The minimum and maximum Sum Assured vary by product, insurance type and insurance company. However, one should keep various factors in mind when choosing the adequate amount of cover for yourself and your family.
Use our health insurance calculator to help you decide the amount of health insurance you may need.
While choosing this amount do take into account the costs associated with the treatments on conditions that you want to insure for as well as your premium paying capacity.
Do not restrict your cover to the nominal amount that may be required to meet your tax exemption limits only.
You could always choose from between Individual Health Plans that provide cover for an individual or Family Floater policies that cover the entire family (usually restricted to self, spouse and children – parents are not covered under such plans). While a family floater may turn out to be cheaper than taking 2 or more individual policies, the associated cover provided is at a family level. For e.g. if you take 2 Individual policies with a Rs. 200,000 Sum Assured each for yourself and your spouse, then both of you are covered for Rs. 200,000 each. However, if you take a family floater with a Rs. 200,000 Sum Assured then this limit applies to the two of you together