Medical costs are on the rise, and a single hospitalisation can lead to a significant financial burden if not managed with adequate insurance. That’s why a ₹10 lakh health insurance policy for a family of four has become a preferred choice for many Indian households. But how much does it actually cost?

The cost of such a policy depends on various factors, including the age of the insured members, medical history, location, and the insurer. Let’s break down the expected cost and the variables that influence it.

How Much Health Insurance Coverage Should Be Opted by a Family of 4?

Determining how much health insurance a family needs depends on factors like medical inflation, healthcare usage, number of family members, and financial capability. For a family of four, including two adults and two children, a ₹10 lakh health insurance for a family of 4 is considered a minimum recommended coverage, especially for urban residents.

This amount ensures:

• Sufficient buffer for hospitalisation, surgeries, or serious illnesses
• Coverage for multiple claims in one policy year
• Reduced out-of-pocket expenses
• Access to cashless medical insurance facilities in top hospitals

If the family has senior citizens, lifestyle-related health issues, or is based in a metro city, going for higher coverage or top-up plans can offer added financial protection.

What Will Be the Cost of ₹10 Lakh Health Insurance Policy for a Family of 4?

The average health insurance cost for a family of 4 with a ₹10 lakh cover ranges between ₹15,000 to ₹35,000 per annum. However, the actual premium depends largely on the age of the oldest member in the family and the insurer you choose.

Here’s an approximate breakdown:

Premiums also vary based on the inclusion of riders like maternity, critical illness, or OPD cover. Policies with more hospital networks, no co-pay, or zero room rent restrictions also cost more.

How to Use a Family Health Insurance Premium Calculator?

A family health insurance premium calculator is an online tool that allows you to estimate the premium based on your requirements. Insurers like Bajaj General Insurance offer this feature on their website.

Here’s how to use it:

1. Visit the health insurance section of the Bajaj General Insurance website.
2. Enter personal details like:

• Names and ages of family members
• City of residence
• Contact details (sometimes optional)

1. Select sum insured – in this case, ₹10 lakh.
2. Choose optional benefits – maternity, daycare, NCB (No Claim Bonus), room rent limits.
3. Click “Calculate” – You’ll receive quotes from multiple insurers.

This tool is ideal for comparing various medical insurance plans for a family of 4 before making a final decision.

Also Read: Lifelong Renewability of Health Insurance

Factors Affecting ₹10 Lakh Family Health Insurance Premium

Several elements can influence the cost of a ₹10 lakh insurance for a family of 4. Understanding these can help you manage premiums while still getting adequate coverage.

• Age of Insured Members

Age is a critical factor in premium calculation. The older the members, the higher the risk, which increases the cost.

• Pre-Existing Conditions

If a member has diabetes, hypertension, asthma, or any chronic illness, the insurer may charge a higher premium or impose a waiting period.

• Family Size and Composition

The cost will be different for a family of four with two adults and two kids compared to two adults with two senior citizens.

• City of Residence

Healthcare costs in metros like Mumbai, Delhi, or Bangalore are higher. Hence, the premium for such locations is relatively more than in tier-2 cities.

• Policy Features

Features such as cashless hospitalisation, no room rent cap, free annual health check-ups, and unlimited restoration of sum insured will increase the premium slightly but improve overall protection.

• Riders & Add-ons

Popular add-ons like maternity benefits, critical illness coverage, or personal accident cover also affect premiums.

To choose the best health insurance for a family of 4, consider factors such as a wide hospital network for cashless claims, a high claim settlement ratio, minimal sub-limits and co-pays, a fast claim process, and 24x7 customer support. Compare plans based on your family's most important needs, such as hospitalisation coverage, daycare procedures, OPD, or COVID-related care.

Also Read: Fixed Benefit Health Plans v/s Indemnity Health Insurance Plans

Conclusion

Choosing health insurance for a family of four is not just about affordability—it’s about securing your family’s future against unexpected medical events. A ₹10 lakh policy offers a reasonable safety net for common healthcare costs, especially if you’re a young or middle-aged family living in an urban area.

While the average cost for health insurance for family of 4 falls between ₹15,000 to ₹35,000 annually, always assess the fine print of your policy. Use online premium calculators, consider your family’s health history, and opt for cashless medical insurance features for added convenience.

Health insurance is no longer a luxury—it’s a necessity in today’s world. Invest in the right policy today and stay protected tomorrow. Explore your options with Bajaj General Insurance today for the best health insurance for family of 4.

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FAQs

How much to pay for 10 lakh health insurance?

You can expect to pay ₹15,000 to ₹35,000 annually, depending on age and insurer.

What is the average cost of health insurance for a family of 4 in India?

Approximately ₹25,000 per year for ₹10 lakh coverage is the industry average.

How much health insurance do I need for my family?

For a family of four, ₹10 lakh is a good starting point, but consider higher coverage if living in a metro or with senior members.

*Standard T&C apply

**Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.

***Disclaimer: The content on this page is generic and shared only for informational and explanatory purposes. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making any related decisions.

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