Health Insurance Premium Calculator

• Using 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, based on a comparison between various similar plans.
• You can filter and shortlist the quotes as per your preferences
• 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
• Medical insurance premium calculator offers flexibility to change the data entered and the
• You can exclude or include add-on coverage through Riders provided by various insurance companies offering their plans online.
• You can make your decision when you actually want to proceed, as you don’t have to go and meet an insurance agent or a branch in person.

• Entry Age and Gender

  Age is an important determining factor while calculating health insurance premium. The premium increases with the age of the proposer. At a higher age, people are more prone to critical illnesses, such as cardiovascular diseases, kidney disorders and the likewise. This is the reason why premium for a senior citizen health insurance plan is usually higher than a basic health plan. Also, the premiums for female candidates are lower as compared to the male candidates due to lower risk of heart attack, stroke, etc.

• Policy Term

  The premium for a one-year health insurance plan will be lower than a 2-year plan. However, the insurer provides a discount if you buy a long-term policy.

• Plan Opted

  It’s a well-known fact that the plan selected by you is going to affect the premium cost. The lower the risks involved the lower the premium will be and vice-versa. A wisely chosen and weighed plan on a health insurance premium calculator will help you get numerous benefits and desired premium for you.

• No-Claim-Bonus

  It is the discount that you get on your insurance premium for all the years that you haven’t claimed. It is an important factor to be considered before calculating the health insurance premium.

• Lifestyle

  If you are a smoker or drink regularly, the chances are that you will be paying an extra amount of premium. In fact, the company can deny issuing your policy.

1. Expenses related to Marketing and Services

   The expenses related to marketing and services are quite large in number, which are certainly recovered from the premiums paid by the policyholders. These expenses in details are drafted as the designing cost of a medical insurance policy followed by the marketing, commission, brokerage, brochure, advertisement, and all other additional costs. The list also includes the operational cost incurred by the insurance companies.

2. Savings & Investments

   Insurance companies invest their capital in public sector investment instrument. These companies typically avoid investing in the private sector due to excessive risk. Each of these investments made follows the guidelines of the IRDA of India to avoid any compliance issue later. The premium you need to pay for a health insurance policy is subject to the returns gained from such capitalizations.

3. Policy Underwriting

   Insurance companies have various types of a single health insurance policy, such as individual health insurance, family floater health insurance, and group health insurance. These companies 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 troubles. Based on that, different mediclaim policies get their specific criteria of eligibility and instances, such as when to deny the coverage to a policyholder. Apparently, these steps are taken in order to avoid losses in the future.

4. Mortality Rate

   There are times when the insurance companies have liabilities and they have to pay the sum assured to the insured person or their family members in a case of emergency hospitalization. The mortality rate is nothing but the cost an insurance company has to bear in a case of an eventuality to a customer. While these expenses vary with the age group, such liabilities arise often in the case of older customers. This is because:

   • Insurance premium for old age customers is comparatively high
   • Old age customers are more prone to diseases and subsequent hospitalization due to high blood pressure, diabetes, heart attack etc.
   • Sum assured is higher for old age customers; so is the premium then.
   • Medical History

Although all insurance general companies require you to undergo a complete health check-up before issuing you a health insurance policy, some just leave it on you and proceed with the information you provide to them in the application form. Insurance companies need to document your present health condition, family health background, smoking/drinking habit before issuing you a health insurance policy. Based on this information, the premium payable for the coverage is calculated, which you have to pay to avail the policy benefits. This also means that those who have a medical history or a condition at present will have to pay an additional premium to avail the coverage.

• Select Family Floater Plans- Family floater plans cover 2 or more members under the same policy. It is suitable for those who want to cover their spouse and children under the same plan and the premium is not paid separately for each member. It reduces the premium significantly. The only catch is that the sum insured amount is available only on floater basis and not on an individual basis. 
• 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. The premium is paid at once and most of the insurers offer discount on mediclaim policies bought for a tenure of more than 1 year.
• Compare Medical Insurance Quotes- The health insurance premium varies from one insurance company to another. And the premium for different mediclaim policies also varies. Comparing different health insurance quotations would help you decide and purchase an adequate medical policy to meet your healthcare requirements
• Opt for Top-up Health Plans- To enhance the coverage benefits you can buy a top-up health plan alongside your existing mediclaim policy. The premium for top-up plans is less, and is useful when your base sum insured gets exhausted.

Simply put, the more you pay as health insurance premium, the more you save on your income tax. Use 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 the health insurance premiums for your family (spouse and children) as well as for your parents, then you can avail a combined tax exemption of Rs. 55,000 in a financial year.

You can also avail an additional tax exemption of Rs. 5,000 subject to the annual health checkups.

Note: In order to avail the tax exemption, you must pay your health insurance premiums via a Cheque or Internet Banking. In case you paid your health insurance renewal premium via cash last year, you would not be able to claim tax exemption, based on that payment.