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Health Insurance Premium Calculator

Calculate Medical Insurance Premium

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7.5% Discount
10% Discount

Your premium is Rs.

Above Premium includes 18% GST

I

93%

Claim Settlement Ratio (OND 2018)

II

7400 +

Network Hospitals across 500 cities

III

400 Lacs+

Lives covered

Health insurance premium calculator refers to an online tool that provides an estimated health insurance premium amount that you have to pay for getting insured. The calculations executed by the health insurance premium calculator are based on several factors such as your age, pre-existing diseases, your income, family history and more.

Table of Content

About Health Insurance Premium Calculator

Earlier, health insurance premium calculation was a cumbersome task for the customers. But, with the growing technology, it's now become easy to know the amount of the health insurance premium before buying a policy. If you already have any pre-existing disease then, in that case, your premium will be higher than those who don't have. Further, the health insurance premium calculator will also help you to prepare your budget and invest in the policy that will be cost-effective and gives you more coverage. We, at Religare Health Insurance, also facilitate our customers to calculate the health insurance premium online.

With health insurance premium calculator you can compare different health insurance plans from a wide number of reputed top insurance companies. It allows you to select the best mediclaim policy at an affordable price. This is the best and the easiest way to find the best health insurance policy for yourself.

The functioning of the health insurance premium calculator is based on several factors. Some of the insurance companies also have their factors to include. This is why the list of factors may differ from company to company. Using a health insurance premium calculator you can even calculate the family health insurance premium without any hassles.

How to Use Health Insurance Premium Calculator?

A health insurance premium calculator can be used by following just a few simple steps.

To Use Health Insurance Premium Calculator:

  • First, go to a health insurance premium calculator page.
  • Now enter the details in the health insurance premium calculator including the number of members to be included in the plan, the birth date of the senior-most member of the family and others. You need to enter the exact number of family members and not an approximate value.
  • You also need to mention the sum assured or coverage.
  • In the next step, you need to key-in the policy tenure details.
  • Now Click on the Calculate Premium button to get the results. Based on the provided details, the calculator will give you the approximate premium payable.

The health insurance premium calculator will automatically calculate the premium you will have to pay to enjoy the coverage. You can make as many changes to the various factors as you like such as adding or removing family members from a particular plan.

An important note here is that the total amount the health insurance premium calculator provides is an estimate of the premium you will have to pay. After you meet with executives from the insurance company, certain other factors might be included such as existing health problems or family history. However, this variation will not be too high, and with the calculator's help, you will have a pretty good idea of how much you will have to pay to enjoy health insurance coverage benefits.

>> Check: Health insurance for Parents

Benefits of Health Insurance Premium Calculator

Knowing the health insurance premium amount in advance will be half the battle won. It's just you need to put your details and get it in just a single click. Your life becomes easy and you can choose the policy that suits your health and pocket. Here we have some quick benefits of using health insurance premium calculator for checking the insurance premium online:

  1. It gives you an estimate of the premium payable before buying a health insurance policy.
  2. Right premium calculations will give you the grounds based on which you can plan your budget.
  3. Comparison amongst different premium amounts makes it easy to choose the most cost-effective health insurance plan.
  4. No hefty calculations are required, just put the required details on the website and make a hassle-free decision.
  5. Health insurance premium calculator show applicable add-on covers that you can buy for your other medical needs.
  6. Premium amount with a free quote is readily available in a single click. You do not need to wander from one insurance company to another for buying insurance.
  7. Using a health insurance premium calculator you can avail tax benefits on the premiums paid for the health insurance under section 80D.

What is Health Insurance Premium?

The health insurance premium is the amount one pays to their health insurer periodically on availing coverage under one of the plans offered by them. The periodicity of this payout could be monthly, quarterly or yearly. This amount largely depends on the age of the Insured. Usually Health Insurance premium increases with age. Apart from this, the number of people covered in a single policy is also a contributing factor.

Apart from this, the choice of plan, sum insured option, and other benefits also contribute to the premium of health insurance. Some cashless health insurance offers hospitalization facilities across the globe which might make them a bit expensive than plans that restrict coverage to only India.

Factors Affecting Health Insurance Premium

Insurance companies use a complex method of risk assessment to calculate your health insurance premium. Your medical history, family history, and the information in your application comprise of your risk profile. This information is compared to the company's benchmarks to generate a health insurance premium for your family health insurance plan.

Though different companies have different benchmarks and value assessment, there are certain factors that all companies pay particular attention to while calculating health insurance premiums. Therefore, while choosing a health insurance policy either for yourself or for your family, you should be aware of the below-mentioned factors that can affect your health insurance premium.

  • Age: Age is the most important factor that affects your health insurance premium. The older you get, your premium starts to climb. If you are a young individual, your premium is less. It is so because young people are less prone to diseases than older or senior citizens.
  • BMI: BMI (Body Mass Index) is the ratio between your height and weight. If you have an unhealthy BMI, then there are the chances that you may have various diseases like obesity, heart ailments, diabetes, etc. In such a case, your premium amount is higher. However, if you have a healthy BMI, your premium amount is less.
  • Tobacco: Tobacco consumption can also increase the amount of premium. You have to pay a higher premium if you take tobacco in any form because it increases the chances of critical illness.
  • Gender: It is assumed that women are more prone to diseases than men, so the premium amount is higher for them.
  • Non-Physical Health Factors: Certain non-physical health factors also considered while calculating the premium. People working in polluted or risky working environment tends to have a higher premium. Married couples have to pay lesser premiums than individuals. First-time insurance buyers also have to pay a higher amount of premium.

How to Lower Your Health Insurance Premiums?

A higher premium does not mean higher coverage. Even the lower premium health insurance policy can give you good benefits subjected to your health care needs. Your health insurance could be inexpensive if you can follow these tips:

  • Opt for family floater plan: Under family floater health insurance plan multiple family members are covered under a single plan thus the health insurance premium decreases.
  • Go for Higher Deductible: It is an amount that you have to pay to the insurance company before you get the claim. You should go for a higher voluntary deductible that results in a lower health insurance premium.
  • Use NCB: NCB is no claim bonus that you get for not filing the claim in the previous year. It gives you additional coverage without increasing your health insurance premium.
  • Buy Health Insurance Online: Buying health insurance online eliminate the agent's fees, lower the administrative cost of the company, thus results in lower insurance premium.
  • Invest in Health Insurance in Young Age: It's good to invest in health insurance when you are young. It costs you less amount of premium because you are fit and healthy, and also less prone to diseases.
  • Choose Long- Term Policy: You often get a discount on the long-term policy. Religare Health Insurance offers a 10% discount on a health insurance policy for 3 years and 7.5% on 2-year policy tenure.

Therefore, a health insurance premium calculator is a helping tool to choose the right health insurance plan. It gives you an estimation of the cost of a health insurance plan so that you can pick the most affordable one accordingly. However, you should always give preference to adequate coverage over the amount of the premium. Claim settlement ratio and credibility are also equally important. So, you can opt for our comprehensive health insurance plans that offer maximum coverage at an affordable premium.

Additionally, to calculate the premiums for family health insurance plans, you can make use of the health insurance premium calculator. There will be certain factors you will have to select based on your family and insurance needs. With the Religare's health insurance premium calculator, you can begin by selecting how many people are there in your family and how many of these are children if any. You then have to specify the age of the oldest member of your family and decide the amount you want to be insured for. This is the upper limit of health-related bills and payments that your insurance will cover.

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