Health Insurance Premium Calculator

• You can have an estimate of the premium prior to purchasing the policy.
• You can efficiently choose a health insurance policy after comparing the premiums of similar plans.
• You can filter and shortlist the premium quotes as per your preferences.
• The health insurance premium calculator also gives you an idea of the available discounts.
• You get to know the cost of add-ons and optional benefits in advance.
• The medical insurance premium calculator offers the flexibility to change the data entered and check its impact on premiums.
• You can exclude or include add-on covers and riders provided by various insurance companies to fit the premium within your budget.
• You can make the decision of buying the policy when you actually want to proceed, as you do not have to go and meet an insurance agent or a person in the branch.

• Entry Age

  Age is an important determining factor while calculating health insurance premium. Your medical insurance premium will increase with your age. At a higher age, people are more prone to illnesses, such as cardiovascular diseases, kidney disorders and degenerative diseases. This is the reason why premium for a senior citizen health insurance plan is usually higher than a basic health plan.

• Sum Insured

  The sum insured of your health policy also impacts your premium amount. The higher is your policy sum insured, the higher will be the premium. This is because a higher coverage translates into a higher liability of the insurer. As a result, the insurer charges a higher premium.

• Gender

  Your gender also affects the premium of your mediclaim policy. Usually, the premiums for female candidates are lower as compared to the male candidates due to lower risk of heart attack, stroke, etc. However, women of childbearing age (between 20s and 30s) may have to pay a higher premium for choosing maternity coverage.

• Plan Type

  The type of health insurance plan you select will affect the premium cost. For instance, buying a family floater plan is more affordable than getting individual plans for every family member. The lower is the risks involved, the lower will be the premiumand vice-versa. Health insurance premium calculator helps you to choose a plan that provides your desired coverage for the desired premium.

• Geographic Location

  The geographic location or the city where you reside also determines your premium. Health insurance premiums for people living in big metro cities are higher than in tier-2 and tier-3 cities. This is because the cost of healthcare facilities is higher in metropolitan cities than in smaller cities.

• Lifestyle Habits

  Your lifestyle habits also affect your premium price. If you are a smoker or drink regularly, you have a higher chances of paying a higher premium. This happens as such people are more prone to certain diseases, like liver disease, etc., thereby increasing the likelihood of raising a claim. Many insurers offer health insurance discounts to motivate people to lead a healthy lifestyle.

• Policy Term

  The tenure of your medicliam policy also impacts its cost. You may think that the premium for a 1-year health insurance plan will be lower than a 2-year or 3-year plan. However, many insurers provide a discount if you buy a long-term policy. As a result, this makes buying a 2-year or 3-tyear health policy more affordable in the long run.

• No Claim Bonus

  No Claim Bonus (NCB) is an important factor to be considered before calculating the health insurance premium. It is the discount you get on your medical insurance premium for all the years you have not raised a claim. Hence, you can earn a renewal discount if you do not file a claim often.

• Add-ons/Riders

  Health insurance add-ons and riders that you add to your policy to expand your coverage also determine your premium. Add-ons and riders can be purchased on the payment of an additional premium amount. The more number of add-ons or riders you add to your policy, the higher will be your premium.

• Savings and Investments

  Insurance companies invest their capital in public sector investment instruments. They typically avoid investing in the private sector due to excessive risk. Each of these investments is made after following the guidelines set by the IRDAI to avoid any compliance issues later. The premium you need to pay for a health insurance policy is subject to the returns gained from such investments.

• Policy Underwriting

  Insurance companies offer various types of health insurance policies, such as individual health insurance, family floater health insurance, top-up insurance, etc. They get their mediclaim policies underwritten in such a manner that there is a balance between all of them at the same time. They also analyze the possible risks from one or more angles and take into account a wide range of factors that could cause trouble. Based on that, different mediclaim policies get their specific criteria of eligibility and instances, such as when to deny coverage to a policyholder. These steps are taken in order to avoid losses in the future.

• Opt for Higher Deductibles - Deductibles are a pre-decided amount that you need to pay on your own for the treatment before filing a claim. Only after you pay the deductible amount, the insurer will pay the claim amount. In some health plans, deductibles are compulsory, while they are voluntary in other cases. Opting for a higher voluntary deductible will reduce your health insurance premium. However, it is recommended to opt for an amount you can afford to pay for your treatment. 
• Select Family Floater Plans - Family floater plans cover two or more family members under the same policy on a floater basis. It is suitable for those who want to cover their spouse and children under the same plan without the hassles of paying separate premiums for each member. Opting for a family health insurance plan can reduce your premium significantly.
• Opt for a Multi-Year Mediclaim Policy - The premium for annual health plans is higher in comparison to multi-year plans bought for 2 or 3 years. This is because most insurers offer a discount on mediclaim policy premium bought for a tenure of more than 1 year.
• Compare Medical Insurance Quotes - Health insurance premiums vary from one insurance company to another and from policy to policy. Comparing different health insurance quotations would help you decide and purchase an adequate medical policy to meet your healthcare requirements. You can use a health insurance premium calculator to know the premiums of plans from multiple insurers, allowing you to make the best pick.
• Opt for Top-up Health Plans - To enhance your medical coverage, you can buy a top-up health insurance plan alongside your existing mediclaim policy. It can come in handy when your base sum insured gets exhausted. Besides, the premium for a top-up plan is less than buying another regular policy.

Simply put, the more you pay as health insurance premium, the more you save on your income tax. Use the health insurance premium calculator to figure out how much you have to pay to avail sufficient health coverage.

In case you are the breadwinner (sole earner) in your family and are paying health insurance premiums for your family (spouse and children) and your parents, then you can avail a combined tax exemption of up to ₹75,000 in a financial year. Moreover, you can avail a tax exemption of ₹5,000 for health check-ups. However, this amount is included in the overall tax limit of ₹25,000 for non-senior citizens and ₹50,000 for senior citizens.

Note: In order to avail the tax exemption, you must pay your health insurance premiums online via cheque. In case you have paid your health insurance renewal premium via cash, it would not be eligible for tax exemption.