INSURANCE | Staff Reporter, India

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.

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