The average health insurance premium has remained unchanged over the last one year, shows a research report released by PolicyX.com, an online insurance distributor.
Contrary to media reports, which speculated about a steep rise in premium, the industry has kept their rates intact to attract large number of uninsured population, says the report.
“As there is no variation in the overall insurance price index, the premium prices also remained the same in December 2021 for different age categories”, stated the report.
|
Age |
Average Premium Price (Amount in Rs.) |
|
26 |
14,918 |
|
36 |
17,003 |
|
46 |
26,437 |
|
56 |
42,136 |
Likewise, the prices of family floater packages also remained steady.
Family floater plans are normally cost-effective as the premium increases 50% on average when 1 more adult of the same age or lower age is added to the same policy. For instance, in the case of a 26-year-old, premium prices for 2 adults for Rs. 10 lakh of sum insured was Rs. 15,306. Paying 21.63% more (i.e. premium price of Rs. 18,616), additionally bought one child under the protection umbrella. Paying slightly more (i.e. premium price of Rs. 22,457) covered 2 adults and 2 children.
A comparative analysis of sum insured amounts shows that premium does not increase proportionately with the sum insured. To elaborate, the average payable premium by a 26-year-old across categories was Rs. 16,696 and Rs. 13,140 for a sum insured of Rs. 10 lakh and Rs. 5 lakh, respectively. While the sum insured increased 100%, the hike in premium was 27%.
The prices and charts displayed above are based on the average premium prices of 5 private health insurance companies in India. These companies are Star Health and Allied Insurance, ICICI Lombard General Insurance, Bajaj Allianz General Insurance, HDFC Ergo General Insurance and Religare Health Insurance.
The prices represent the annual premium for each sample customer pertaining to age, coverage type & sum insured. The insurer’s individual rate may vary depending on age, coverage type, health profile, sum insured and add-on riders.