Medical costs keep rising every year. A simple surgery can cost 2 lakh rupees now. Serious treatments need even more money. Health insurance protects you from these huge expenses.
But how much does 5 lakh coverage actually cost? A premium calculator gives you this answer quickly. Here’s how to use one properly.
What Premium Means
Premium is the amount you pay for keeping your insurance active. You pay this money once every year. The insurance company then covers your medical bills up to 5 lakh rupees.
Some people pay monthly instead of yearly. Either way works, though yearly payment often costs less overall.
Why 5 Lakh Coverage
Hospital charges have increased dramatically. Heart surgery costs around 5 to 6 lakh rupees. Cancer treatment goes even higher. Accidents and emergencies drain savings fast.
5 lakh health insurance coverage handles most medical situations well. It protects you without costing too much in premiums. This amount works for most Indian families.
Details You Need
Keep these ready before starting:
- Your age and city
- Any health problems you have
- Ages of family members to cover
- Whether you smoke
Using the Calculator – Step by Step
Finding It
Visit any insurance company website. Look for the “Calculate Premium” or “Get Quote” button. Click it to open the form.
Basic Details
Enter your name and age first. Select your city from the list. Choose between individual coverage and family coverage.
Family plans cost more but cover everyone together. This usually works out cheaper than buying separate policies.
Choosing 5 Lakh
Find “Sum Insured” or “Coverage Amount” in the form. Select 5 lakh from the dropdown. Some sites show it as 500000. Both mean the same thing.
Adding Family
For family coverage, add each person’s age now. Include spouse and children. Parents can be added too, though this increases the cost significantly.
Age matters a lot here. Older members increase the premium more than younger ones.
Health Information
The calculator asks about your medical history now. Questions include:
- Do you have diabetes or high blood pressure?
- Any past surgeries?
- Taking regular medicines?
- Family history of diseases?
Answer these questions truthfully. Hiding information might reduce the premium now, but claims get rejected later. Insurance companies verify medical records before paying claims.
Extra Features
You’ll see optional add-ons like critical illness cover, maternity benefits, or room rent waivers. These increase the cost.
Skip them if the budget is tight. Basic coverage works fine without extras. Add them only if needed and affordable.
Final Check
Review everything before calculating. Verify the coverage shows 5 lakh. Check that all ages are correct. Confirm selected add-ons match your choices.
Getting Results
Click the “Calculate Premium” button. Results appear in seconds, showing three amounts:
- Base premium (actual cost)
- GST at 18% (government tax)
- Total premium (what you pay)
The total is your yearly cost for 5 lakh coverage.
What Affects Your Cost
- Age impacts the premium the most. A 30-year-old pays much less than a 50-year-old for identical coverage. Insurance gets expensive as you grow older.
- City location matters too. Mumbai and Delhi have higher premiums than smaller cities because treatment costs more there.
- Existing health conditions increase premiums. Diabetes or hypertension adds 20-30% to base rates.
- Family size changes cost. More members means a higher premium, though still cheaper than individual policies for each person.
Typical Costs
For 5 lakh coverage, expect these ranges:
- Single person, age 30: 7,000 to 9,000 rupees yearly
- Couple, both 30: 14,000 to 18,000 rupees yearly
- Family with kids: 20,000 to 26,000 rupees yearly
Your actual cost depends on your specific age, health, and location.
Compare Multiple Calculators
Don’t stop at one website. Use health insurance premium calculators on 5-6 different insurance sites with the same information. Prices vary significantly between companies. One might charge 9,000 rupees while another wants 14,000 for identical coverage. Comparing saves thousands of rupees.
Mistakes to Avoid
- Hiding health problems to get lower quotes causes claim rejections later. You lose both coverage and the money already paid.
- Not including all family members initially costs more. Adding members later typically runs 30-40% higher.
- Picking the cheapest option without research backfires. Low price sometimes means a limited hospital network or poor claim service.
Reducing Your Premium
- Start young to lock in lower rates. Someone buying at 25 pays far less than someone starting at 40.
- Maintain good health through exercise and a proper diet. Some companies offer discounts for healthy lifestyles.
- Pay yearly instead of monthly. Monthly payments include convenience charges that increase the total cost.
- Accept a higher deductible. If you pay the first 50,000 rupees of any claim yourself, the premium drops 25-30%.
What Calculator Doesn’t Show
The calculator only shows cost. It doesn’t tell you which hospitals accept the insurance, how fast claims get settled, or what the service quality is. Check the claim settlement ratio separately. This shows what percentage of claims get approved. Above 90% is good. Below 80% indicates problems. Read customer reviews about claim processing speed and service quality. Real experiences matter more than advertisements.
After Using the Calculator
You now know what 5 lakh coverage costs for your situation. The next step is comparing different companies on more than just price.
Look at their hospital network. Verify hospitals near you are included. Check their claim settlement record and customer service reputation.
Medical emergencies happen without warning. Having 5 lakh insurance protects your savings from getting wiped out by hospital bills.
The premium calculator helps you plan this protection within your budget. Use it to explore different options and make informed decisions about coverage that suits your needs and financial capacity.