‘Average health insurance premium of Rs.10 lakh family floater plan is 26300’

A study released by PolicyX.com, an online insurance distributor reveals that the average cost of health insurance premium has increased by 5% over the last one year.

The in-house health insurance price index developed by the company shows that the health insurance premium has increased during the last two quarters of the current financial year. The report attributes this to rising medical inflation.

The study shows that the premium does not increase proportionately with the sum insured. If a policyholder opts for sum insured of Rs.10 lakh instead of Rs.5 lakh, the premium would go up by 24%.

Further, the study reveals that while the average health insurance premium for sum insured of Rs.10 lakh is Rs.29,500 as against Rs.23,000 for sum insured of Rs.5 lakh.

Here is the compilation of average health insurance premium of top 5 health insurers across categories:

The study further says that the premium is influenced by the number of people added to the health insurance plan. A family floater plan lets the policyholder add another member of the family without a major increment in the premium price.

The report reveals that family floater plans generally cost less than individual policies.