Different health insurance plans have different premiums. The
insurance companies determine premiums after considering various
factors that are explained below:
1. Type of Insurance Plan: Your health
insurance premium is based on the type of plan you choose. If
you choose a critical illness insurance plan, then the premium
will be high. If you choose an individual health insurance
policy, then the premium will be different from that of a family
floater plan. To know the difference in health insurance
premiums, you can use ADFPOLICY’s health insurance premium
2. Age of the Insured: With age, you become
more prone to health issues and are more likely to make health
insurance claims. Therefore, you are required to pay
higher premiums if you buy health insurance plans in later
stages of life. This is why it is recommended to buy health
insurance policy when young.
3. Policy Term: Most health insurance plans
come for a period of 1 year, 2 years, or 3 years. Greater the
policy term you choose, the greater will be your
coverage, and hence higher will be your health insurance
premium, and vice versa.
4. Lifestyle Habits: If you drink alcohol or
smoke regularly, then you may be denied health insurance
completely. However, there are some insurance companies that
cover you for the same, for which they charge high premiums.
This is because, with these lifestyle habits, you are more prone
to health issues.
5. Family Medical History: Before deciding your
health insurance premium, the insurance company will ask about
your family medical history. This is because if
someone in your family has a certain disease that you are also
vulnerable to, then the insurance company will charge you a
higher premium due to increased risk.
6. Sum Insured: Health insurance plans come
with different sum insured options that you can choose from as
per your budget and requirement. The higher the sum
insured, the higher the medical coverage and hence higher the
health insurance premium. But it is not recommended to
compromise on the sum insured to save on premiums. This is
because it will not cover you adequately in the time of need.