Not to mention the process of manual calculation of insurance premium is cumbersome. Health Insurance Premium Calculator provides you a clear picture of premium cost. Where to calculate health insurance premium, you need to provide your age, number of family members to be covered and pre-existing diseases etc. The numbers are calculated automatically through the health insurance premium calculator and you get instant results. Dedicated to the process of simplifying your premium calculation in just a few clicks.
Most people rely on insurance companies to provide their premium payment details. But one has to settle for an insurance policy just to avoid the research process. This is where the role of a mediclaim policy premium calculator comes into play. It is both your time saving and effective tool.
For example, if a person is in his 20s, he will have to pay a lower premium amount compared to health insurance premiums that someone in his 40s would have to pay. As the age of a person increases, so does the chances of catching the disease and hence, insurance companies charge higher premiums and have to undergo pre-medical screening before issuing the policy.
Applicants with pre-existing diseases, tobacco users, and smokers are also at higher risk and are more likely to file a claim during the term of the policy than those who are younger and have any pre-existing medical problems. is not.
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What is health insurance premium?
Health insurance premium is the amount that you need to pay from time to time in order to avail medical coverage as well as ensure that the policy is in force. Health Insurance Premium Calculator lets you calculate your mediclaim premium based on your insurance needs. In return, the insurer is liable to pay hospital expenses and medical bills in the event of a medical emergency or when an illness is diagnosed, subject to the terms of the policy.
Important Benefits of Health Insurance Premium
Insurance policies are very complex and have hidden terms and conditions in the policy documents. Sometimes, you don’t understand one or more of the insurance-specific terms that result in you paying more than you expected. What if you already know how much premium you will have to pay for the best health insurance policy? Your life becomes so easy. Following are the benefits of health insurance premium calculator:
Using the health insurance premium calculator, you can estimate the premium before buying a policy.
You can efficiently choose a health insurance policy based on the comparison between different similar plans.
You can filter and condense quotes according to your preferences.
The Health Insurance Premium Calculator also gives you an idea of the discounts available.
You are already aware of the cost and optional benefits of add-ons.
Medical Insurance Premium Calculator provides the flexibility to change the data entered.
You can exclude or include add-on coverage through the ridership that various insurance companies offer on their plans online.
You can make your decision when you really want to go ahead, as you don’t have to meet the insurance agent or person at the branch.
How is health insurance premium determined?
01-History of Medicine
Pre-medical screening or medical history is required to determine the health insurance premium based on the results. Some plans may not require a medical examination but take into account your current health conditions, family health background and lifestyle habits. The premium is usually higher for smokers.
02- Enter age and gender
Age is an important determining factor when calculating health insurance premiums. The premium increases with the age of the proposer. At an older age, people are prone to serious diseases, such as heart disease, kidney disorders. This is the reason why the premium for a senior citizen health insurance plan is usually higher than a basic health plan. Also, the premium is lower for female candidates as compared to male candidates due to the risk of heart attack, stroke etc.
03- Policy Term
The premium for a one year health insurance plan will be less than for a 2 year plan. However, the insurer offers a discount if you buy a longer term policy.
It is well known that the plan chosen by you is going to affect the premium cost. The lower the risk, the lower the premium. A wisely chosen and weighed plan on a health insurance premium calculator will help you get multiple benefits and the desired premium.
This is the discount that you get on your insurance premium for all the years you have claimed. This is important to be considered before calculating the health insurance premium.
If you are a smoker or drink regularly, chances are
That you will be paying an additional amount of premium. In fact, the company may refuse to issue your policy.
Additional factors affecting health insurance premiums
Insurance companies have certain guidelines related to mediclaim and they go for health insurance policy every time they issue an insurance policy for an individual. Below is a list of guidelines that most insurers follow:
01-Expenditure related to marketing and services
Expenses related to marketing and services are quite large in number, which are certainly recovered from the premiums paid by the policyholders. In the description these expenses are formatted as the designing cost of a medical insurance policy, followed by marketing, commission, brokerage, brochures, advertising, and all other additional costs. The list also includes operating costs incurred by insurance companies.
02-Savings and Investments
Insurance companies invest their capital in public sector investment instruments. These companies usually avoid investing in the private sector because of the high risk. Each of these investments follows the guidelines of IRDA of India to avoid any company issue later. The premium you have to pay for a health insurance policy is subject to the returns derived from such capitalization.
Insurance companies have different types of single health insurance policies, such as individual health insurance, family floater health insurance and group health insurance. These companies get their mediclaim policies written in such a way that there is a balance between all of them at the same time. They analyze potential risks from one or more angles and take into account a number of factors that can cause trouble. Based on that, different mediclaim policies get their own specific criteria of eligibility and instances, such as denial of coverage to the policyholder. Obviously, these steps have been taken to avoid losses in the future.
There are times when insurance companies have liabilities and their family members have to pay the sum insured for emergency hospitalization. The mortality rate is nothing but the cost an insurance company has to incur in case of an incident to a customer. While these expenses vary with the age group, such liabilities often arise in the case of older customers. Because:
Insurance premium is comparatively higher for aged customers
Older customers are more prone to diseases and subsequent hospitalization due to high blood pressure and diabetes, heart attack etc.
The sum is higher for insured aged customers, so is the premium.
Although all general insurance companies require you to go through a health screening before issuing a health insurance policy, some leave it up to you and proceed with the information you provide in the application form. Insurance companies will need to document your current health condition, family health background, smoking/drinking habit before issuing a health insurance policy to you. Based on this information, the premium payable for the coverage is calculated, which you will have to pay to receive the policy benefits. This also means that people who have a medical history or any condition currently, will have to pay an additional premium to avail the coverage.
How to reduce health insurance premium?
As more and more people realize the importance of health insurance cover, the cost of premium is still a matter of concern for many. Though mediclaim policies with low premiums may not offer adequate health cover, here are some ways to reduce your health insurance premiums:
Option for higher deductible- This is the percentage of the amount that the insured has to pay himself for the treatment. Some health plans require a deductible and some are voluntary, where you have the option to opt for it. Opting for a higher deductible will reduce the health insurance premium. But this is only for those who can afford the fixed cost of treatment on their own.
Select Family Floater Plan- Family floater plan covers 2 or more members under a single policy. It is suitable for those who wish to cover their spouse and children under the same plan and the premium is not paid separately for each member. This reduces the premium significantly. The catch is that the sum insured is available only on floater basis and not on individual basis.
Multi-year mediclaim policy option- The premiums for annual health plans are higher as compared to multi-year plans purchased for 2 or 3 years. The premium is paid once and most of the insurers offer a discount on mediclaim policies purchased for a tenure of more than 1 year.
Compare Medical Insurance Quotes- Health insurance premiums differ from one insurance company to another. And the premium is also different for different mediclaim policies. Comparing different health insurance quotes will help you decide and buy an adequate medical policy to meet your healthcare needs.
Option for top-up health plans- You can buy a top-up health plan along with your existing mediclaim policy to enhance the coverage benefit. The premium for top-up plans is lower, and is useful when your base sum assured is exhausted.
health insurance tax benefits
Apart from medical coverage, health insurance also has tax benefits under Section 80D of the Income Tax Act, 1961. In other words, the premium you pay for a health insurance policy entitles you to tax exemption under IT section 80D. Where you can get maximum tax exemption of Rs.25,000 in a financial year, if you are below 60 years of age. On the other hand, if you are a senior citizen, then this limit is Rs 30,000 in a financial year.
Simply put, the more you pay as health insurance premiums, the more you save on your income tax. Use the health insurance premium calculator to find out how much you have to pay to get adequate health coverage.
If you are the breadwinner (sole breadwinner) in your family and are paying health insurance premiums for your family (spouse and children) as well as your parents, you can earn a combined tax of 55,000 in a year. You can take advantage of the discount. Which is subject to 5,000 annual health check-ups.
You can also get additional tax exemption of Rs.5,000 subject to annual health check-up.
Note: To avail tax exemption, you need to pay your health insurance premium through check or internet banking. If you had paid your health insurance renewal premium through cash last year, you will not be able to claim tax exemption based on that payment.
*Tax benefit is subject to change in tax laws
How to use Health Insurance Premium Calculator by Policy Bazaar?
Policybazaar offers you an advanced health insurance premium calculator that does exactly the same thing for you. This online premium calculator lets you calculate premiums for various health insurance policies and gives you a free quote. You can compare different health insurance policies on the basis of not only the premium but also the benefit under the Sum Assured.
With this mediclaim policy premium calculator, you just need to provide your personal details along with the details of your family for which you want to buy the policy. Based on the information provided, this premium calculator compares multiple health insurance policies that are ideal for you. Choose the best plan based on your budget and not the coverage.
How to start using Health Insurance Premium Calculator?
You need to follow these simple steps to use the online mediclaim premium calculator:
Visit the Policybazaar Health Insurance Premium Calculator page.
Fill the form with the required details on the page.
Mention your gender, name and contact number.
Select if you want to go for an individual plan or a family floater plan. Mention the number of members to be included in the scheme.
Select your family members to be included in the policy. Enter the age of the eldest member and eldest child.
Select the amount of Sum Assured in the Medical Insurance Premium Calculator.
Select the city you are living in.
Hit ‘Continue’ to see the tab.
Once all the fields are filled you can click on Calculator Premium and you will get the estimated cost of premium for the selected health insurance plan.
Now, you can view various health insurance policies along with their features and corresponding premiums. Choose two or more health insurance policies to compare and pick out which one is best using the Mediclaim Premium Calculator. You can get in touch with Policybazaar support team for any queries.