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Top 10 Factors Affecting Health Insurance Premium

While buying a health insurance plan, one should be aware of the factors that can affect his/her premiums. The factors include family medical history, pre-existing medical conditions, gender, age, Body Mass Index (BMI), marital status, etc.
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In India, today health insurance is beginning to gain a lot of importance. In urban India with the lifestyle choices made by individuals, life is becoming highly unpredictable. That’s why health insurance becomes an important aspect of our lives today, health insurance or mediclaim is opted for by most individuals with various insurance companies to pay for hospitalization or medical expenses. The amount of premium that needs to be paid towards this type of insurance is decided upon by calculations made by the health insurance companies.

The factors that affect your premium towards health insurance are:

  1. Pre-existing medical conditions: The policyholder or applicant will need to provide your own health records to ensure there aren’t any pre-existing medical conditions. But if, you do have any pre -existing conditions, then the company can choose to allow it in their policies or can even decide not to cover it, and if the insurance company cannot cover it under the health insurance then the policyholder will need to bear the costs. Thereby increasing and affecting the premium.
  2. Family medical history: If the policyholder’s family have certain medical ailments their premiums may be higher than others. No one can do anything with their genes. If the policyholder’s family has a medical history of illnesses such as heart diseases, cancer or any other, that puts you at a risk and it increases the individual’s rate of premium.
  3. Body Mass Index (BMI): People with high BMI have a significantly higher rate of premium than people with normal BMI. The reason again being this can lead to various ailments such as heart problems, joint problems, diabetes, to name a few. People with higher BMI may even need specialized treatment, for normal procedures like pregnancy. Thereby making even simple process a little tedious and affects the premium rates.
  4. Injurious substances: Most insurance companies increase their rates of premium for their insurance plans and at times even refuse to insure people who have the habit of smoking, chewing tobacco or snuff. Since they are most prone to getting life threatening diseases like cancer. Thereby affecting the rates of premium.
  5. Gender: Many policies have a difference in premium rates for men and women, the 3 reasons for this experts say are - Women are more likely to visit doctors, take prescriptions, and be subject to chronic diseases.
  6. Age: Most young individuals have premiums at much lower rates since they have fewer identified and unidentified diseases than older individuals. Young policyholders are less likely to have health problems and are more likely not to visit a doctor.
  7. Choice of profession: Policyholders working in environments with hazardous substances, radiation, chemicals, and jobs with high risk of injuries like constructions have to end up paying higher premiums as per insurance companies since they’re prone to risk of cardiovascular diseases.
  8. Marital status: It’s still unclear if married people live longer and healthier lives, but the insurance premiums generally lower in rates. The men generally reap better benefits with this status change.
  9. No insurance yet: If you’re not previously insured, the insurance companies generally charge a higher rate of premium. The insurers believe that previously uninsured individuals would make frequent trips to doctors and hospitals to start reaping benefits of the health insurance policy. Therefore they increase the premium rates to cover all expenses.
  10. Location of stay: There are many insurance companies who base their premiums on the location in which the individual stays. Many companies feel that shared climate, lack of healthy food options, cultural aversion to exercise etc. often come from same areas. And therefore the similarities have lead companies to charge higher health insurance premiums.

GST rate of 18% applicable for all financial services effective July 1, 2017.

Disclaimer: Premiums may vary depending upon factors like age, location and prevailing taxes/GST.

Top 10 Factors Affecting Health Insurance Premium Reviews

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  • Apollo Munich Health Insurance
    "Excellent Service"
    0.5 5.0/5 "Blown Away!"
    I had taken this insurance policy a while back and i had been paying the premium amount on an annual basis. The premium method has been convenient and the premium amount has not been high. There has been many hospitals covered in my locality and their customer support has also been helpful.
    Was this review helpful? 2
    , pune
    Reviewed on Jan 09, 2019
  • ICICI Lombard Health Insurance
    "Good"
    0.5 4.0/5 "Great!"
    I have taken a health policy from ICICI Lombard by last month. They have offered the policy based on my credit card experience. They have charged 10,800 rupees as a premium per annum. The policy period us 3 years. Am satisfied with the policy benefits. The customer service is excellent and they have explained well.
    Was this review helpful? 0
    , pondicherry
    Reviewed on Jan 09, 2019
  • review Health Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been taken my health insurance with Adiyta birla health insurance, i have taken this insurance for all my family, per annum it is 25,00,000 policy coverage is there , and i have not yet took any claim yet, and there is tie up with many hospital and they have shared me those hospital location, the premium amount they have charged me up to 6000 for two years ,i use to pay.
    Was this review helpful? 0
    , ghaziabad
    Reviewed on Jan 08, 2019
  • Star Health Health Insurance
    "Best policy"
    0.5 5.0/5 "Blown Away!"
    I have a health insurance policy with Star health from last 2 years, a premium of Rs 13000 has to be paid for this insurance policy. I have no claim experience so far with this insurance. They gave a coverage value of Rs 6 lacs and it is for family.
    Was this review helpful? 1
    , bangalore
    Reviewed on Jan 08, 2019
  • Bajaj Allianz Health Insurance
    "Excellent Service"
    0.5 5.0/5 "Blown Away!"
    It has been four years since i had taken this health insurance policy and i had been paying the premium on an annual basis. The premium amount has been nominal and is not too high, most of the hospitals are covered in my locality and there has been cashless treatment available as well.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 08, 2019
  • Star Health Health Insurance
    "Good but need to improve little communication with the custo"
    0.5 4.0/5 "Great!"
    My health insurance policy was bought from Star. I did not have any claim experience so far. From 2009 onwards i have been renewing the policy with Star. They have to give free health check up to the pre-vilege facility. I purchased this policy for my family. Yearly i pay the premium of Rs. 10000 for the coverage value of Rs. 5 lakhs.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 08, 2019
  • HDFC Ergo Health Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have taken my health insurance with HDFC ERGO, there service is good, there agent had explain me about the policy which is covered in this insurance and they have tie up with many hospital and they have shared me there location , and the premium amount they have charged me was nominal,they have charged me up to 5000 on yearly basis for 4,00,000 coverage,i use to pay through on line.
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 08, 2019
  • Max Bupa Health Insurance
    "Costly policy"
    0.5 3.0/5 "Satisfactory"
    I have taken my health insurance policy with Max bupa. I have renewed the policy for last 3 years. I had a claim experience and it was fine. I had no issue with the claim sanction. The premium amount is higher hence i have shifted into other company. They have given me a 100% coverage amount. The maternity benefits has been covered in this policy, hence i have chosen this policy.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jan 07, 2019
  • Apollo Munich Health Insurance
    "Yet to experience the policy"
    0.5 4.0/5 "Great!"
    I'm having a health insurance with Apollo Munich. I just bought the policy 2 years back. Because one of my friend was working with Apollo munich, hence i have purchased the policy. I pay the premium amount of Rs. 15000 for the coverage value of Rs. 5 lakhs. Me, my wife and child has been covered in this card. All the nearby hospitals has been covered. To renewing the policy is really easy.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jan 07, 2019
  • Star Health Health Insurance
    "Yet to experience the policy. "
    0.5 4.0/5 "Great!"
    They have given me a lower premium which is lesser than others hence i have selected this company. I'm paying the premium of Rs. 1600 every month. For the family members of 4 peoples has been covered by this policy. The coverage value of the policy is Rs. 7 lakhs. There is more cashless facility hospitals are available. I purchased this policy through online.
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 07, 2019
  • Star Health Health Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been using my health insurance with Star health insurance long time, there service is good, the agent had clearly explained me about the policy and benefit coverage, they have tie up with many hospital, and they have shared me location in an excel sheet, and the premium amount they have charged me was up to 26,000 on yearly basis, and i have pay through on line.
    Was this review helpful? 0
    , jaipur
    Reviewed on Jan 06, 2019
  • SBI General Health Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    Along with my credit card, they have provided me this health insurance policy with SBI. I am not sure about the premium amount and coverage value. The premium has made through credit card. I have to check the hospital details. I had no claim experience with this policy.
    Was this review helpful? 0
    , thane
    Reviewed on Jan 04, 2019
  • United India Health Insurance
    "Better"
    0.5 4.5/5 "Excellent!"
    I also have a health insurance from United India which was offered by company. It covers 5 members of my family. The medical coverage is 5L for the family. The premium was paid by the company which I don't know the figure. I have no claim experience. They have good network of hospitals for cashless.
    Was this review helpful? 0
    , pune
    Reviewed on Jan 04, 2019
  • Chola Ms Health Insurance
    "Good"
    0.5 4.0/5 "Great!"
    When I have taken a SBI credit card and they have issued me a health policy from Cholamandalam. They have deducted around 4000 rupees for one year as a premium. I got the insurance paper and have no claim. The medical coverage is 1.25L. Once I go for claim can give better feedback.
    Was this review helpful? 1
    , pune
    Reviewed on Jan 04, 2019
  • Star Health Health Insurance
    "Customer support is not good. "
    0.5 3.0/5 "Satisfactory"
    More than 5 years, i have been renewing the health insurance policy from Star. I have not used the policy so far because no situation has arrived. Me, my wife and my two kids has been covered in this policy. I have been paying the premium amount of Rs. 17000 with the coverage value of rs. 4.5 lakhs. I lost my policy cards hence i have called the customer care service to resend the documents but i have not received the same so far.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jan 02, 2019
  • Tata AIG Health Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have a health insurance policy with TATA AIG , this policy cover accident claim and there customer support team have explain me about this policy and the premium i pay per year it nominal, i pay through on line, till now there service was good.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 02, 2019
  • Future Generali Health Insurance
    "Good service"
    0.5 5.0/5 "Blown Away!"
    I have a health insurance with Future Generali Insurance from long time, and there service is good, there premium amount they have charged me was nominal and it is to get auto debited on yearly bases, and I do not have any claim experience but in terms for the features it is a good policy to have. It has been a very good experience with the Future Generali.
    Was this review helpful? 0
    , surat
    Reviewed on Dec 30, 2018
  • HDFC Ergo Health Insurance
    "Good service"
    0.5 5.0/5 "Blown Away!"
    I have taken my health insurance with HDFC ERGO , i have not opt there policy yet and i use to pay premium on yearly basis and they have charged me nominal, and it use to get auto debit from my account and while i applied for health insurance customer service had explained me about all procedure , so far the process went smoothly and it good, and they have tie up with maximum hospital.
    Was this review helpful? 0
    , gurgaon
    Reviewed on Dec 30, 2018
  • Oriental Insurance Health Insurance
    "Good service"
    0.5 5.0/5 "Blown Away!"
    I have a health insurance policy with Oriental Insurance, i never had any claim Experience with this policy , this policy cover accidental claim and i pay premium on yearly basis ,and it use to get auto debited my account, so far I did not face any issues till date.
    Was this review helpful? 0
    , mumbai
    Reviewed on Dec 30, 2018
  • Oriental Insurance Health Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    I have a health insurance policy with Oriental insurance from last 3 years, i pay a premium of more than Rs 10000 for this insurance policy. There was no claim experience so far with this insurance. This policy has a coverage value of Rs 5 lacs.
    Was this review helpful? 0
    , ghaziabad
    Reviewed on Dec 29, 2018
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