Besides age, general health and gender now your PIN code will also be the major factor in deciding your premium of health insurance.
Due to high real estate prices in metros; medical costs in metros like Mumbai and Delhi is high than other cities hence a person residing in a small city will have to pay less premium than a person residing in metro take for instance a person residing in Sholapur will have to pay 15% less premium than a person residing in Mumbai; however, if a person residing in small city and he is seeking treatment in metro then he will have to bear the portion of the treatment cost.
L&T General insurance company is the first company to launch a health product on this basis. However, monitoring each postal code is a complex task hence company has bunched them in three groups.
Earlier this public sector general insurer New India assurance has come with differential pricing for New Delhi and Mumbai but L&T general insurance is the first company to refine it such to level.