Question 1

How much health insurance cover do I need in India?

Accepted Answer

A ₹5L base cover per family is the IRDAI-backed minimum to consider, but with hospital inflation around 10-15% a year, ₹10-25L cover is safer for a metro family. Keep the base policy plus a super top-up of ₹25-50L — it costs a fraction of the base premium.

Question 2

What is a family floater health plan?

Accepted Answer

One sum insured shared by the whole family — premium is driven by the oldest member, but it is usually cheaper than individual policies. A ₹10L floater for a couple with a child costs roughly 60-70% more than a single ₹10L policy — not per-member.

Question 3

How is health insurance premium calculated?

Accepted Answer

Insurers price on the age of the oldest member, sum insured, city of residence, and number of members. Premiums roughly double every 10-12 years of age — a 60-year-old pays 4-5× what a 30-year-old pays for the same ₹5L cover.

Question 4

What is 80D tax benefit on health insurance?

Accepted Answer

Under the old regime, 80D lets you deduct up to ₹25,000 for self + family premiums (₹50,000 if you are 60+), plus ₹25,000 for parents (₹50,000 if parents are senior). Total can reach ₹1.25 lakh with all seniors. The new regime allows no deduction.

Question 5

Do I need separate cover for my parents?

Accepted Answer

If parents are 60+, their own policy is usually better — senior premiums are high and their claims will exhaust a shared floater fast. A separate ₹5-10L senior policy plus your own ₹10L floater is a common structure.

Question 6

What are waiting periods in health insurance?

Accepted Answer

Pre-existing diseases have a typical 3-year waiting period (IRDAI cut it to 3 years; some insurers offer 1-2 years). New conditions have 30 days. Since IRDAI 2024 reforms, chronic diseases like diabetes and BP are covered after just 6 months regardless of pre-existing status.

Question 7

What else should I compare beyond premium?

Accepted Answer

Network hospitals near you, room rent limit, co-pay percentage, no-claim bonus (sum insured grows 5-50% claim-free), AYUSH cover, maternity cover, daycare procedures list, cashless claims at known hospitals, and claim settlement ratio (should be 90%+).