Cheapest Health Insurance in India

There are a great number of comprehensive health insurance plans offered in India; however, some charge cheaper premiums than others. Our analysts at ValueChampion have researched hundreds of policies to help you find the most affordable plans based on your preferences.

Finding the right health insurance policy can be tricky. Not only are plans difficult to understand, but pricing and coverage details are not always transparent. Many individuals who conduct their own research end up having more questions than answers. To make the process easier, our team of analysts conducted a study of approximately 75 health insurance policies and 15,000 quotes, to help individuals identify the most affordable health insurance plans available in India.

Graph showing Average Individual Health Insurance Premiums by Age

Cheapest Health Insurance Plans for Individuals

Individual health insurance plans typically include a range of benefits from health check-ups to domiciliary hospitalisation coverage. In the table below, we highlight the cheapest policies in terms of their annual premium. Because premiums vary significantly based on age, we've also identified the cheapest and average premiums for each age group. According to our research, older people tend to face higher premiums. To explore our findings, please use the graph and toggles below.

Insurer and Plan NamePremiumSum InsuredPremium to Sum Insured Ratio
SBI General Insurance - Retail Health Insurance Policy (Zone C)Rs. 1,010Rs. 50,0002.02%
Iffco Tokio General Insurance - Individual Health ProtectorRs. 1,561Rs. 50,0003.12%
Liberty General Insurance - Liberty Health Connect - EconnectRs. 2,964Rs. 300,0000.99%
Liberty General Insurance - Liberty Health Connect - EconnectRs. 3,372Rs. 400,0000.84%
Iffco Tokio General Insurance - Individual Health ProtectorRs. 4,747Rs. 500,0000.95%
Market AverageRs. 10,884Rs. 1,443,4021.91%
Insurer and Plan NamePremiumSum InsuredPremium to Sum Insured Ratio
SBI General Insurance - Retail Health Insurance Policy (Zone A)Rs. 1,647Rs. 100,0001.65%
SBI General Insurance - Retail Health Insurance Policy (Zone C)Rs. 2,633Rs. 300,0000.88%
SBI General Insurance - Retail Health Insurance Policy (Zone C)Rs. 3,864Rs. 400,0000.97%
Bajaj Allianz General Health Insurance - Health Guard - Gold (Zone B)Rs. 11,753Rs. 2,500,0000.47%
SBI General Insurance - Arogya Premier PolicyRs. 12,028Rs. 2,800,0000.43%
Market AverageRs. 12,009Rs. 1,443,4022.01%
Insurer and Plan NamePremiumSum InsuredPremium to Sum Insured Ratio
SBI General Insurance - Retail Health Insurance Policy (Zone C)Rs. 1,010Rs. 50,0002.02%
The New India Assurance Company Limited - Mediclaim PolicyRs. 5,747Rs. 500,0001.15%
SBI General Insurance - Retail Health Insurance Policy (Zone C)Rs. 7,705Rs. 500,0001.54%
Kotak General Insurance - Kotal Health Plan - AdvantageRs. 11,981Rs. 1,000,0001.20%
Bajaj Allianz General Insurance - Health InfinityRs. 11,685UnlimitedNone
Market AverageRs. 14,707Rs. 1,443,4022.28%
Insurer and Plan NamePremiumSum InsuredPremium to Sum Insured Ratio
SBI General Insurance - Retail Health Insurance Policy (Zone C)Rs. 1,010Rs. 50,0002.02%
SBI General Insurance - Retail Health Insurance Policy (Zone C)Rs. 5,799Rs. 300,0001.93%
Star Health and Allied Insurance - Star Health Gain InsuranceRs. 6,480Rs. 500,0001.15%
Iffco Tokio General Insurance - Individual Health ProtectorRs. 15,652Rs. 900,0001.74%
SBI General Insurance - Arogya Premier PolicyRs. 16,547Rs. 1,000,0001.65%
Market AverageRs. 24,799Rs. 1,443,4023.35%
Insurer and Plan NamePremiumSum InsuredPremium to Sum Insured Ratio
SBI General Insurance - Retail Health Insurance Policy (Zone B)Rs. 1,226Rs. 300,0000.41%
Star Health and Allied Insurance - Star Health Gain InsuranceRs. 1,695Rs. 500,0000.34%
Religare Health Insurance - Care SeniorRs. 21,898Rs. 700,0003.13%
Bajaj Allianz General Health Insurance - Health Guard - Gold (Zone B)Rs. 49,490Rs. 3,000,0001.65%
Market AverageRs. 40,435Rs. 1,443,4024.43%

Cheapest Health Insurance Plans for Families

Family health insurance plans are comprehensive policies that are designed to cover multiple family members. Most plans cover up to 6 family members, though other policies include coverage for as many as 8 individuals. Individual family plans charge premiums for each individual family member based on their profiles, whereas family floater plans charge one premium to the family and are usually calculated using the oldest member of the family. It is important not to confuse family plans with family floater plans.

Family plans give families an option for total comprehensive coverage for all immediate family members. Some plans also offer additional coverage that may include extended family like in-laws, uncles, and siblings. Due to the benefits offered, most families apply for family plans compared to family floater plans.

Graph showing Average Family Health Insurance Premiums by Age

Additionally, premiums vary greatly based on the age of the eldest family member or primary insured individual. Due to this, we have collected thousands of premiums with plans by approximately 20 insurers and have listed some of the most affordable options in a table below.

Insurer and Plan NamePremiumSum InsuredPremium to Sum Insured Ratio
Liberty General Insurance - Liberty Health Connect - BasicRs. 2,868Rs. 200,0001.43%
Liberty General Insurance - Liberty Health Connect - BasicRs. 4,440Rs. 300,0000.74%
Universal Sompo General Health Insurance - Complete Healthcare Insurance - EssentialRs. 8,168Rs. 400,0002.04%
Universal Sompo General Health Insurance - Complete Healthcare Insurance - EssentialRs. 9,465Rs. 500,0001.99%
Universal Sompo General Health Insurance - Complete Healthcare Insurance - PrivilegeRs. 9,958Rs. 600,0001.66%
Market AverageRs. 28,092Rs. 1,443,4023.82%
Insurer and Plan NamePremiumSum InsuredPremium to Sum Insured Ratio
Liberty General Insurance - Liberty Health Connect - BasicRs. 4,188Rs. 200,0002.09%
Liberty General Insurance - Liberty Health Connect - BasicRs. 6,576600,0001.10%
SBI General Insurance - Retail Health Insurance Policy (Zone C)Rs. 6,582Rs. 400,0002.19%
Universal Sompo General Health - Complete Healthcare - PrivilegeRs. 9,972Rs. 600,0001.66%
Royal Sundaram Alliance - Lifeline Supreme PlanRs. 35,959Rs. 5,000,0000.72%
Market AverageRs. 30,517Rs. 1,443,4024.15%
Insurer and Plan NamePremiumSum InsuredPremium to Sum Insured Ratio
Bajaj Allianz General Insurance - Health Guard - Gold Plan (Zone B)Rs. 1,136Rs. 300,0000.38%
Liberty General Insurance - Liberty Health Connect - BasicRs. 5,772Rs. 200,0002.89%
Liberty General Insurance - Liberty Health Connect - BasicRs. 9,984Rs. 600,0001.66%
Magma HDI General Insurance - One Health - Support PlusRs. 21,686Rs. 1,000,0002.17%
Manipal Cigna Health Insurance - Pro-Health PlusRs. 49,277Rs. 5,000,0000.99%
Market AverageRs. 36,145Rs. 1,443,4024.88%
Insurer and Plan NamePremiumSum InsuredPremium to Sum Insured Ratio
Bajaj Allianz General Insurance - Health Guard - Gold Plan (Zone A)Rs. 9,692Rs. 200,0004.85%
Universal Sompo General Health Insurance - Complete Healthcare Insurance - EssentialRs. 17,864Rs. 400,0004.47%
Bajaj Allianz General Insurance - Health Guard - Gold Plan (Zone B)Rs. 21,294Rs. 500,0004.26%
Religare Health Insurance - Care Freedom - Plan 2Rs. 29,003Rs. 1,000,0002.90%
Iffco Tokio General - Family Health ProtectorRs. 45,045Rs. 2,300,0001.96%
Market AverageRs. 55,901Rs. 1,443,4027.24%
Insurer and Plan NamePremiumSum InsuredPremium to Sum Insured Ratio
Bajaj Allianz General Insurance - Health Guard - Silver Plan (Zone B)Rs. 12,495Rs. 200,0006.25%
SBI General Insurance - Retail Health Insurance Policy (Zone C)Rs. 24,460Rs. 300,0008.15%
Aditya Birla Health Insurance - Activ Assured DiamondRs. 29,413Rs. 400,0007.35%
Bajaj Allianz General Insurance - Health Guard - Gold (Zone B)Rs. 41,509Rs. 750,0005.53%
Aditya Birla Health Insurance - Activ Assure DiamondRs. 205,863Rs. 20,000,0001.03%
Market AverageRs. 91,894Rs. 1,443,40212.13

The Alternative Family Plan: Cheapest Family Floater Health Insurance

Family Floater plans charge a fixed floating premium for each insured family member. This premium is usually determined using the most senior insured member. This policy can be cheaper than the individual family insurance plan. However, a downside to this option is, if there is an age limit and the eldest member surpasses that limit, nobody under the plan can renew the insurance policy. Some families decide to apply for a floating family insurance for immediate family members and get family insurance for their parents or older relatives. Our study and research show that there is a slight increase in premium price as age increases, with the largest increase occurring between the 45 and 55 age categories.

We have used 5 different insurance plans from 5 different insurers to get an accurate average for family floater insurance premiums. In the table below we will display the average premium for sum insured of Rs. 100,000, 300,000, and 500,000 The averages that we have calculated are as follows:

AgeAverage Premium for Rs. 100,000Average Premium for Rs. 300,000Average Premium for Rs. 500,000
25Rs. 12,848Rs. 11,418Rs. 9,267
35Rs. 12,848Rs. 11,495Rs. 9,435
45Rs. 11,823Rs. 11,688Rs. 12,292
55Rs. 10,153Rs. 14,477Rs. 17,236
65Rs. 3,739Rs. 14,401Rs. 16,916

Cheapest Health Insurance for Senior Citizens

Senior citizen health insurance plans vary by the benefits offered and the premium charged to individuals. For our research, we have only included plans that are comprehensive health insurance plans that can be used by senior citizens that are 55 years and older, primarily up to age 75.

Senior citizen insurance plans are comprehensive health plans, therefore many of the insurance plans listed for individuals and families are also applicable to senior citizens.

Insurer and Plan NamePremiumSum InsuredPremium to Sum Insured Ratio
SBI General Insurance - Retail Health Insurance Policy (Zone B)Rs. 1,226Rs. 300,0000.41%
Star Health and Allied Insurance - Star Health Gain InsuranceRs. 1,695Rs. 500,0000.34%
Religare Health Insurance - Care SeniorRs. 21,898Rs. 700,0003.13%
Bajaj Allianz General Health Insurance - Health Guard - Gold (Zone B)Rs. 49,490Rs. 3,000,0001.65%
Insurer and Plan NamePremiumSum InsuredPremium to Sum Insured Ratio
Bajaj Allianz General Insurance - Health Guard - Silver Plan (Zone B)Rs. 12,495Rs. 200,0006.25%
SBI General Insurance - Retail Health Insurance Policy (Zone C)Rs. 24,460Rs. 300,0008.15%
Aditya Birla Health Insurance - Activ Assured DiamondRs. 29,413Rs. 400,0007.35%
Bajaj Allianz General Insurance - Health Guard - Gold (Zone B)Rs. 41,509Rs. 750,0005.53%
Aditya Birla Health Insurance - Activ Assure DiamondRs. 205,863Rs. 20,000,0001.03%

How to Compare Health Insurance Policies

The research and analysis that we have conducted came from thousands of premium quotes from many insurers with plans that can be applied to individuals or families. You have to decide which one would fit your needs best. For example, if you are an single person looking for a plan to cover your own medical costs, then we would recommend you look at the individual plans. They will offer you health insurance benefits at a lower cost than a family plan.

On the other hand, if you are looking to insure your entire family, it is best to consider a family health insurance plan or family floater plan. Depending on your family you can pick between the cheapest options identified in the tables above. If you are looking to only cover your immediate family, then the family floater is a good option; however, due to the fact that the floater insurance is based off of the eldest member and may not always cover parents/ grandparents, we would recommend the family option. There are many great cheap health insurance options available. We recommend that you carefully consider the costs and benefits of each one, in order to find the best coverage to keep your family safe and healthy.

Methodology

To successfully gather the data, we identified the most prominent health insurance plans in India. We have used approximately 20 health insurance providers and over 100 different plans that led us to collect over 15,000 premium quotes. In this article we have discussed 9 insurers.

Health Insurance Providers in ValueChampion’s Study
ReligareManipalCignaBajaj AllianzSBI
Aditya BirlaLibertyRoyal SundaramKotak
Star HealthIffco TokioUniversal Sompo

Then, we analysed the premium pricing and other relevant data points to better compare the insurance plans. Using this data, we were able to come up with a ratio that helped us determine which premiums were more affordable for the sum insured that was offered for the respective plan. For the family floater section, we selected 5 plans that offered family floater options from 5 separate insurers to get an average figure of what the premium range is. This way, consumers can confidently search family floater premiums and make a knowledgeable decision on which premium to select.

While the scope of our research expansive and our analysis is thorough, there are always limitations associated with this type of study. In this case, our first limitation was that it is impossible to collect data for all the plans and all the insurance providers across India. Therefore, we selected the most prominent and comprehensive plans. Additionally, we simplified the analysis by selecting Mumbai as the city we collected the quotes for rather than taking the time to research every city in India. By using Mumbai, we selected the city with the greatest population. This was a limitation because the premiums can slightly vary by city; however, looking into each city would complicate the research. The final major limitation that we came across was the family floater limitation, we decided to provide readers with an average after sampling 5 different plans from 5 different insurers. It is possible that we would have arrived at a more accurate figure, had we reviewed additional plans. However, after doing our research we had decided that 5 plans from 5 insurers offered enough sample variability to cover family floater options.

Sahmi Chowdhury

Sahmi is a Junior Research Analyst specialising in credit cards and insurance in India. He previously worked in the financial services sector at Brown Brothers Harriman and True Capital Management.