New Delhi: The coronavirus outbreak has made people realize the importance of health insurance cover. Most of the insurers feel that the pandemic has led to an increase in the demand of health insurance.

So, if you are someone who is considering getting insurance now, here are some key factors that decide your health insurance premium.

Age of the Policyholder: Health insurers look at the policy buyers' age and gender while deciding a person's premium. In most cases, health insurance premium increases with age. Usually, people aged above 40 years are charged with a higher premium. This is because as people age, they are at a higher risk of making health insurance claims owing to health issues. A couple of insurers could also take gender into account while deciding premiums.

Type of policy: The premium you pay could also depend on the type of plan you opt for. Typically, a family floater plan works out cheaper than an individual policy because the policy covers the entire family under the same sum insured. However, the premium for a family floater is based on the age of the oldest member covered in the policy.

Sum insured and Add-ons: The sum insured you opt for has a direct impact on the premiums. However, increasing the sum insured a couple of years after buying the policy does not mean that your premium will go up proportionately.

The add-on cover that you pick could also affect the overall premium but the rise depends on the type of add-on. These are additional features that one can invest in to gain enhanced coverage. It can be said that add-on covers play a significant role in providing policyholders with superior protection against unknown medical emergencies that may involve higher medical expenditure.

Pre-existing diseases: People with pre-existing diseases are required to pay a higher premium amount as they are more likely to file a claim as compared to others. Though most health insurance companies ask the policyholders to serve a waiting period for pre-existing diseases, still the policy buyers have to pay a little extra premium for the same.

Family's medical history: In some cases, individual or family medical history could also have a bearing on the premiums. Other than a mandatory waiting period for individuals with pre-existing conditions, the premium could be higher too because such individuals are more likely to get hospitalized and file a claim.