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Health Insurance Premium Calculator

A health insurance premium calculator is a tool that gives an estimate of the premium that a policyholder has to pay on buying a new health plan or to renew the existing one in advance. It's cumbersome to manually calculate the health or medical insurance premium. That's why insurance companies encourage the use of health insurance calculator for timely results.

Benefits of Using Health Insurance Premium Calculator

Insurance policies are complex to understand and may have hidden costs in its terms and conditions. Because of this, policyholders have to pay more than their expectations. It would be great if people knew the amount of premium beforehand so that they can arrange their budgets accordingly. That's where the health insurance calculator comes along. It makes buying health insurance a bit easier.

Health Insurance Premiums Calculated

Below are some basic benefits that a health insurance calculator can offer:

  • You will get an estimated cost of the health insurance premium in advance.
  • You can select the best plan, which can easily go well with your needs and finances.
  • You get a brief idea of the available discounts.
  • You can add or exclude an additional rider.

How Health/Mediclaim Insurance Premium Calculator Works?

Several factors decide the premium amount of an insurance plan. Though insurance companies have their guidelines for calculating the health insurance premium, the major part of it depends on the below-mentioned factors. Let's take a look at it-

  • Age: Your age plays a vital role in deciding the premium amount. As you grow older, you become more prone to diseases, and your premium amount increases because of the same.
Calculator Benefits
  • Medical History: If you are diagnosed with any serious ailments in the past, then your health insurance premium will increase accordingly.
  • Gender: The premiums for female candidates are lower as compared to the male candidates due to the lower risk of strokes and heart attacks.
  • Plan Opted: Any health insurance plan selected by you will affect your premium cost. The higher the risk involved, the higher will be the premium and vice-versa.
  • No-Claim-Bonus: If you haven't claimed during the policy tenure, you will get the discount for the same. Your premium amount will decrease by a certain percentage and the coverage amount will remain the same.
  • Lifestyle: Following an unhealthy lifestyle can affect your premium amount. If you are a smoker, you have to pay an extra amount of premium.
  • Marketing & Services Expenses: Expenses associated with marketing and services are always great in number. Insurance companies cover the same in the form of premiums from their customers.
  • Savings & Investments: Insurance companies invest their capital in the public sector investment. Such investments are made in sync with the IRDA guidelines to avoid any issues later. The premium that you will pay is subject to the returns earned from such capitalizations.

How Can You Save Money By Using a Health Insurance Calculator?

Let's answer this question with the help of an example-

Ramesh is a corporate employee who is happy with his 9 to 5 job and decent pay. A sudden medical case in the family makes him think about investing in a health insurance plan. After a deep research, he is greeted with multiple health plans but is unable to choose the best among them. He then takes the help of an agent but that doesn't work out.

Confused and frustrated, Ramesh comes to know about the health insurance premium calculator and gives it a chance. He enters the required details and calculates the premium. The result and basic research make him confident about how much he should invest in a mediclaim insurance plan. The same page directed him towards the 'Compare' section where he compares several plans provided by the top health insurance companies of India based on features, cost, benefits, add ons, etc.

He selects a plan, which is enough to go well with his budget and needs. With the help of a Health Insurance Calculator, he manages to save around 25 percent as compared to the plans offered by the agent.     

How to Reduce Health Insurance Premium?

It is now quite obvious that having health insurance is an essential part of your future and financial planning. Still, few people neglect to buy health insurance due to their costly premiums. Luckily, there are a few ways to reduce your health insurance premium. Let's check them out.

Go for the higher deductible option

A deductible refers to an amount that you have to pay from your pocket before the insurance policy pays. By opting for a higher deductible, you can reduce the premium amount.

Use top-ups to avail high coverage

With the rising costs of medical facilities, it's important to have a health insurance policy. However, good coverage comes with a high premium and in such cases, it is good to split the cover and go for a top-up plan. A top-up generally comes into effect when your base health insurance policy is exhausted.

Choose family floater plan

If one opts for a family floater health insurance plan rather than an individual health plan, it will offer coverage to all members of the family under a single sum insured and that too at an affordable price.

Multi-Year premium payment option

Health insurance plans offer several discounts if one opts to make an upfront premium payment for two or more years instead of a single year.

Compare & buy online

Before buying a mediclaim policy, research thoroughly, and compare all the health insurance policies online. By doing so, one can judge health policies on different parameters such as premium costs, riders, coverage, etc. and can choose the most suitable one.

Buy at a young age

Investing in health insurance at an early age when you are young and disease-free will cost less as compared to the old individual with pre-existing health conditions.

Health Insurance Premium Calculator by PolicyX.com

PolicyX.com offers a superior health insurance premium calculator that enables you to easily calculate the premiums of various health insurance policies. The calculator provides you with free quotes in an instant. To get this done, provide all the necessary details such as your name, contact number, dob, and the calculator will display the ideal plan choices from which you can choose the best-suited one for yourself and your family.

Trusted Health Insurance Companies In India

We have tie-ups with best health insurance companies to get you accurate quotes quickly.

FAQ's

1. Does my profession or work environment affect my health insurance premium?

Yes. If a person works in a stressful or hazardous environment, (s)he has a higher chance of getting sick. So, the person has to pay a higher premium because of the same.

2. Am I eligible to avail of tax benefits under my health insurance policy?

Health insurance offers tax benefits under section 80D of the Income Tax Act, 1961.

3. Does my health insurance cover begin from day one?

In most policies, there is a waiting period of 30 days. However, this rule does not apply to accidents and they are covered from the very first day of policy issuance.

4. What will happen if my policy lapses during hospitalization?

In such cases, there could be two scenarios:

i) If the policyholder is admitted to the hospital and has duly informed the insurance company (before the expiry date) and the policy lapses during hospitalization, the claim will be admissible and the insurance company will accept to pay the claims subject to the terms and conditions of the policy.

ii) If the hospitalization happens during the grace period or after the policy is lapsed, the insurance company will not accept the claims.

Last updated on 24-11-2020