How Much Does Rs. 10 Lakh Health Insurance Cover Cost?

In today's world, the importance of a health insurance policy has increased with the increase in the vulnerabilities to contract a life-threatening disease. The recent spread of the coronavirus disease has made people realise the importance of having some financial backup in case of medical emergencies. The rise in inflation has led to the hike in the costs of medical treatments of the individuals thus leading them to the exhaustion of their monetary savings. To help the people overcome such conditions, the health insurance providers have rolled out varieties of health insurance plans in the insurance market for the convenience of the policyholders.

The health insurance plans are of different types and they also differ in their policy tenure, coverage features, benefits, sum assured, etc. Therefore, people can customize their health insurance plan according to their medical needs. To make sure that you choose a suitable health insurance policy, you must analyze your requirements and needs before buying a plan. The plan you desire to buy for yourself and your loved ones should be comprehensive and affordable. It should not exceed your financial budget and must act as a backup in case of medical emergencies.

How Much Does Rs. 10 Lakh Health Insurance Cover Cost?

A Rs. 10 Lakh health insurance cover can have different premium rates depending on the insurer and the coverage of the plan. To determine the premium amount of your health insurance plan, you must make use of the online premium calculators that are available online over the official website of your respective health insurance providers. You can customize your plans and then accordingly calculate your premium amounts. The cover of Rs. 10 Lakh can cost around Rs. 18,000 per year. However, this premium rate differs according to certain factors specified by the policyholders.

Must Read: 10 Benefits of Health Insurance Riders

About Online Premium Calculators

Premium payments are periodic payments that are made by the policyholders to continue availing the benefits of their purchased health insurance policy. The premium rate of a health insurance policy can be calculated online using an online premium calculator. You can enter your policy related details over the calculator and then calculate the premiums. This calculator helps you determine your future expenses so that you can stabilize your finances accordingly.

How To Calculate The Cost of A Rs. 10 Lakh Health Insurance Plan?

To calculate the premium rate of a Rs. 10 Lakh health insurance policy using a premium calculator, you can follow the given steps:

• Go to the official website of your respective health insurer
• Open the online premium calculator.
• Enter the details like your name, age, type of plan, number of members insured, etc.
• Enter the sum assured as Rs. 10 Lakh.
• Click on calculate.
• The cost of your desired health insurance plan will be displayed on your screen

You can make the necessary changes to the details entered in the fields in the calculator to make sure that the plan meets your requirements.

Factors Affecting The cost of Your Health Insurance Plan

Let us look at some of the factors that affect the cost of your Rs. 10 Lakh health insurance plan:

1. Age

The cost of a health insurance plan increases with the increase in the age of the policyholder. Therefore you must invest in a plan as early as possible.

2. Gender

The premium rate for women is different from that of the men as women tend to visit the hospitals more frequently than the men. Therefore, women are charged with higher premium rates than men.

3. Pre-Existing Diseases

The cost of a health insurance plan is determined based on your health profile. If you have a medical history of critical diseases or you have any pre-existing diseases, then you will be charged with higher premiums as you are more prone to contract a life-threatening disorder.

Conclusion

You can calculate the cost of your Rs. 10 Lakhs health insurance plan using the online premium calculator as there are no fixed rates. The costs differ from one insurer to the other. The costs are also affected by certain influencing factors.

Also Read: Is A High Value Health Insurance Policy Really Needed?

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.