News
INSURANCE | Staff Reporter, India
view(s)

Indian health insurance plans constant in Q1: report

The average price for an insured sum hit $283 and $371.

The index value of health insurance prices in India went unchanged for the third straight quarter at $327 (INR24,026) in Q1 2021, according to a PolicyX report.

The average price for an insured sum of $7,000 (INR500,000) and $14,000 (INR1m) reached $283 (INR20,781) and $371 (INR27,271), respectively.

The average premium price per age also grew by 14.6% for those aged 26 to 36 years old and 60.7% for those in the 45-56 age bracket.

The number of family members covered in a policy directly affects premium prices, the report said. Whilst adding an adult family member does not result in a higher price, there is a negligible premium increase when a child is added to the policy.

Of the six insurers forming the index, PolicyX observed a high variance compared to the variance observed amongst term plans, primarily due to the significant differences in coverages features, and benefits of health policies.

Do you know more about this story? Contact us anonymously through this link.

Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

To get a media kit and information on advertising or sponsoring click here.