Buying a health insurance policy today has become a necessity for every family, big or small. However, not every plan will cut it. Good health insurance for a family of four covers their basic health needs as well as critical illness treatment expenses.
Getting ₹10 lakh health insurance for a family of 4 is considered an optimal choice. But what would be the cost of investing in Rs 10 lakh health coverage? To understand this, knowledge of various factors and calculations that affect the policy premium is necessary.
Cost of Rs 10 Lakh Family Health Insurance Policy for 4 Members
The cost of a Rs 10 lakh family health insurance policy may vary depending on various factors like age, number of members, medical history, no-claim bonus, add-on covers, etc. Thus, it is recommended to use an online health insurance premium calculator. The tool helps you get approximate premium values based on your personal information and chosen policy customisations.
Steps To Use Online Health Insurance Premium Calculator
An online health insurance premium calculator is a useful tool for estimating the value of your premium based on the information you provide and the benefits added to the plan. Here are the steps to use it.
- Go to your insurance provider’s official website.
- Find the health insurance premium calculator and enter your requested details in the calculator, such as the number of family members to be insured.
- Next, enter the details of each member, including their date of birth, along with your (policy buyer) contact number, email address and pin code.
- You might receive an OTP on your number for verification before a suitable plan is shown to you.
- Your screen will display a plan based on the information you provided. You can now include add-on covers according to your health requirements.
- Once all the customisations are made, click on “Calculate”.
- Your premium price will be calculated and displayed on the screen based on your selections.
Factors That Affect the Rs 10 Lakh Health Insurance Premium Price
These are the factors which play an important role in determining the amount of your premium.
Sum Insured Value
The sum insured is the total amount that the family health insurance policy buyer can claim under the selected plan. ₹10 lakh health insurance has a higher premium as the insurer has to bear a higher cost in case of a claim.
Age of Applicant
Another factor that determines the health insurance premium price is the age of all the insured members under family insurance. Usually, the premium is calculated based on the age of the eldest member. This means that the older the eldest member, the higher the premium.
Medical History
Medical history is a crucial factor in insurance premium calculation. If the policyholder or any other family member has a history of critical illness or any other medical condition, the premium price will be higher.
Add-on Covers
Add-on coverage benefits are provided for a particular illness or health-related issue. Although they enhance the coverage of the base plan, they also add to the policy’s cost.
Health Insurance Tenure
The tenure of a family health insurance policy also affects the premium price. If you opt for longer coverage, the premium price may be lower, as you may get a discount for a longer association with the insurer.
Geographical Location
The geographical location of policy buyers also affects their premiums. If you live in an urban area or an area with heavy pollution, you have to pay a higher premium.
Occupation
The occupation of the policy buyer or any of the family members under the policy also changed the premium price. If family member(s) are engaged in a dangerous occupation that can lead to injuries or health complications, then the premium will be higher.
Lifestyle
Your lifestyle also affects your family’s health insurance policy premium. If you have an unhealthy lifestyle that includes eating junk food, drinking, smoking and not exercising enough, you are prone to diseases. Thus, insurance companies charge you a higher premium to cover the risks.
Family Health Insurance With TATA AIG
Investing in ₹10 lakh health insurance is an ideal amount for a family of four. This insurance covers basic medical expenses without the need to invest in an individual plan for each family member. Just remember to use the health insurance premium calculator to calculate the premium for your desired coverage.
If you are looking for a trusted insurer, then TATA AIG health insurance is a great choice. Their family floater plan is best for your family. The plan includes benefits of newborn coverage, OPD dental treatment, ambulance coverage, AYUSH benefit coverage, accidental death benefit, pre- and post-hospitalisation expense coverage and high-end diagnostic cover.
Moreover, they provide easy claim processing and 24/7 assistance from a dedicated team of insurance experts. Choosing TATA AIG provides you with not only the best benefits but also superior services.
