• Top 10 Factors Affecting Health Insurance Premium

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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
      "The Best"
      0.5 5.0/5 "Blown Away!"
      Since I'm working with health insurance. It is easy to claim in Apollo Munich. The best hospital list covered in this policy. The best health insurance company in PAN India. In my company, they are paying the insurance premium for me and my family.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 14, 2018
    • HDFC Ergo Health Insurance
      "Good Service"
      0.5 3.5/5 "Pretty good"
      I've a health insurance policy with the HDFC Ergo. I pay a premium of 6100 Per year, I do not have any claim experience with the policy and it offers full coverage for my entire family. They offer a coverage 2 lacs annually which is pretty good for me. Overall it has been a good experience with the features of the policy. .
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Jun 14, 2018
    • Bajaj Allianz Health Insurance
      "Good Health Insurance policy"
      0.5 5.0/5 "Blown Away!"
      So far i have never claim the health insurance. I can claim upto 7 lakhs. I have taken this insurance policy for me and dependent. The employer take care of the premium amount. I have never contact the customer care. Almost most of the hospital has been covered in this health insurance
      Was this review helpful? 0
      , coimbatore
      Reviewed on Jun 14, 2018
    • Universal Sompo Health Insurance
      "Average"
      0.5 3.0/5 "Satisfactory"
      I have a health insurance policy taken from Universal Sompo, it was the best deal I came across when I was looking for the policy, the premium amount that I paid was quite reasonable and not too high, the sum assured amount was also good. I never got chance to take the services of this policy I have no claim experience from them so far.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 14, 2018
    • Universal Sompo Health Insurance
      "Best Health insurance policy"
      0.5 5.0/5 "Blown Away!"
      I have taken this policy for the first time. I have not claimed the policy so far. I have paid around for Rs.8500 as premium. It family based health insurance policy. I can claim upto 5 lakhs. Cashless treatment is available. There is no pre-existing offer is available. I have taken this policy last month. Most of the hospitals are covered in this policy.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jun 14, 2018
    • review Health Insurance
      "Good policy"
      0.5 4.0/5 "Great!"
      It is a health insurance policy from HDFC. Accidental benefits are there. If i admit in a hospital, i can claim for that also. I took this policy for my whole family. I'm paying Rs. 4500 for every year. I can claim upto 3 lakhs in a year. If i renew the policy without any claim, they will offer some bonus points. I never claimed this policy so far. Cashless treatment is available.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 13, 2018
    • Royal Sundaram Health Insurance
      "Good policy to use"
      0.5 5.0/5 "Blown Away!"
      I got the health insurance policy from the ROYAL SUNDARAM GENERAL INSURANCE company and i have got it around 5 years. This policy covers 4members in my family and it has the medical coverage amount of Rs,3,00,000 . I pay the premium amount of Rs,8,000 to renew the policy every year.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 13, 2018
    • United India Health Insurance
      "Good policy to use"
      0.5 5.0/5 "Blown Away!"
      Got the health insurance policy from the UNITED INDIA INSURANCE company and I having this policy from past 5 years. The customer support and the response is good with the United India and this policy covers 4 members in the family. This policy has the medical coverage up to Rs,3,00,000 and I pay the premium amount of Rs,10,900 to renew this policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 13, 2018
    • Apollo Munich Health Insurance
      "Good Service"
      0.5 3.0/5 "Satisfactory"
      I've a health insurance policy with the Apollo Munich Insurance company. I pay a premium of 19000, I do not have any claim experience with the policy. Sometimes I make payments via cheque and sometimes online. Overall their services are good even though I never had any claim experience with them.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 12, 2018
    • ICICI Lombard Health Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've a health insurance policy with the ICICI Lombard general Insurance company. I am paying a premium 39000 per year. I do not have any claim experience with this policy. So far in terms of the features and benefits it is a recommendable policy to have. I pay the premium online.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 12, 2018
    • Star Health Health Insurance
      "Best Health Insurance policy"
      0.5 5.0/5 "Blown Away!"
      Cashless treatment is available only in cities. In other rural areas, i cannot claim the policy for cashless transaction. In rural side, i have to collect all the bill and claim the policy after i paid my bill. I have claimed the policy once for my father. I used to make the payment of Rs. 7500 for me and any wife. I have already recommended this policy to my friends. I can claim easily and i got the payment as soon as possible if i issue the documents properly.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 12, 2018
    • Bajaj Allianz Health Insurance
      "Best"
      0.5 5.0/5 "Blown Away!"
      I am having the health insurance policy with the Bajaj allianz general insurance company. I would like to say that the coverage value is around three lakh Rupees. Cashless treatment is applicable there, so I have not faced any such claims with them as such.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 12, 2018
    • Star Health Health Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      Got the health insurance policy with the STAR HEALTH & ALLIED INSURANCE company around 3 years ago. This policy covers 4members in my family. This policy has the coverage amount up to Rs,2,00,000 and I am satisfied with it. The medical coverage and the cashless treatment options are good with the Star health insurance policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 12, 2018
    • ICICI Lombard Health Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've a health insurance policy with the ICICI Lombard which is provided by the company. The company is paying the premium. It is a policy worth the money and I never had any claim experience with them. I'll have to wait and see how they respond to my claim request in future.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 11, 2018
    • Universal Sompo Health Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've a health insurance policy with the Universal Sompo . I pay a premium of 10000 Per year, the coverage is good and I never had any claim experience with the policy overall it is a useful health insurance policy to have.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 09, 2018
    • Star Health Health Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've a health insurance policy with the Star Health. We do not have any experience with the policy. Overall service good. My brother handles the payments for this policy. I am not aware of any other details regarding this policy. It offers coverage for the entire family. I never had any issues with the policy and their services.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 08, 2018
    • United India Health Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my health insured with United India Insurance from last 8 years, i am not aware of the premium amount as the company pays it. I have a coverage value of Rs 1 lakh and that covers spouse and children. I have no claim experience so far from this insurance policy.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 08, 2018
    • Apollo Munich Health Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my health insured with Apollo Munich from last 6 months, i am happy with the coverage value of this insurance policy and it is family policy. A premium of Rs 8000 has to be paid for this insurance. I have no claim experience and the coverage value of this insurance is 3 lakhs.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 08, 2018
    • ICICI Lombard Health Insurance
      "Good Service"
      0.5 3.5/5 "Pretty good"
      I've had taken a health insurance policy from the ICICI Lombard. I never had any claim experience with the policy. I'll have to wait and see how they respond to my claim requests in future. So far, I never had any issues with their services till date.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 07, 2018
    • Reliance General Health Insurance
      "Good Service"
      0.5 3.5/5 "Pretty good"
      I've a health insurance policy with the Reliance. I never used this policy for any medical purposes. I've been paying a premium of 11000 per year for the policy. I never had any claim experience with the policy. I see this as a back up fund in case of any medical emergency.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 07, 2018
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