Liberty General Insurance

Key Features

Claim Settlement Ratio 94%

Claim Settlement Facility 100%

Network Hospitals 5000

Renewability 100%

COVID-19 Cover Yes

Incurred Claim Ratio 74.58%

How is the Liberty Health insurance premium calculated?

The health insurance premium depends on the age of the applicant. Higher the age, higher would be the premium payable. In case of family floater policy the age of the highest member would be taken into consideration for premium calculation. This is due to the chance of illnesses or diseases developing increases as the age increases.

The sum insured required by the prospect also decides the health insurance premium. Higher the sum insured, higher would be the premium payable. Sum insured is the maximum limit of liability of the insurer in case of a claim.

The add-ons are the extra coverage opted by the applicant at the time of taking the policy. More number of add-ons means higher premium to be paid. Add-ons are payable and would be in addition to the base sum insured.

The health condition of the applicant also decides the health insurance premium to be paid. The declaration made in the proposal form or the medical reports would decide the premium to be paid by the applicant. In case of any adverse medical history the premium would be loaded for the applicant.

The location or zone of the residence of the applicant also decides the health insurance premium. For the purpose of premium calculation India is divided into 3 zones namely Zone A consisting of Metro cities, Zone B consisting of State capitals and Zone C consisting of other cities. The premium would be high for Zone A and low for Zone C.

The lifestyle of the applicant also decides the premium payable. Applicants with lifestyle habits such as liquor consumption, cigarette smoking etc would be charged extra premium as the risk of developing illness would be higher for people with these lifestyle conditions.