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How much does a Rs 5L health insurance plan cost? Check premiums for 20 options

The Financial Express logo The Financial Express 22-04-2021 Sanjeev Sinha
a pair of sunglasses on a table: Before buying a health insurance policy, ensure you compare your options carefully to find a plan that best meets your requirements. © Provided by The Financial Express Before buying a health insurance policy, ensure you compare your options carefully to find a plan that best meets your requirements.

The ongoing Covid-19 pandemic has exposed our vulnerabilities like nothing before and has given us a grim reminder about the absolute importance of having adequate health insurance protection in place. A comprehensive health insurance policy with an adequate sum insured covering all the dependent family members becomes extremely helpful in preventing your family's finances from getting drained to foot steep hospital bills if any of the insureds requires hospital treatment.

And in these times of skyrocketing medical costs, it won't be wrong to suggest that your health insurance policy should have a coverage size of at least Rs 5 lakh-Rs 7 lakh, especially if you stay in an urban area. Plus, relying solely on your employer-provided group medical plan could be too risky simply because that would be of no help if you also lose your job. As such, if you still don't have a medical insurance policy of your own, you might want to get one without further delay.

But before buying a health insurance policy, ensure you compare your options carefully to find a plan that best meets your requirements. Do check for policy features, add-on benefits and riders like pre and post-hospitalisation cover, critical illness protection, list of network hospitals, exclusions, waiting periods for pre-existing conditions, no claim bonus facility, etc. Also, keep in mind that the premium cost shouldn't be the only criterion while selecting a health insurance policy, according to BankBazaar.

You should also focus on things like the insurer's claim settlement track record, ease of claim processing, etc. while finalising a particular plan. After you've purchased a policy with an adequate sum insured, you may also consider further expanding your protection ambit by going for a top-up or a super top-up health insurance policy (whose premiums are likely to be much lesser than a regular health insurance plan) after due diligence.

So, if you're looking to buy a health insurance policy, here are the current indicative premiums for Rs 5-lakh individual health insurance policies by 20 leading insurers in the country. Do note, all the premiums have been calculated for a 30-year-old married individual residing in Bengaluru. Keep in mind, the premiums applicable to you could be different depending on your age, gender, place of residence, pre-existing conditions, cover size and features of the policy or any other terms and condition of your chosen insurer.

How Much Does a Rs 5 lakh Health Insurance Plan Cost?

table © Provided by The Financial Express

Disclaimer: Data pertains to individual health insurance cover of Rs 5 lakh for a 30-year-old (married) individual residing in Bengaluru, and has been collected from respective websites on April 20, 2021. The data is indicative and the actual premium and information may vary from the data mentioned in the table. *Sum insured = Rs. 6 lakh. **Sum insured = Rs.7.5 lakh.

Data compiled by BankBazaar.com, an online marketplace for loans, credit cards and more.

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