Yes, it is quite possible to purchase a health insurance policy for less than ₹10,000 per year in India. However, the premium usually varies depending on whether it is an individual or family floater health insurance policy.
In simple terms:
●For a young person, an annual premium of ₹10,000 can suffice.
●For a family floater policy, a premium of ₹10,000/year may be applicable in very few circumstances, such as a small family & low sum insured with higher deductibles/co-pay
For those involving family members and/or seniors, a plan costing ₹10,000 a year will not seem realistic in terms of coverage.
This article will explain what one should reasonably expect for this level of pricing, what features you may need to compromise upon in a policy, and how to estimate a health insurance cost per month.
How Much per Month Does Health Insurance Cost?
If your yearly premium is ₹10,000:
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Amount of health insurance per month cost = approximately ₹833
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This falls within a commonly cited entry-level monthly premium range for basic health insurance plans and would translate to a yearly premium closer to ₹6,000.
The health insurance per month varies depending on insurer and policy, but ₹800–₹1,200/month is often the minimum premium amount for entry-level policies, especially for younger buyers.
Who Can Get Health Insurance Under ₹10,000/year?
1) Young Adults (20s-30s)
For a person who is in good health, purchasing an insurance policy costing less than ₹10,000 a year would be more affordable due to
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Lower Risk
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Fewer medical conditions
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You could get decent basic coverage depending on the insurance company and the plan
This type of information is usually the closest to the “Budget Plan” segment.
