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 come into action. 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.
What is a Health Insurance Premium Calculator?
A health insurance premium calculator is a free online tool for calculating the premiums of health insurance plans. This time-saving and effective tool lets the policyholder compare and examine various medical insurance policies offered by the insurance companies. The calculator involves certain factors such as age, gender, occupation, the number of people covered by a policy, etc
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.
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-
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.
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 a 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.
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.
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'.
Fill-in your Phone number, city and click on 'Proceed'.
Select the coverage amount, number of people you want the coverage for, policy tenure period, gender and riders (if needed).
Within a few minutes, the calculator will display premium details of all suitable health insurance plans offered by different insurers.
How to Reduce Health Insurance Premiums?
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.
1. Is the Health Insurance Premium Calculator reliable for calculating health insurance premiums?
Yes, the health insurance premium calculator is a reliable source for calculating your health insurance premiums as it provides an accurate estimate of the premium. The calculator works with the information you provide it such as your age, occupation etc.
2. 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.
3. 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.
4. 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.
5. 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.
6. 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.
7. 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.
8. 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.
9. 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.
10. 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
Ranjan Kumar Verma
Patna
March 5, 2023
मैने 2016 में PolicyX.Com से Health Insurance Online Purchase किया था। अभी 2021 से मैं STAR HEALTH का Policy continue किया हूँ...
Tarun
Ludhiana
February 21, 2023
I got payment with in 3 working days. I am glad how Vomitha ma am who s the executive, listen me carefully and release the payment directly to my account. Thanks Acko
sandeep singh
Chandigarh
January 12, 2023
Dnt buy any policy from Star health They are big fraud my father is admitted in hospital crucial stage they reject our claims without reason i will filled case against company in consumer court...
Poonam Sinha
Surat
December 9, 2022
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Anita srivastava
Delhi
December 9, 2022
Policyx helped me a lot in documentation process, I was skeptical at first but they made my work easy.
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Lukhnow
December 9, 2022
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Ayush Sharma
Nagpur
November 30, 2022
I bought policy for my family from policy x.com, The advisor is very knowledgable,he suggest me better comparisons of plan and helps me to purchase suitable one.
The process was very smooth.
Sanjay naraware
Pune
November 8, 2022
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