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Health Insurance Premium Calculator

Most of us would have invested in health insurance plans. These plans provide wider health coverage than life insurance plans and help reduce the financial burden in case of a medical emergency. All health insurance benefits are to be availed by paying a regular premium that requires careful calculation. Regular payment of these premiums is essential to ensure sufficient coverage in case of an unforeseen event. These premiums are different for different plans across various insurance companies.

A mediclaim policy premium will depend on factors like the policy type i.e., individual or family floater, the sum insured, age of the insured, policy tenure, and other factors. Today, a 5 lakh insurance cover for an individual is available at a premium of Rs 5,000  to Rs 10,000, depending upon the plan and insurer. With an array of available options, it becomes important to calculate and analyze the premium of any policy before signing on the dotted line.

At this point, you can make use of a Health insurance premium calculator. It serves as a significant tool to compare several health plans and their premiums based on your requirement. Such a health insurance calculator also helps you to calculate the estimated price of the health insurance plan. With the right quote, you can pick up the right plan for purchase. 

What is the Health Insurance Premium Calculator?

The health Insurance premium calculator is a beneficial tool that helps to calculate an estimated premium amount for various health insurance plans. It is a simple and easy way to get a quote on your proposed insurance plan. You just need to provide the medical insurance calculator with your proposed sum insured amount and tenure of the policy. You all need to provide other details such as your date of birth, contact number and other details, and your preferred add-on covers. This information will be utilized by the medical insurance premium calculator to provide you with an estimate of your premium amount and the breakdown of the same. You can easily calculate the mediclaim policy premium with this tool. Most health insurance companies provide this online mediclaim premium calculator tool on their websites to generate a mediclaim policy premium effortlessly.

Why Should You Choose the Health Insurance Premium Calculator?

With a myriad of available health insurance plan options in the market, you may find it confusing to choose the right plan. To top it, calculating the mediclaim policy premium amount can be an exhaustive task. Due to incorrect calculations and lack of knowledge about factors affecting the mediclaim premium, most people accept the amount suggested by their insurance providers. An online medical insurance premium calculator allows you to compute your premium amount in a few minutes by entering a few requisite details.

Some insurance companies also provide a Personal Accident insurance premium calculator to calculate separate insurance premiums.

Below are some reasons why you should prefer and choose a medical insurance premium calculator.

  • The health insurance calculator helps you to identify your tentative mediclaim premium amount instantly.
  • This helps you to plan your financial investment in health insurance plans.
  • You can also decide and fix your monthly finances towards the plan.
  • The online mediclaim insurance premium calculator allows you to compare premiums from different health insurance products available in the market to choose the best one.
  • You get an opportunity to compare plans and their premiums from the country’s top health insurance companies by using this mediclaim premium calculator.
  • The medical insurance premium calculator helps in making premium calculation a quick and straightforward task.
  • This mediclaim policy premium calculator provides a quick mediclaim policy premium quote and helps you choose the right product as per your insurance requirements. 

How to Use the Health Insurance Premium Calculator?

The importance of the family health insurance premium calculator cannot be underestimated. This medical insurance calculator allows you to enter your details and your sum insured amount along with the term of the policy to come to a tentative mediclaim premium quote. The process is easy and simple.

Below are the various steps provided to help you with using the medical Insurance Premium Calculator.

Step 1: Access the official website of your insurance company. The home page will show various options like Life Insurance, Motor Insurance, Health Insurance, Policy renewal, etc.

Step 2: Choose the option ‘Health Insurance’

Step 3: The landing page will immediately show you an option to ‘Get Quote’ or ‘Calculate your health Insurance premium’.

Step 4: You need to enter your details in the boxes provided so that the medical insurance premium calculator tool has sufficient information to give you the right premium estimation as per your preferences. Some of the information that you need to input is as follows:

  • City Name or Pin Code: You need to enter the name of your city of residence or choose from a list provided. Some mediclaim policy premium calculators can ask for pin codes, based upon which they prefer do to compute the mediclaim premiums.
  • The Number of Covered Members- Here, you need to input the number of adults and children that you wish to provide the insurance coverage for. You can either type in the box provided or choose from the drop-down list if given.
  • Type of Plan- Here, you need to choose whether you want to apply for an individual health insurance plan or a family floater policy. Your mediclaim premium amount will change according to the type of plan.
  • Sum Insured-You can either mention the amount of coverage you are looking for or choose from the drop-down list provided by the mediclaim calculator.
  • Age of the Eldest Member- Here you need to enter the DOB or the age of the oldest member whose insurance you are looking for in the health insurance coverage.
  • Personal Details- This section requires you to fill in your details like name, age, DOB, mobile number, and email id. These details will be used to get in touch with you in case you are satisfied with the calculated mediclaim premium amount and would like to continue with the quote.

Step 5: Once you have entered all the information and filled in the necessary fields, you can click on the ‘Calculate Premium’ or ‘Get premium or quote’ button provided by the health insurance calculator India.

Step 6: The Family Health Insurance premium calculator will now calculate the mediclaim premium based on your input and display it. You can also put different sum insured amounts in the mediclaim policy calculator tool to check the variations in the premium amounts. This will provide a mediclaim premium chart at the end of the calculation, showing various premium amounts. Once you have an idea of the premiums of a host of health insurance schemes, you can decide on the best one that suits your needs.

Features and Benefits of the Health Insurance Premium Calculator

The Family Health Insurance premium calculator is a useful and necessary tool to compute and compare the mediclaim policy premium amounts for various family health insurance as well as individual covers. Once you know how to input the necessary information in the mediclaim policy calculator, you can compare plans and plan options to the best of your satisfaction. Below we look at the various features and benefits of using a medical insurance premium calculator.

Features of the Health Insurance Premium Calculator

  • Helps in Premium Estimation

    The medical insurance premium calculator helps you estimate the mediclaim policy premium amount payable for health insurance that you may be interested in. You can input the details as per your financial needs and medical requirements in the mediclaim calculator to explore various plan options.

  • Aids in Online Comparison

    The medical insurance premium calculator allows you to compare different health insurance policies from the same/different insurer. You can compare not only the premium amount for 2 or more policies but can also explore their sum insured covers, add-on covers, and other plan inclusions and exclusions as per your requirements with this mediclaim policy calculator. 

  • Helps in Taking an Informed Decision

    This mediclaim calculator tool helps to make the decision-making process easier and hassle-free for you by providing selective options at one go.

  • Provides Enhanced Information

    The Family Health Insurance Premium Calculator also displays other informative details like the add-on riders or discounts on every health insurance policy you choose. You can also use a personal accident insurance premium calculator to calculate separate accidental insurance. This allows you to browse through them analytically, rather than studying a lot of data on company websites or visiting the insurance offices for advice.

  • Makes the Process an Easy Approach

    This tool makes the entire process of choosing an appropriate health insurance policy easy, flexible, and convenient. You can do in-depth research and make a well-informed decision regarding the final policy.

Benefits of the Health Insurance Premium Calculator

Here are the benefits that you can avail of by making use of the medical Insurance premium calculator online:

  • Helps to Plan Your Finances

    Since you can get an estimate of the various premium amounts associated with different health insurance policies by using this mediclaim policy premium calculator, you can gain sufficient knowledge as to how much you would like to allocate towards investment in that particular health insurance policy. This helps you to plan your finances effectively.

  • Low Risks of Defaults

    Since you are aware of the premium amount associated with a policy beforehand by using this mediclaim premium calculator, there will be lesser risks of defaulting on the payments as you would purchase that policy whose premiums you can afford easily and timely. This reduces the risk factor involved with missing or defaulting on premium payment.

  • The Flexibility of Insurance Plan

    The medical insurance premium calculator gives you the flexibility to choose the best health insurance plan option by adjusting or altering various parameters like age, the sum insured, several insured people, etc. You can analyze the features and amount associated with each option until you arrive at a plan, which is affordable and as per your coverage and budget requirements. 

  • Easy Add-ons

    The medical insurance premium calculator will also display the various add-on covers available for a health insurance policy and the premium amount and without the add-on covers. This will greatly help you in selecting the best plan option as per your financial needs.

  • Assists in Decision Making

     The mediclaim policy premium calculator is a simple tool for premium calculation when used wisely, can display the premium amounts of several health insurance policies. You can use this data for a comparative study of the schemes available from different insurance providers to finally decide about the best and the most feasible plan as per your needs. 

  • Comparison of Inclusions and Exclusions of the Plan

    Before buying a health insurance policy online, it is always advisable to compare several plans and go through their list of coverages or inclusions, exclusions, and waiting periods associated with the policies. The premium estimate provided by a medical Insurance premium calculator is based on certain factors, some of which are naturally included. At the same time, some are not considered for a basic premium calculation.

Determining Factors of Health Insurance Premiums Calculation

For most of the cases, the premium calculations generally include the factors given below, which can influence the insurance plan's premium rates. These factors are taken into consideration by a premium calculator at the time of suggesting various quotes. These include:

  • The Members Covered

    The number of people (adults and/or children) is the first thing that influences the premium amount. An individual plan has one member covered by the plan, while family plans cover two or more members. Some family plans may cover extended family members as well. Based on the number of members the sum insured is designed and so is the premium amount.

  • Deductible and Co-payment

    Deductible and co-payment associated with a particular plan are based on whether you have an individual or family plan. The deductible and additional out-of-pocket expenses are high for a family plan. It is usually double of an individual plan. This also affects your monthly payment and other costs.

  • Age of the Individual

    Health insurance rates go up as a policyholder gets older. Most plans offer insurance from the age of 18 years with the lowest premiums, which increases in value with age. The largest increase in the premium amount is after the age of 55. This is because older applicants will need more medical services and pay a larger premium for health insurance. Young policyholders are less likely to have health problems and therefore have low premiums.

  • Policy Tenure

    This is another factor that influences the premium amount of a health insurance policy. This is the number of years for which the policy is taken. Long term health insurance policies come at lower premiums than short term health plans. So, if the number of years for which you buy the policy is entered less in the health Insurance premium calculator, the premium calculated will be more. 

  • Type of Coverage

    The cost of the health plan varies from company to company depending upon the sum insured opted for, and the add-ons or riders have chosen. If you choose a plan with a higher sum insured, the premium amount will also be higher. Premium amount varies as per the opted health cover and the sum insured limit. It is always recommended to assess how much financial cover you need for your future medical expenses before opting for a particular sum insured amount. Purchasing a health insurance policy just because it has a low premium is not a wise idea.

  • Add-on Covers

    While computing your premium amount, most health insurance premium calculators will also ask if you would like to include some add-on covers available with the company, like additional hospital cover or maternity cover, etc. The cost of the addition of any add-on cover increases the premium amount.

  • Gender

    Whether you are a male or a female, it also affects the premium rates from the medical insurance premium calculator. Generally, insurance providers have different rates of premiums for women and men. Women get lower rates than men because they are subject to more chronic diseases and are more likely to visit doctors for treatments.

  • Marital Status

    Your marital status also affects the premium rates for your proposed health insurance plan. For unmarried people, you can opt for an individual plan or a small group plan to cover your parents that is less expensive as far as premium rates are considered. Individual plans are costlier. Married people cohabiting together and supporting children and family will opt for a family floater health insurance. In this case, all family members are protected under one plan. This ensures that the premium and the total sum insured are shared amongst all family members, which results in lower premiums.

  • Residence Location

    Your mediclaim policy premium calculated by the calculator can change depending upon the city of residence that you have chosen or the pin code that you have entered. Many insurance companies base their premiums on the proposed policy holder's location. Rural or urban locations, infrastructural facilities, and expenses in that place, climate factors, and several other factors associated with a particular city or location can impact your calculated premium.

    These are the necessary factors that are generally included in the computations of premiums by the medical Insurance premium calculator and which impact the premium calculations for a plan opted for. 

    Now we consider those factors that are not included or are excluded in premium computations by the medical Insurance premium calculator yet influence the final premium calculations when you purchase the policy.

Additional Factors for Premium Calculation

Other than the factors mentioned above, several other factors can influence the premium calculation by Health Insurance premium calculator India. These are not included at the time of a tentative calculation done at the time of comparing the policies. The medical insurance premium calculator thus gives a quote or the most closely possible estimate of your premium for a proposed policy. The final amount may vary from company to company based upon these factors that are discussed below.

  • Choice of a Profession

     The type of profession you have also affected your premium payment. Individuals who work in hazardous environments, such as those exposed to radiation, chemicals, and jobs with a high risk of injuries like constructions and adventure sports, are charged with higher premiums than insurance companies. This is because such policyholders are more prone to injuries, accidents, and the risk of cardiovascular diseases.

  • No Previous Insurance

     In case you do not have any previous insurance, the insurance companies will generally charge a higher rate of premium from you. This is because previously, uninsured policyholders begin to take benefits of the health plans more frequently. So, the premium rates for new policyholders are higher than existing ones to cover all expenses.

  • Pre-existing Medical Conditions

    At the time of actually buying the policy, the applicant will need to provide health records or medical reports to ensure that he/she hasn’t been suffering from any pre-existing medical conditions. An individual with pre-existing illness is covered after applying terms & conditions only.

    Most medical insurance premium calculators give a tentative amount, which is not based on this factor. Generally, health insurance companies provide a list of pre-existing medical conditions that they may/may not cover as per their policy document. Some companies propose a waiting period of 2-3 years before they can consider those medical conditions for treatment.

    If you have any of the listed pre-existing conditions, then the company may even decide not to cover it. Some policies cover pre-existing diseases; others may not. Thus increase the cost related to such medical events increases for the policyholder. In such cases, you will have to bear the costs, which will increase and affect the premium.

  • Family Medical History

    In case the person opting for a health insurance plan has an existing family history of having certain listed medical ailments like heart diseases, diabetes, cancer, etc., and the premiums may be higher than others. A family medical history makes you susceptible to medical risk and can increase the individual's premium amount, which may not be shown by the health insurance premium calculator.

  • Body Mass Index (BMI)

    BMI or Body MASS Index also affects your premium amount and is not always included while computing the premiums by the health insurance premium calculator. People with high BMI get a higher premium for policies than people with normal BMI as they are more susceptible to diseases and ailments like heart problems, joint problems, diabetes, etc. Women with higher BMI may need specialized treatment for pregnancy as well. So, this affects the mediclaim premium rates also but is not shown by the premium estimates presented by the calculator. 

  • Habits and Addictions

    During the time of actual premium calculations, companies may ask if the proposer has habits like smoking, chewing tobacco or snuff, and indulgent in heavy drinking. People with such habits and addictions are most prone to getting life-threatening diseases like cancer and tumours. So, the premium rates for such people are generally placed higher than normal ones.          

  • Deductibles and Co-payment Clauses

     All health insurance companies provide different clauses for co-payment and various deductibles. Some offer mandatory clauses, while others may provide voluntary co-payment and deductible clauses in the policy document. With deductibles, the policyholder has to completely cover certain expenses mentioned in the policy document before the policy waiting time is over.

    With copayments, the policyholder has to bear a part of the treatment expenses as part of the deductibles, i.e., the insurer will only cover a fixed percentage of the expenses. In contrast, the others have to be borne by the policyholder. However, copayments and deductibles considerably reduce the premium payment for the insurance policy.

  • Purchasing the Insurance through a Broker Vs Online

    When you purchase the health insurance policy through a broker, it will increase the total cost for your policy. This is because you also need to pay for the brokerage fees. However, in case of policy plans purchased online, you generally save money as almost all companies offer 5%-10% discounts when you purchase online.

  • Medical Underwriting

    You can find various insurance products including individual policies, group health insurance policies, or family floater plans. Each type of plan comes with a distinct set of risks involved and insurer liabilities. When companies take medical information in the form of medical reports or lab test reports and information about habits and addictions, they try to analyze the risk factor involved with a policyholder. The premium for health insurance policies for risky individuals tends to be higher. The medical insurance premium calculator will not reflect this though at the time of online calculation.

    These are some of the factors that the premium calculation and the final premium payment amount, although these factors are excluded from the calculator’s computations. Besides these, financial charges, taxes, and 18% GST also impact the final premium payment. 

FAQs

  • Q: What are the various modes of payment available for mediclaim premiums? 

    Ans: You can pay your mediclaim premium in various ways. You can use net-banking or Credit/Debit card payment or make a regular payment at the branch. You can even make an ECS or wire transfer payment. Check Pick up Facility is also provided by some insurers. You can also use Bank Transfers, NEFT, RTGS, or set up your account on Direct-Auto Debit as per a standing instruction. Nowadays, many people prefer phone banking or payments through Paytm, PhonePe, or Google Pay.

  • Q: What do you mean by a “deductible” in a health insurance policy?

    Ans: A deductible means that you or the policyholder will be responsible for taking care of a portion of the total claim. When you have a higher deductible in your health insurance policy, your insurance premium cost is reduced. For example, if your policy has Rs 5 lakh as coverage, a low deductible of Rs. 50,000 means your insurance company will cover the remaining Rs 4.5 lakh for you. A higher deductible of Rs 1,00,000, your company would provide cover for only Rs 4 lakh, and the rest will be covered by you, but in this case, the premium cost will be lower.

  • Q: How is the premium calculated for health insurance policies?

    Ans: The premium for health insurance policies is calculated based on several factors like age of the insured person, gender, profession, the sum insured opted for, policy term, any pre-existing diseases, current health condition, and other preferences.

  • Q: Are there any tax benefits of purchasing health insurance?

    Ans: Yes, the purchase of health insurance will provide you tax benefits under Sec 80D of the Indian Income Tax Act, 1961. You can get tax exemption on the mediclaim policy premiums that you pay for up to Rs 25,000 if you are not a senior citizen. For senior citizens health insurance, the maximum annual tax exemption limit is for Rs 30,000 in this case. Make sure to use a cheque or net banking for premium payments to avail of tax exemption.

  • Q: Is there any way to lower my mediclaim policy premium?

    Ans: Yes, you can use the following considerations before purchasing your health insurance policy.

    • You can opt for family floater plans instead of individual plans.
    • If you claim for higher deductibles, your premium payments will automatically come down.
    • Buy the policy online to claim discounts.
    • Make sure to purchase your health insurance policy at an early age for lesser premiums.
    • Many companies offer a ‘No Claim Bonus’ or NCB if you have not claimed your insurance in the previous year. You can always opt for that while renewing policy.
  • Q: Does the insurance premium calculator help while purchasing a health plan?

    Ans:  Yes. These online insurance premium calculators are simple tools that help you determine the sum of the premium and duration of the policy per your financial needs. Several insurance companies provide such calculators on their websites. You can easily use them to calculate insurance premiums as well as compare premium options from various other companies. This health insurance calculator India thus helps you in your financial planning as well.

Written By: Paisawiki - Updated: 11 November 2020
Disclaimer: Paisawiki does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Disclaimer: Paisawiki does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.