getting a comprehensive health insurance is very important to safeguard the family. Having a 10 lakh health insurance plan can be enough if the kids are young. The premium may vary as per the terms and conditions of the insurer. You can calculate your premium online with a premium calculator and get to know your policy premium within minutes.

How to use a Health Insurance Premium Calculator?

Getting a health insurance policy online is a growing trend because it is hassle-free, and with the health insurance premium calculator, calculating the premium payable is also reasonably straightforward. Follow the steps mentioned below and get the premium amount in just a few minutes!

• Visit the website of the insurance provider and click on the Health option

• Fill the required details such as name, age, gender, city, pin code, members to be insured, mobile number, and e-mail ID

• Choose the Plan Type – Individual or Family Floater

• Click on the ‘Get Quote’ option

• You will be redirected to the sum insured page where you will find various plans along with their features such as coverage, add-ons and the corresponding premiums

• Once you choose the suitable plan, you will get the tentative premium amount that must be paid to purchase the insurance cover

Factors that decide Health Insurance Premium

Health insurance premium is the amount that you need to pay to the insurer on a periodic basis for uninterrupted medical coverage as well as to keep the policy active. The cost of premium varies from one policy to another, but there are certain factors that are taken into consideration while calculating the premium such as:

1. Age: With age, the premium increases. This is because as we grow old, we are more susceptible to illnesses such as heart diseases, kidney disorders, etc. and the chance of filing claims due to a health issue is more.

2. Pre-existing illness: If you have no previous medical history, the premium will be lower. But if you suffer from any pre-existing illnesses, the premium will be on the higher side as you may require constant medical attention.

3. Policy tenure: The premium also depends on the policy tenure. A one-year health insurance policy will have a higher premium than one with a longer tenure.

4. Type of Policy: The health insurance policy that covers critical illnesses will have a higher premium than a standard policy. Similarly, the premium for an individual policy will be different than that of a family floater.

5. No-Claim Bonus (NCB): NCB is the discount that you will get on your insurance premium at the time of renewal for not making any claims during the tenure.

Conclusion

When the cost of advanced medical facilities is skyrocketing, and different insurance providers offer beneficial policies, merely taking a health cover is not enough. Picking the right one is more important. Before you get a family floater policy online, use a health insurance premium calculator to ensure that you can easily afford the premiums of the plan you are selecting. 

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.