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.
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.
Below are some basic benefits that a health insurance calculator can offer:
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-
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.
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.
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.
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.
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.
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.
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.
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.
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.
We have tie-ups with best health insurance companies to get you accurate quotes quickly.
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.
Health insurance offers tax benefits under section 80D of the Income Tax Act, 1961.
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.
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 17-12-2020