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Health Insurance Premium Calculator

Health Insurance Calculator is the most efficient medium through which you can easily get an estimate about the desired premium that you may have to pay to keep your health insurance policy active. It is the only medium that helps you in getting the idea of the amount prior purchasing the plan and it also helps a lot at the time of health insurance comparison through which you can get the best health insurance policy within your budget.

Everyone is aware of the fact that to invest in a health insurance plan you have to pay an amount which is known as premium at required intervals to the insurance companies. But have you ever thought how these insurance companies decide the amount of the premium and how it varies from person to person of the same age group as well? You must be having the thought that some insurance regulatory may be managing the price list. Well in such cases, you have to understand that health insurance premium calculator works on several different factors to offer the desired results. However, it is also a fact that insurance companies do have their premium deciding criteria (acknowledged by IRDA). Such criteria are based upon age, medical history, pre-existing disease, etc.

For example: If you invest in a health insurance plan at the age of 25 then the premium will be significantly less as compared to the person who buys the same at the age of 45. The main reason behind the same is that with the growing age you become more prone to ailments. That's why insurance companies always undergo a medical checkup and also ask you to provide an honest declaration is the form.

  • Health insurance premium calculator allows you to calculate premium instantly
  • Can come health insurance plans from wide range easily
  • Allows you to pick the best plan within budget.

Health insurance calculation at PolicyX.com is an easy and free tool. You can easily calculate the premium of the health insurance policy by following some simple steps. PolicyX.com makes the whole process easier for you. For the desired results, all you need to do is fill some basic information in the form and within a few seconds, you will get the exact health insurance premium that you need to pay under your chosen health policy.

Why Calculate Health Insurance Premium?

By calculating the health insurance premium, you can save a huge amount of money. It allows you to get an exact idea of the defined budget that you should invest in a health insurance plan. Moreover, it also assists at the time of comparison through which you can choose the best one within budget.

Calculation of the health insurance premium is a vital but cumbersome task as well. Mostly if you check around you will notice that people rely on suggestions provided by the insurance company for investing in a health insurance plan. However, with the growing technology and access to the internet, it becomes very easy to deal with the calculation and buying process from the comfort of home. The calculation of the health insurance premium has become easier. This also makes sure that the customer is aware in advance about the policy that he/she selects.

Read more about :- 8 Critical Checks while Buying Health Insurance

Your financial planning will become easier if you have an estimate of the health insurance premium beforehand. With this, you can easily understand what should be the ideal health insurance premium amount that you can afford. By providing some basic information you will know the health premium payment as per your needs. Health insurance premium calculation is a difficult task as there are different parameters involved in it. But you can do the same easily by taking the help of our health insurance premium calculator.

How Health Insurance Premium Calculated?

Have you ever noticed how insurance companies calculate premiums of health insurance policies? There are several factors that decide the insurance premiums. However, it is a fact that insurance companies have their own guidelines for calculating the health insurance premium. Your age and profession play a vital role in deciding your health insurance premium. As with the growing age, you will become more prone to diseases as this will automatically increase the premium amount. That's why experts suggest investing in a health insurance plan at an early age. When it comes to profession, it also has a part in deciding your premium, if your job consumes a high tendency of risk then your premium will automatically increase as compared to low-risk jobs.

Next is your medical history. You may have noticed that experts in the industry suggest providing accurate details to your insurer. But have you ever thought, why? Well, there is a reason behind the same, if you hide any disease and later insurance company come to know about the same due to any reason then you may get rejected for the claim and might not be able to take benefit of your plan. Provide accurate details about your health history, it can increase your premium but may save you from several future rejections

Well, it is true that most of the health insurance companies require you to undergo a medical checkup to offer a health insurance policy and some may believe on your documents only to proceed further. Usually, insurance companies make sure about your health history before offering a health insurance policy and based on that they will offer the needful cover and charge premium accordingly. This directly means that if you have a bad health history, or consume alcohol and have some smoke habits then the company might charge an extra premium for this.

Additional Factors Affecting Health Insurance Premium Calculations

As discussed above, in India, insurance companies follow certain guidelines when it comes to health insurance premium calculation. Apart from age and health history, there are some additional factors that can affect the health insurance premium. A few such factors are mentioned below:-

Expenses Associated with Marketing and Services

All expenses associated with marketing and services are huge in numbers and insurance companies cover the same from their customers in the form of premium. Such expenses include the designing cost of medical insurance, marketing, commission, brokerage, advertisement, and several other additional costs. Such expenses become part of your premium.

Savings and Investments

You might not be aware but insurance companies use to invest their capital in the public sector investment. Because of excess risk, companies do not invest in the private sector. All of such investments are made according to IRDA guidelines to avoid any compliance later. The premium that you will pay is subject to the returns earned from such capitalizations.

Policy Underwriting

Insurance companies deal with different forms of insurance products such as individual health insurance, group health insurance, etc. Such companies get their policy underwritten in a format that there is a balance between them at the same time. Companies also analyze the possible risk from all angles into a wide range of factors that can cause trouble. On such basis, they decide the premium amount.

Mortality Rate

Mortality rate refers to the cost that an insurance company has to pay to the family of the insured in case of any medical emergency. As the expenses vary with the age group, such liabilities arise in the case of older customers. The reason behind the same is

  • The insurance premium for the old age people are comparatively high
  • Old age people are more prone to diseases and subsequent hospitalization because of several health issues.
  • Sum assured is high and so the premium

Mostly insurance company will ask you to undergo a medical test and some may send their experts to your place for the same. They may look for your present health status and will decide the premium amount according to by keeping all possibilities in the mind. Those who are already suffering from any diseases may have to pay an additional premium.

Benefits of Using Health Insurance Premium Calculator

There is no doubt in saying that health insurance policies are pretty much complicated to understand in one single shot, and each company has its own terms and conditions regarding this. It is true that most of the people are not aware of the insurance terms and might pay an extra amount to meet their expectations. It would be great for such people to know their needs and everything related to the policy in advance like how much premium you will have to pay. Yes, the whole process of buying a health insurance plan will become easy. Below are some basic benefits that a health insurance premium calculator can offer

  • By using a health insurance premium calculator, you will have an idea or estimation about the health insurance premium in advance.
  • With the same, it will be quite easier for you to select the best plan which can easily go well with your needs and pocket as well.
  • You can add on exclude any additional rider.
  • It will become easier for you to make a decision that what next you should do.

Health Insurance Premium and Tax Benefits

Health insurance premium is a fixed amount that you need to pay on definite intervals, for keeping your health insurance plan running. You get several benefits with a health insurance policy-

  • You will get the tax benefit under section 80D if the premium contribution is made from an income that is chargeable under tax as it plays a vital role in determining the tax benefit for a customer.
  • Premium paid for a health insurance policy of immediate family members is exempt from tax. It includes payment for individual, spouse, parents and dependent children. The premium paid for anybody except these is not entitled to tax exemption.
  • Particular premiums are liable for tax exemption. It means you cannot enjoy the tax benefit after crossing a certain limit.

How Much You Can Save By Using Health Insurance Premium Calculator?

There is a question that most customers have in their mind when it comes to investing in a health insurance plan that is How can a health insurance premium calculator helps you in saving a huge amount? Let's take an example to understand the same:-

Naresh, a corporate employee who is happy with his 9 to 5 job and decent pay. A sudden case in the family makes him think about investing in a health insurance plan. As there are multiple players in the market who are ready to serve him, he got confused and he was not able to take an appropriate decision. Difference between the cost of available health insurance plans makes him more confused as he is not sure which is the right one to go for. He was not sure how much he should invest in it and what exactly he requires. He set a limited budget to invest in a health insurance plan but was not sure if it is an accurate one or not.

An agent was not providing the required help. The cost of the health insurance plan that the agent offers him is higher than his budget. While doing research online, he comes to know about the health insurance premium calculator and thought of giving it a chance. He then put some basic detail and calculates the premium. The result and basic research make him confident about how much he should invest in a health 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 on the basis of features, cost, benefits, add ons, etc. After comparing, he selected a plan, which is enough to go well with his budget and needs as well. He purchased the same directly from the same platform, got tested at home and receive the required policy documents shortly.

While doing the same he manages to save around Rs 25 percent as compared to the plans offered by the agent. Thus he managed to save a huge amount with the help of health insurance calculator and online comparison service.

And you can also save like him, just give it a try.