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SBI Health Insurance Premium Calculator
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SBI Health Insurance Premium Calculator

Among many other health insurers, SBI General is a renowned name for offering comprehensive and cost-effective health insurance policies. The policies are customizable as per your requirements. And most importantly, you can calculate the premium on your own through the SBI health insurance premium calculator.

SBI Health Insurance Company, founded in the year 2010, is one of the popular general insurance companies in India.  With 6000+ network hospitals, lifetime renewability, and Incurred Claim ratio of 52.01%, it offers a massive range of health insurance products without a pre-policy medical screening for policyholders, which aims at assisting policyholders financially in case of health-related issues.

What’s the SBI Health Insurance Premium Calculator?

Thanks to the technology, all applications can be conveniently taken over online, including buying an insurance policy. It opens doors to better options, transparency into various companies, and the policies they offer, intricate and minute details of the company which otherwise are never known. One very important aspect of it all is to deduce the online premium through a premium calculator. The same can be done for SBI Health Insurance wherein a customer can delve into various policies, add or deduct components and conclude a final policy customizing it as per the individual needs and calculate the premium to be paid. This can be further modified or retained as per the choice of the customer.

Why Calculate Health Insurance Premium Online?

The reasons why it is important to calculate an online premium quote are:

  • One can ascertain the actual premium cost to be paid.
  • If the premium is out of budget, modifications can be made in factors deciding and impacting the premium accordingly.
  • Gives a gateway to compare various policies and rates of premium to settle for the best and most affordable one
  • Additional riders and benefits can also be modified, added, and subtracted according to one's pocket.

Benefits of Using SBI Insurance Premium Calculator

  • Easier Financial Planning: If the exact amount that needs to be paid throughout the year towards medical insurance is ascertained, it becomes easier for a layman to calculate his/her finances in the best possible manner, adjusting the expenses.
  • Reduces the Risk of Defaulting Payments: If one is aware, how much he/she needs to invest each year towards this medical insurance, there is no risk of defaulting as the amount is as per his affordability and feasibility.
  • Customize the insurance plan as per individual needs: Compare various policies and deducing the best one customized according to customer needs.
  • Adding and Deducting Riders and Other Benefits as per Choice: If the premium is too low or too high, it can be adjusted according to the pocket by adding or deducting additional riders and benefits.
  • Helps to Reach the Best Insurance Policy: Finally selecting the amount of annual premium as per the individual's affordability, the best insurance policy can be chosen and paid or.

Steps to Calculate SBI Health Insurance Premiums Online?

It is a very simple process, and the following steps need to be followed:

  • Step 1: Visit the webpage Paisawili.com and navigate through the health insurance calculator.
  • Step 2: Enter details like name, members in the family, occupation, gender, occupation, etc.
  • Step 3: Click on “Get a Quote”
  • Step 4: Further details like Date of Birth, Contact Number, and email will be asked for and verified.
  • Step 5: The next page will lead to various policies with different sum insured, policy terms, and add on available from which one needs to select the most suitable options as per personal preference.
  • Step 6: Finally, the estimated premium that needs to be paid annually on the specific policy chosen will reflect on the screen.
  • Step 7: If the amount is too low or high as expected, one can go back and make relevant changes in the previous steps. Last, pay the premiums online to renew or buy the policy.

Factors Affecting Premium of SBI Insurance Policies Online?

Important factors that affect the health insurance premium are many, and correct details should be entered:

  • Family Details, lifestyle, and hereditary health issues that have been entered online by the individual can affect the cost of premiums.
  • Marketing and administration expenses incurred by the insurance company reflect on the premium paid by the policyholder.
  • The type of plan, policy term, and sum insured etc. have a huge impact on the premium, which can further be adjusted by modifying these relevant details.
  • Co-payment and deductibles reduce the premium to a substantial limit.
  • Additional benefits and riders - every add on or rider attached to the policy comes with an extra amount of premium to be paid.
  • Investment and savings of insurance companies in public sectors - Any profit earned is also a profitable situation for the policyholder as a reduction in premium and vice versa.
  • Pre-existing disease cover, personal accident, and disability cover come with an extra cost and higher premium amount.
  • The mortality rate of the city, place, age, gender, occupation, etc. is considered.
  • SBI sets base rates of each policy under important factors which derive the annual premium from being paid
  • GST inclusive of 18% in the premium amount

Types of Health Insurance Policies available at SBI Health Insurance Company

SBI Plan

Minimum Entry Age

Maximum Entry Age

Sum Insured

Policy Term

Premium Paying Modes

SBI Arogya Premier Policy

3 months – child

18 years - adult

65 years

Rs 10 – 30 lakh

1 year

Annually/Monthly

SBI Arogya Plus Policy

3 months – child

18 years - adult

65 years

Rs 1/2/3 lakh

1 year

Annually/Monthly

SBI Arogya Top Up Policy

3 months – child

18 years - adult

65 years

Rs 1 - 50 lakh

1 year

Annually/Monthly

SBI Retail Health Insurance

3 months – child

18 years - adult

65 years

Rs 50,000 to 5 lakh

1 year

Annually/Monthly

SBI Critical Illness health insurance policy

3 months – child

18 years - adult

65 years

Rs 2 lakh – 50 lakh

1 year, 3 years

Annually/Monthly

SBI Hospital Daily Cash Insurance Policy

3 months – child

18 years - adult

65 years

Rs 500 per day to Rs 2000

1 year

Annually/Monthly

SBI Loan Insurance Policy

Adult – 18 years

70 years

Rs 1 lakh

1 year

Annually/Monthly

FAQs

  • Q.1. What are the deductibles and co-payment?

    A: Any amount that the policyholder needs to pay before claiming the remaining amount of the expense made is a deductible. The policyholder's co-payment is made in a fixed ratio in the claim amount, while the insurance company will pay the other part.

  • Q.2. What is the tax benefit in this Health Insurance Policies?

    A: Under section 80 D of the Indian Income Tax Act, 1961, tax benefits up to Rs 50000 can be gained on the amount of premium paid towards the policy.

    *Income tax benefits are subject to the prevailing tax laws

  • Q.3. How can one renew the SBI Medical insurance policy?

    A.3. Lifetime renewability is available with SBI Medical insurance policy, which can be processed online following a simple renewal process. One can also renew the policy through Paisawiki.com by following the renewal steps there. 

Written By: Paisawiki - Updated: 10 November 2020

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