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Royal Sundaram Health Insurance Premium Calculator
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Royal Sundaram Health Insurance Premium Calculator 

Royal Sundaram health insurance offers health insurance solutions catering to a comprehensive list of medical conditions and ailments. There are two types of health insurance packages – lifeline and family plus. The former is an all-encompassing indemnity plan that covers all aspects of an individual’s and their family’s health insurance. The latter is an affordably priced health insurance plan covering not only immediate family members but extended family members as well. In order to get a fair idea on the premiums to be paid for these plans, Royal Sundaram health insurance premium calculator can be a great option.

What is the Royal Sundaram Health Insurance Premium Calculator?

The Royal Sundaram health insurance premium calculator helps a prospective policyholder calculate their premiums. The following information is required to calculate the health insurance premium.

  • Plan Type – The type of plan. For example, if it is a Lifeline health insurance plan, it comes in three variants, namely Classic, Supreme, and Elite. Based on the types, the premium is calculated.
  • Coverage – Two types of coverages are available – Individual and Family Floater. Each type comes with a different premium.
  • Sum Insured – The assured sum is the amount of money received by the insured upon claiming for insurance. The amount of sum insured has a bearing on premium calculations
  • Date of Birth of Insured – The date of birth of the insured has a bearing on the premium calculation
  • City of Residence: The calculator also requires the city of the residence to calculate the premium.

Why is the Royal Sundaram Health Insurance Premium Calculator Important?

Medical costs are rising. Instead of being caught in the vicious circle of hospital expenses, an effective way to secure one’s and one’s family’s future is to purchase a health insurance policy. This is an important step to not only financial freedom but protection against unforeseen circumstances. During medical emergencies, the insured is relieved of any financial burden.

There are numerous medical insurance policies to choose from Royal Sundaram General Insurance Company. Choosing the right one takes a bit of analysis. A good health insurance policy can be chosen after reviewing one’s financial obligations, healthcare requirements, and long-term investment outlook.

Another step to choosing a good health insurance cover is to use the Royal Sundaram health insurance premium calculator. If for some reason, the premium payments don’t seem feasible, then an alternative can be sought, instead of committing to the policy, and then not paying premiums on time.

Not only does the health insurance premium calculator help in assessing if premium payments are possible. It can also help compare the various plans that the insurer offers. Not all plans are the same considering that each plan has several variances from the other, because they are intended to serve specific goals of policyholders.

Benefits of Using the Royal Sundaram Health Insurance Premium Calculator?

The following points help in understanding the benefits of the Royal Sundaram health insurance premium calculator.

  • It helps the prospective Royall Sundaram health insurance policy takers to plan their finances by getting an indication of the tentative premium amounts. With an idea of how much premium to pay, a part of income that is received monthly can be reserved for this purpose.
  • There is no shortage of health insurance plans. Because of the sheer number of users, health insurance plans evolve as per the market requirements. Benefits are added in health insurance plans that focus on resolving health insurance needs and investment needs of policyholders. So, comparing these insurance policies is the need of the hour. The Royal Sundaram health insurance calculator helps insurance seekers with this aspect.
  • Unlike before, premium calculations are quick and easy. In pre-modernized insurance era, premium calculations were a cumbersome process. The proposer would be intimated about the premium after a week-long wait. Communication between the insurer and proposer was through postal mail. But in the modern era, this information is at the fingertips of the insurance seekers. Using the Royal Sundaram health insurance premium calculator helps get an estimate in a matter of seconds.

What are the Factors that Affect Health Insurance Premium Calculation?

Insurance companies levy premiums based on a variety of factors. The following are some of the factors that are taken into consideration for calculating Royal Sundaram health insurance premiums:

Mortality Rate

In case of an incident to the customer, the insurance company has to bear the expenses. Some customers have a higher mortality rate probably due to factors such as lifestyle habits, pre-existing conditions, and age. Income groups, social groups and geographic locations of customers can also influence their mortality rates. Taking into consideration all these factors, a health insurance plan for an individual could be modified as per the discretion of the underwriter. The rationale for the same can be sought in writing from the insurance company.

Personal Medical History

Some people do not conduct medical health checkups before taking a health insurance policy. At the time of taking a policy, insurers do take into account a person’s health history, personal habits, family medical history. All of this data helps the insurance company arrive at a premium for a person.

Saving Component

Based on the guidelines set by the Insurance Regulatory and Development Board of India, insurance companies may invest a portion of the premium in government bonds. Not all health insurance plans have this investment component. The ones who have this component may have a higher premium owing to the fact that a portion of the premium is reserved for investment.

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Written By: Paisawiki - Updated: 30 September 2020

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