How Much Does 50 Lakh Health Insurance Cost?

Posted on: May 4, 2023 | | Written by:

How Much Does 50 Lakh Health Insurance Cost?

Published on May 03, 2023. EST READ TIME: 3 minutes

Cost of a 50 Lakh Health Insurance Policy

When considering health insurance coverage for a family, it is essential to evaluate the medical history of the family members and expected future medical needs. Selecting the right sum insured is extremely crucial when it comes to health insurance coverage, especially for individuals with aged parents. People may require more healthcare services to maintain their health and well-being as they age. The right sum insured ensures the family is protected against unexpected medical emergencies without worrying about the financial burden. Will a health insurance of 50 lakh suffice, and if yes, is it worth opting for?

Understand Health Insurance for Families

For families, particularly nuclear families, the most cost-effective and ideal health insurance is the family health insurance or family floater plan. This type of health insurance policy secures the entire family under one plan with a single premium. The sum insured is common, which means all the household's family members share it. Members can use any amount of the sum insured when needed. Family health insurance usually covers self, spouse, and dependent children, but some plans allow dependent parents, parents-in-law, and dependent siblings to be included in the policy.

While buying a family health insurance plan, remember the coverage is meant for all members. Hence you should opt for a higher sum insured. Also, look for plans with restoration benefits of the sum insured so that if one member exhausts the entire sum insured, other members will still be covered up to the sum insured. When it comes to the premium, it can be high as the amount is determined based on the age of the eldest family member insured.

How Much Health Insurance Coverage Should Be Opted by an Individual with Aged Parents?

When choosing the right health insurance coverage for an individual with aged parents, several factors need to be considered, like the parents’ age, their current health status, and any pre-existing medical conditions they may have. This could typically range from coverage of at least Rs 10 lakhs to Rs 50 lakh health insurance or more, depending on the individual’s financial situation and the parents’ medical needs. One must opt for a health insurance policy covering pre-existing medical conditions, as most aged parents are likely to have some medical condition requiring ongoing treatment or medication. There is no fixed amount of health insurance coverage that an individual should opt for when it comes to aged parents. Policy buyers should carefully assess their medical needs and financial situation to choose adequate coverage to provide the necessary medical care and treatment to the parents without causing any undue financial burden on the family.

What Will Be the Cost of a Rs 50 lakh Health Insurance Policy for a Family of 3?

Several factors are taken into consideration to calculate the premium of Rs 50 lakh health insurance policy for a family of 3, such as age, geographical location, medical history of the members, lifestyle habits, add-on covers, and no-claim bonus. The 50 lakh medical insurance premium also varies from one insurer to another, but approximately it will be Rs 20,000 per year. But the best way to know the exact quote of 50 lakhs health insurance is by using the online health insurance premium calculator by providing some basic personal and policy details.

How to Use Family Health Insurance Premium Calculator?

Using a family health insurance premium calculator to get an estimate of the premium amount of your policy is quite an easy thing. Let’s look at the steps of how to utilise it:

1. Go to your insurance provider’s website and choose Health Insurance.

2. Enter basic details like name, date of birth, mobile number, number of members to be insured, place of residence, PIN Code, type of coverage, the number of add-ons you wish to buy, any pre-existing medical conditions, etc.

3. You can enter the sum insured, say Rs 50 lakh, and the policy duration.

4. After you provide all the details, the family health insurance premium calculator will give an estimate of the 50 lakh health insurance premium.

5. If the premium amount seems fine, you can pay online, and the policy will be issued immediately.

Factors Affecting the Family Health Insurance Premium

1. Family medical history:

If your parents or grandparents have a history of diseases, like diabetes, cancer, heart disease, Alzheimer’s, etc., there’s a high probability of you contracting these illnesses. Considering you a risk, insurance providers will charge a high premium.

2. Pre-existing medical conditions:

A person with pre-existing illnesses, such as diabetes, blood pressure, and heart disease, is likely to need more medical attention and file more claims. Hence, he/she will have to pay a higher premium than a healthy person of the same age.

3. Age:

Your age matters when it comes to determining the premium of a health insurance policy. Generally, a younger person has fewer chances of falling sick because, as we age, we are more vulnerable to various illnesses and chronic medical conditions. Hence, in a family health insurance policy, the premium is based on the age of the oldest insured family member.

4. Type of policy:

The premium is also based on the type of health insurance plan you choose. A family health insurance plan is always cheaper than buying individual healthcare plans for each member.

5. Add-on covers:

If you want to customise a family floater plan with add-on covers such as maternity or critical illness insurance, you must pay an additional premium. So, there will be an increase in your overall premium.

6. Policy duration:

Most insurance providers offer discounts on multi-year policies. This means if you buy health insurance for a longer duration, the premium will be less than the annual plans.

7. Sum insured (SI):

This is the maximum claim amount your insurer will provide for medical expenses. The lower the SI, the lower will be the premium and vice versa. However, if the hospital bills exceed the SI, you will have to pay the excess amount. So, make sure the SI is adequate to meet your expenses.

8. No-Claim Bonus (NCB):

This is the reward the insurer offers for not making any claims during the policy year. The reward can be discounts on premiums during policy renewal or an increase in the sum insured without any change in premium.

In a nutshell

When buying individual health insurance or a family healthcare policy, you have to consider many factors, such as age, medical history, medical needs, financial condition, etc. If your medical needs require that you buy 50 lakhs health insurance, check the coverage benefits, the inclusions and exclusions and the 50 lakh health insurance premium. You can get a50 lakh medical insurance premium quote with the help of an online health insurance premium calculator, and if the premium of health insurance 50 lakh meets your budget, why wait? Just go ahead with the purchase, but not before comparing similar plans offered by different insurance providers. This will help you make a well-informed decision.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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