The right level of sum assured depends largely on where you live and are likely to get hospitalized. The most expensive are the ‘luxury hospitals’ in metros, and the costs increase as you go to smaller towns. Even within the same hospital, the cost of a surgery could vary by 30 to 40% depending on the type of room chosen.
As a rule of thumb, one should buy coverage that is at least equal to their annual income, or a minimum sum assured of ₹10 lakh. This should be further revised upwards in case the individual has an adverse family medical history.
Do keep in mind that the sum assured should be high enough to factor in medical inflation over the years.
Typically, family floaters Insurance are most cost-effective. However, in your case because you are an adult and there is likely to be at least a 20-year age difference with your parents, you should buy an independent policy for yourself and consider insuring your parents in a family floater.
To get detailed information on family health policy, please family health insurance.
It is important to have your own health insurance even if you are covered in a corporate plan because you may change jobs or your current company can modify their family health insurance benefits over time.