The prices of health insurance policies remained changed despite the continuous rise in COVID-19 cases during the first quarter of the calendar year 2021, as per the Insurance Price Index compiled by PolicyX, a leading insurance web aggregator. The index value remains constant at INR24,026 ($328) in 1Q2021.
The average price for an insured sum of INR500,000 and of INR1m is INR20,781 and INR27,271, respectively. Prices shown here are average of all the age groups 26 years, 36 years, 46 years, and 56 years & all coverage types i.e, 1 adult, 2 adults, 2 adults + 1 child, and 2 adults + 2 children. Also, there is no change in premium prices for all top six health insurance companies, forming part of the Index.
The Index also shows that adding an adult member does not increase the prices proportionately highlighting the fact that family floater plans are more economical than buying two separate policies. There is a negligible increase in the premium upon adding children to the policy. Most companies allow children up to the age of 18 or 21 to be added to the policies in a family floater plan.
PolicyX.com launched the Index in January 2021, tracking term insurance and health insurance from leading Indian insurance companies.