What is the right amount of Sum Assured you must have in your Health Insurance Policy?

While there is no ideal Sum Assured for Health Insurance policy for an individual, there are two broadly accepted rules.

?First, your health cover should be at least 50% of your annual income so for example if your annual income is 20 Lacs you should look at a Sum Assured of 10 Lacs for the family.

Second, the insurance cover should at least cover the cost of an artery bypass graft in a hospital of your choice, the average cost of bypass surgery in India can range anywhere from?INR 1 Lacs to INR 4.5 Lacs

You should have a minimum health cover of INR 5 lacs for your family but if you can afford you must take a minimum Sum Assured of 20 Lacs for your family to be able to afford treatment in the hospital of your choice in the metro cities.

?You should look at the following while considering Sum Assured for your family

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1. Do you wish to take this for your spouse and kids only or also wish to include your parents in the same insurance cover
2. City you plan to reside in the next 10-15 years
3. Hospitals of your choice
4. You should be aware of your Family’s medical history
5. Your lifestyle and Affordability