Mediclaim Premium Calculator: How Much Health Insurance Actually Costs
By the QuickYield Team · Published August 24, 2026 · 6 min read
How much does mediclaim cost for a ₹5 lakh sum insured? As a rough industry estimate, it ranges from around ₹1,750/year for someone under 30 to ₹8,000/year for someone 60 and above — age is the single biggest factor driving the premium.
“Mediclaim” and “health insurance” are the same thing
In everyday Indian conversation, most people say “mediclaim” rather than “health insurance policy” — it’s the more commonly used term, even though technically mediclaim originally referred to a specific type of indemnity health policy. For practical purposes today, they’re used interchangeably, and this guide (and our Health Insurance Premium Calculator) covers both under one estimate.
Ballpark premium table by age, ₹5 lakh sum insured
Individual policy vs family floater (which loads the premium since it covers everyone under one sum insured):
| Eldest member’s age | Individual (annual) | Family floater (annual) |
|---|---|---|
| Below 30 | ₹1,750 | ₹3,150 |
| 30-45 | ₹2,750 | ₹4,950 |
| 45-60 | ₹4,500 | ₹8,100 |
| 60+ | ₹8,000 | ₹14,400 |
These are rough industry-average estimates, not real quotes — actual premiums also depend heavily on your city, chosen insurer, medical history, sum insured, and any add-on covers, and can vary substantially even within the same age band. Always get an actual quote before buying; use this table to sanity-check whether a quoted premium is in a reasonable range.
Premium table by sum insured, ages 30-45
The other question people search almost as often as age is “how much for a ₹10 lakh / ₹25 lakh / ₹1 crore cover” — premium scales roughly linearly with sum insured at a given age band, so here’s that same 30-45 age band across a range of cover amounts:
| Sum insured | Individual (annual) | Family floater (annual) |
|---|---|---|
| ₹2,00,000 (2 lakh) | ₹1,100 | ₹1,980 |
| ₹3,00,000 (3 lakh) | ₹1,650 | ₹2,970 |
| ₹5,00,000 (5 lakh) | ₹2,750 | ₹4,950 |
| ₹10,00,000 (10 lakh) | ₹5,500 | ₹9,900 |
| ₹20,00,000 (20 lakh) | ₹11,000 | ₹19,800 |
| ₹25,00,000 (25 lakh) | ₹13,750 | ₹24,750 |
| ₹50,00,000 (50 lakh) | ₹27,500 | ₹49,500 |
| ₹1,00,00,000 (1 crore) | ₹55,000 | ₹99,000 |
Worth noticing: a ₹1 crore cover doesn’t cost anywhere near what people assume — insurers price high sum-insured super top-up style policies efficiently since large claims are relatively rare, so the cost per lakh of cover actually drops as sum insured rises in practice (this simplified table keeps it linear for clarity; real insurer pricing usually gets more efficient at higher covers). Either way, a bigger cushion than the bare minimum is usually cheap insurance against a genuinely large medical bill. Run your own age band and sum insured through our Health Insurance Premium Calculator.
Why a family floater isn’t just everyone’s premium added up
A family floater shares one sum insured across the whole family rather than giving each member their own separate coverage amount — so it typically costs less than buying individual policies for every family member, but more than a single individual policy, since it’s priced against the eldest (and usually highest-risk) member’s age band with a loading factor, as shown above. It’s a genuine trade-off: lower total cost, but the shared sum insured could run out if multiple family members claim in the same year.
Frequently asked questions
›How much health insurance cover (sum insured) do I actually need?
A common rule of thumb is at least ₹5-10 lakh per person in a metro city given rising healthcare costs, and ₹10 lakh-1 crore if you want a genuine cushion against a serious illness — the incremental cost of a much larger cover is usually smaller than people expect, as the table above shows.
›Mediclaim premium age ke hisaab se kyun badhta hai?
Jaise jaise age badhti hai, health risk aur claim ki possibility bhi badhti hai, isliye insurers older age bands ke liye zyada premium charge karte hain — yeh industry-wide standard practice hai, sirf ek insurer tak limited nahi.
›Is family floater cheaper than individual policies for everyone?
Usually yes for total cost, since one shared sum insured is generally cheaper than the sum of several individual policies — but it means the coverage amount is shared, so multiple claims in the same year could exhaust it faster.
›Does mediclaim premium include tax benefits?
Yes — health insurance premiums qualify for deduction under Section 80D, up to ₹25,000 for yourself and family (₹50,000 if you or your spouse is a senior citizen), separate from the ₹1.5 lakh 80C limit.
›Why did my renewal premium increase even though I didn’t claim?
Health insurance premiums typically increase with age at renewal regardless of claims, and insurers also periodically revise base rates for a plan across all policyholders due to rising healthcare costs — a claim-free year doesn’t guarantee an unchanged premium.
›What is mediclaim amount?
"Mediclaim amount" usually refers to one of two things: the sum insured (the maximum amount the policy pays out toward a claim) or the premium (what you pay annually to keep the policy active) — see the tables above for typical premium amounts by sum insured and age.
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This article is for general information only and isn’t financial, tax, or legal advice. See our disclaimer.