Family health insurance is crucial for effective financial planning and management of a family.Among other considerations, the cost of health insurance for a family is a crucial aspect that needs to be addressed when purchasing health insurance for a family. Note that the average cost of health insurance in India is driven by factors such as the type of policy, the extent of coverage, the claim limit and more.So, if you are planning to purchase medical insurance for a whole family in India and want to estimate the average cost, this guide is a must-read.This blog will discuss the key factors affecting the cost of medical insurance for families and how to calculate it.
Key Factors Affecting the Cost of Health Insurance for a Family in India
Type of Insurance
When it comes to buying medical insurance for the whole family, there are two options. You can either purchase an individual health insurance plan for each member or cover all members under a single family insurance plan. In most cases, the cost of family health insurance is affordable as compared to individual health policies for each insured member.
Add-ons/Riders
The level of health insurance coverage is another factor that affects the cost of health insurance for a family. The insurance premiums will be higher if you opt for various riders for additional coverage.
Number of Family Members
The cost of health insurance for a family varies based on the number of family members. Note that the premiums increase with the increase in the number of insured members under a policy.
Age and Health Condition of Members
Generally, insurance premiums for aged individuals are higher than the insurance premiums for youngsters. This is mainly due to an increased exposure to health ailments in the case of aged members. Similarly, the health conditions of your family are also taken into account when calculating the family health insurance cost. You can expect higher premiums if the covered members have any pre-existing health conditions.
Value of Sum Insured
The selected sum insured also determines the family health insurance price. If the value of the sum insured is higher, then the insurance premiums will also be higher and vice versa.If you are seeking affordable family medical insurance, consider lowering your premium by opting for higher deductibles and out-of-pocket expenses.
What is the Average Cost of Health Insurance for a Family of 4?
As mentioned above, the cost of health insurance for a family of four is calculated on the basis of multiple factors.
On average, in India, the approximate monthly family medical insurance cost for up to ₹10 lakhs sum insured is between ₹15,000 to ₹35,000 per month. Note that this cost can vary depending on the type of plan, selected deductibles, copayment percentage and so on.
Contact the Reliance General team for an accurate estimate of your chosen family health insurance plan.
How to Calculate Family Health Insurance Price?
The easiest way to calculate the family medical insurance cost in India is to use our health insurance premium calculator.
Here are the simple steps to calculate the price of your Reliance General insurance policy with our online health insurance calculator:
Step 1: Visit our
Health Insurance page.
Step 2: Enter the specified details and check the agreement box.
Step 3: Click “View Prices” to learn about your estimated family insurance premiums.
Reliance General Family Insurance: Financial Safety Net for Your Family
Family health insurance is crucial to make good quality healthcare readily accessible to yourself and your loved ones.With our family health insurance, you can cover yourself, your spouse, dependent parents and children against potential health emergencies.Not just that, you can also cover your extended family members, such as your in-laws, under our family policy.We offer comprehensive coverage, up to ₹100 lakhs sum insured, hassle-free claims settlement, minimum initial waiting period and most importantly, affordable premiums.Besides, If you need dedicated coverage for your seniors, you can invest in our parent health insurance tailored specifically for senior citizens.What’s more, you can get a discount of up to 40% when you purchase our policies online.Get your quote today!
Conclusion
The cost of family health insurance can be easily calculated by taking into account important factors, including type of policy, level of coverage and others, as mentioned in the blog.You can utilise our health insurance premium calculator to estimate the cost of your chosen health insurance policy.Need any help? Contact our team!
Frequently Asked Questions
Should I buy individual or family health insurance for my family members?
Generally, a family health insurance policy is a better option than purchasing an individual policy for each member of your family.Not only is family health insurance cost-effective, but it is also easier to manage as you can insure your whole family under a single insurance plan.However, if you are looking for dedicated coverage for each family member, then an individual insurance policy is the right option.
Is family health insurance expensive?
The cost of a family health insurance plan varies based on parameters such as number of members, age and health condition of members, type of plan and coverage and more.
A family health insurance policy is affordable compared to individual plans, as the insured sum is shared among all members.
How many members should I cover under my family health insurance plan?
The number of members you can cover under family health insurance depends on the type of policy and insurance provider. At Reliance General Insurance, our family insurance plans allow you to cover 4 to 12 members.