What is the Cost of 10 Lakh Health Insurance for a Family of Four Members?


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10 Lakh Health Insurance for a Family

Falling sick is nothing uncommon. We all fall sick at some point in our life. However what has become actually very bothersome is the rising cost of healthcare in India. If it is a critical illness, the medical bills will surely make a hole in the pocket. This is why it is prudent to buy a health insurance policy that provides coverage for hospitalization expenses.

And while you plan to buy a health insurance policy, make sure you opt for a family health insurance plan instead of an individual health insurance policy. With a family floater health insurance plan, not only you but all the members of your family will be covered.

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Why should you choose a family floater plan?

  • Health insurance plans for family, which is popularly called a family floater health plan is one of the best ways through which you can protect your family members. This type of health insurance policy enables the policyholder even to add new members without any problem. These days, you can even find family floater plans that provide coverage to joint families. Insurance companies these days are trying to bring new variants of the family floater health insurance policies.
  • Family floater plans are the most affordable option; thus, you will not have to worry about the premium rates at all. If you compare an individual health insurance policy with a family floater plan, you will find the premiums of the latter much more affordable.
  • The policyholders can add their parents or even parents-in-law under one family floater plan. With a family floater health insurance plan, policy buyers get comprehensive coverage.
  • Some of the family floater health insurance plans even provide coverage for maternity expenses, which can be either regular coverage or an add-on. A policyholder can choose to add their baby under one such plan.
  • With the help of a family floater health insurance policy, you will be able to save taxes under Section 80D. However, in that case, the premiums have to be paid for yourself, your spouse, your children, and your parents. The mode of payment can be anything but cash.
  • One of the benefits of a family floater health insurance plan is that the sum insured amount is shared among the members of the family. For example, if one of the family members is hospitalized, a part of the sum insured can be used for his/her medical treatment. The rest of the balance can be used by the other family members.

What should be the cost of INR 10 lakh health insurance for a family of 4 members?

The premium of a health insurance policy depends on various factors. The factors include medical history, age, sum insured, No Claim Bonus, and many more. Therefore, to find the cost of purchasing a health insurance family for four members and INR 10 lakh coverage, the policy buyers can use the family health insurance premium calculator.

A family health insurance premium calculator is basically an online tool that can be used for calculating the premium of a health insurance plan. You can use it for calculating the premium of any type of health insurance policy. A health insurance premium calculator can be found on many websites and you can trust them totally to get an estimate of the premium amount that you would be required to pay in the future.

Factors that affect the premium of health insurance for family of 4

While estimating the premium health insurance for family of 4, here are some of the factors that are considered.

  • Age of the policy buyer: As we talk about the premium of health insurance for family of 4, the age of the eldest family member is considered. The higher the age of the member is, the more will the premium amount.
  • Sum insured: The sum insured is decided on the basis of the total amount of money that a family can claim under a health insurance policy. If the sum insured amount is higher, the premium of the health insurance will also be higher.
  • Medical history: For getting an estimate of the premium, the medical history of an individual is considered. The premium amount will be much higher than the usual if any of the family members has a pre-existing illness.
  • Policy tenure: The premium amount to be paid for an annual health insurance plan is lesser than a long-term policy. Therefore, if you choose 2-year policy tenure, you will have to pay more money.
  • Occupation of the policy buyer: If the occupation of the policy buyer involves a higher risk, the premium amount will also be higher.
  • No Claim Bonus: If you do not raise a claim in the entire policy year, you will get a discount on the renewal of the premium. If the NCB percentage is higher, the premium amount to be paid is lower.
  • Riders: To buy riders, you would be required to pay an additional premium.  Therefore, if you add more riders to the policy, the premium amount to be paid will be higher.
  • Smoking habits: If any of your family members is a chain smoker, a higher premium amount has to be paid.

Therefore, if you want to know the premium amount that you have to pay for a family floater health insurance plan that costs INR 10 lakh, you should definitely use a health insurance premium calculator.

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FAQs: Cost of 10 Lakh Health Insurance for a Family of Four Members?

How much will rs 10 lakh health insurance plan cost for a family of 4?

For a family of four, the premium for a Rs. 10 lakh health insurance policy can range from Rs. 858 per month to Rs. 2769 per month, depending on things like age, medical history, no-claims bonus, etc.

How much health insurance do I need for family of 4?

20 lakhs, a health insurance policy with a limit of Rs. 10 lakhs might be the best option for you. However, given the rising costs of healthcare, it is advised that the minimum coverage be at least Rs. 5 lakhs.

How much on an average health insurance cost for a family?

A family health insurance plan with coverage of Rs. 10 lakh can typically range in price from Rs. 15,000 to Rs. 25,000 per year.

Is 20 lakh health insurance enough?

Adequate Coverage: Especially in urban areas where the cost of healthcare is high, the sum insured should be sufficient to pay for multiple hospital stays. The insured amount for individual policies should be at least 10 lakhs and at least 20 lakhs for family health insurance.

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May 24, 2022
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PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.

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