Should I buy a higher sum insured?

Usually yes. Premium rises with roughly the square root of cover, so doubling the sum insured costs around forty percent more rather than double. Under-insuring is the expensive mistake.

Are room rent limits worth accepting?

Rarely. A room rent cap can proportionally reduce the entire claim, not just the room charge, so a small premium saving can cost a large share of a hospitalisation.

Insurancehealth

Health Insurance Premium Estimator

Family floater health premium estimate. Premium rises with the square root of cover rather than proportionally, so doubling the sum insured typically costs around forty percent more, which makes higher cover unusually good value.

Also called: mediclaim premium calculator, family floater premium.

Estimated annual premium

₹20,644

₹20,644 a year for a family floater of 2 adults and 2 children at 10,00,000 sum insured. That is ₹2,064 per lakh of cover, ₹5,161 per person. No room rent limit, so the sum insured is not proportionally reduced by the room you occupy.

Premium per lakh

₹2,064

Per person

₹5,161

Monthly equivalent

₹1,720

Tax saved under section 80D

₹6,193

Net cost after the deduction

₹14,451

Premium at double the cover

₹29,194

On room rent limits

No room rent limit, so the sum insured is not proportionally reduced by the room you occupy.

On the estimate

This is an estimate from a rate table, not a quote. Underwriting sees your history and prices accordingly.

How this is calculated

An estimate, not an offer or a guarantee. Projected returns assume the rate you entered holds for the whole term, which no market does.

Method and background

This is what the calculation gives for the numbers you entered. It is an estimate, not advice, and it knows nothing about your situation beyond those numbers. Rules for India change on a published schedule; the effective date is shown on every rule-based tool.

How this is calculated

A family floater prices on the age of the eldest member, with additions for each further person. The relationship with sum insured is sublinear: large claims are rare, so the extra cover is cheap to provide, and doubling from ten to twenty lakh usually costs about forty percent more rather than a hundred. That makes under-insuring a false economy. Room rent limits and copay reduce the premium and transfer risk back to you at exactly the moment you are claiming.

premium rises with the square root of sum insured, so doubling cover costs far less than double

a: Age of eldest
S: Sum insured

Worked examples

Each of these is asserted on every build. If a change to the engine ever moved one of these answers, the build would fail before the page could print it.

a family of four in a metro

Age of the eldest insured: 38
Adults covered: 2
Children covered: 2
Sum insured: ₹10,00,000
City: Metro
Any pre-existing condition declared: No
Room rent limit, zero for none: ₹0
Copay: 0%

Estimated annual premium₹20,644

Structural: doubling cover must cost less than double the premium

Open this example

doubling the cover costs far less than double

Age of the eldest insured: 38
Adults covered: 2
Children covered: 2
Sum insured: ₹20,00,000
City: Metro
Any pre-existing condition declared: No
Room rent limit, zero for none: ₹0
Copay: 0%

Estimated annual premium₹29,194

boundary: root 2 rather than 2, the point of the page

Open this example

Method and limits

What it assumes

A standard indemnity floater without riders.

What it deliberately does not model

Pre-existing conditions carry waiting periods, typically two to four years, during which they are not covered.
Sub-limits on specific procedures can leave large gaps that the sum insured does not reveal.
Insurers price the same family very differently.

Formula version 1.0.0 · definition 1.0.0 · India · Report a problem with this calculator

Frequently asked questions

Should I buy a higher sum insured?: Usually yes. Premium rises with roughly the square root of cover, so doubling the sum insured costs around forty percent more rather than double. Under-insuring is the expensive mistake.
Are room rent limits worth accepting?: Rarely. A room rent cap can proportionally reduce the entire claim, not just the room charge, so a small premium saving can cost a large share of a hospitalisation.