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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 calculators for timely results.

Importance of Health Insurance Calculator

Health insurance calculators carry significant importance in today's time. Thinking why? Let us explain it to you. Insurance policies are complex in nature and have hidden costs in their terms and conditions, which makes understanding them a tough grind sometimes. Because of this, policyholders have to pay more than their expectations. To save policyholders from paying extra premiums, health insurance calculators were designed. These calculators work as a very valuable tool to help people in determining their premium amount beforehand and allow them to arrange their budgets accordingly.

To understand the concept of a health insurance premium calculator, let's study the following 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 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 per cent as compared to the plans offered by the agent.

Benefits of Using Health Insurance Premium Calculator

Health insurance premium calculators are online tools or software that assist policyholders in calculating the premium for their desired health insurance. Moreover, a health insurance calculator also offers a variety of other benefits. Given below is a list of such a few basic benefits of using a health insurance calculator. Let's study them.

Finance Management

It provides users with an estimated cost of their premium amount in advance that helps them to manage their finances.

Quick Comparison

Results from this calculator are displayed in an instant which helps the customers to compare and select the best plan.

Discount Availability

The calculator provides customers with a brief idea of the available discounts and helps them to make the best deal.

Check for Riders

Customers can check which additional benefits or riders are available and then decide which one they should opt for.

Types of Health Insurance Calculator

In addition to the premium calculator, there are also other types of calculators that help the customers find a suitable health insurance plan by taking into account factors other than premium. Given below is a brief description of these calculators. Let's check them out.

  • Body Mass Index (BMI) Calculator:A BMI calculator is simple online tool that is designed to calculate the body mass index of a person on the basis of his weight and height. This calculator is considered useful since the body mass index of a person plays an important role in determining the premium amount which he should pay for his insurance policy. Higher the BMI, more will be the premium amount. This is because a person with BMI above average is more prone to health-related problems and his medical spendings are bound to be more, which in return, increases his premium amount. People planning to invest in a health insurance plan can use this calculator to get an idea about how much premium their insurance provider should charge them on the basis of their health conditions.

    To find out your body mass index, click here to use our Body Mass Index (BMI) Calculator.

  • Income Tax Calculator: This calculator is used to calculate taxes payable upon an individual's income. It is a simple and easy to use financial tool that allows people to calculate their taxable income and determine their overall tax liability to know where they can avail tax saving.

    Calculate your income tax here, within just a few clicks.

Health Insurance Premiums Calculated

Factors Affecting Health Insurance Premium

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

  1. 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.

  2. Medical History

    If you are diagnosed with any serious ailments in the past, then your health insurance premium will increase accordingly.

  3. Gender

    The premiums for female candidates are lower as compared to the male candidates due to the lower risk of strokes and heart attacks.

  4. 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.

  5. No-Claim-Bonus

    if you haven't claimed during the policy tenure, you will get a discount for the same. Your premium amount will decrease by a certain percentage and the coverage amount will remain the same.

  6. Lifestyle

    Following an unhealthy lifestyle can affect your premium amount. If you are a smoker, you have to pay an extra amount of premium.

  7. 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.

  8. 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.

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, all you need to do is provide the necessary details and follow the required steps. The calculator will then display the ideal plan choices from which you can choose the best-suited one for yourself and your family. For your convenience, we've explained below all the necessary information about how to use this calculator. Read along to find out.

Details Required

While using the calculator, you will be required to input a few necessary details. To help you understand what these details are, study this list given below-

  • Applicant's name
  • Contact number
  • Date of birth
  • Gender
  • No. of people to be covered under the plan
  • City of residence
  • Coverage amount
  • Additional riders (if required)
  • Tenure period

Steps for Using a Health Insurance Calculator

After discussing all details that you need to use a calculator, the next important part is knowing how to use this calculator. Generally, the calculator functions in 4 simple steps. Given below is a step by step process of using a health insurance calculator by PolicyX.com. Let's take a look at it.

  • Look for 'Free Quotes From Top Companies' on the top of this page. Enter your personal details and click on 'Continue'.
    Insert personal details for health insurance calculator
  • Fill-in your Phone number, city and click on 'Proceed'.
    Insert Phone number and city details in the health calculator
  • Select the coverage amount, number of people you want the coverage for, policy tenure period, gender and riders (if needed).
    Update coverage amount, coverage required for, policy period and gender in the health calculator
  • Within a few minutes, the calculator will display premium details of all suitable health insurance plans offered by different insurers.
    Result about premium details of different health insurance plans

Tips on Reducing 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 that help in reducing the premium for a health plan. We've jotted down a list of few such tips on how 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.

Insurance Calculator

Health Insurance Calculator: FAQ's

1. How much time do I require to spend online for the calculation of insurance premiums?

Using an online health insurance calculator is an easy and quick task. All you have to do is enter your details and requirements and submit. The calculator will calculate the premium based on the information provided by you in a few minutes.

2. What is a health insurance premium calculator?

A health insurance premium calculator is an online tool that estimates the amount of health insurance premium you will have to pay for a specific health insurance policy. When purchasing a new health insurance policy or renewing an existing one, the tool comes in handy.

3. How using an online health insurance premium calculator is beneficial for me?

The benefit of utilising an online health insurance premium calculator is that it not only saves you time, but it is also a very cost-effective technique for calculating premiums. It also allows you to compare several plans on one platform, making it much easier to make an informed selection.

4. If I have pre-existing diseases, would my health insurance premium be higher?

Yes, premiums can be higher in the case of pre-existing diseases since insurers consider these profiles to be risky.

5. Can I compare the premiums charged for health insurance prices from various companies?

Yes, health insurance premiums can be compared online. Some aggregator websites such as PolicyX.com might assist you in this.

However, while evaluating health insurance policies, be careful to compare elements like coverage and the sum insured.

6. Do I need to look for a low premium while buying a policy?

Well, having health insurance with low premiums might mean that the plan you have chosen is not offering comprehensive coverage. You should always consider your healthcare needs and your budget. If a health plan with a decent premium provides comprehensive coverage, you may go with that plan.

Also, a low premium usually entails a high deductible. Even though they may have higher out-of-pocket costs, high-deductible health plans can help you lower your premiums.

7. 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.

8. Does the health insurance premium calculator ask for health-related habits?

Yes, the health insurance calculator asks about your smoking habits, your qualifications, your annual income, and whether you are salaried or self-employed.

9. Why should I use a health insurance calculator in India?

Health insurance premium calculator in India saves time and money. You can also compare the plans and can able to select the most appropriate plan for yourself.

Find Out What the Customers Are Saying

(Showing latest 5 reviews only)

- 4.5/5 (1337 Total Rating)

June 15, 2022

Vidya

Jaipur

Underrated company in my opinion people should buy their insurance plans and avail their quick services and affordable plans

June 15, 2022

Varsha

Dehradun

Trustworthy insurance plans and quick claim settlement process! I appreciate the customer care team of Bharti AXA for their efficient response

June 13, 2022

Rajan Narela

Jaipur

I am totally in love with the health plans offered by the Edelweiss Health Insurance company. If you want a health plan, you should go for this company.

June 13, 2022

Vidya Bhan

Bhopal

Very nice company with a range of health products. I have bought one plan for myself and my husband, and one for my aged in-laws. Happy with both the plans

June 9, 2022

Priya Sharma

Hyderabad

I will rate this company good because I purchased a health policy that has good coverage and less premium. I pay my premium online and I am convenient with the payment options.

Last updated on 16-05-2022

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