Health Insurance Premium Calculator

Health Insurance Premium Calculator

Health Insurance Premium Calculator: Compare different health insurance plans from a wide range of general insurance companies in India. Using Health Insurance Premium Calculator, you can choose the best mediclaim policy at an affordable premium price, and get the policy issued to you instantly.

  • Using health insurance premium calculator, calculate your health insurance premium instantly
  • Compare a range of health plans from top insurers nationwide
  • Pick out the best health insurance policy

How do Insurance Companies calculate the Premium? Do you own a health insurance policy already or are willing to buy one anytime soon? Then you might have wondered (once if not more), “how is the premium calculated?”, and end up realizing that is up to them or perhaps some insurance regulatory manages their price list.

Well, you need to know that your health insurance or mediclaim premium calculator functions, based on several factors. This is also true that insurance companies have their own premium-deciding factors (obviously acknowledged by IRDA), including your age, individual as well as family medical history, pre-existing disease (if any), etc.

For instance, the amount of money you need to pay for health coverage purchased at a young age (say, 25 years) would be significantly lesser than the amount you will have to pay for the same coverage at the age of 45 years. The primary reason why you will have to pay more is that you’re more prone to ailments at the age of 45 years than you were at 25. Insurance companies make sure you undergo a medical check-up and fill out the policy form with honest answers.

In case you have a pre-existing ailment or you’re a smoker individual/tobacco user, your insurance premium automatically goes up in the mediclaim premium calculator, whatsoever. That’s why you need to specify in the application form whether or not you smoke or are a tobacco user. If your answer is yes, then a certain amount is added to your insurance premium automatically.

Health Insurance premium

What is Health Insurance Premium?

The Health Insurance Premium is the amount of money you need to pay periodically to an insurer in order to avail the medical coverage as well as to ensure that the policy remains in force. Health insurance premium calculator facilitates you to calculate your mediclaim premium, based on your insurance needs. In return, the insurer is liable to pay for the hospitalization expenses and medical bills in the event of a medical emergency or when an ailment is diagnosed subject to the policy terms.

Benefits of Health Insurance calculator

Significant Benefits of Health Insurance Premium Calculator

Insurance policies are pretty complex and the policy documents generally have hidden terms and conditions. Sometimes, you don’t understand one or more insurance-specific terms and consequently, you have to pay way more than your expectations. What if you know in advance exactly how much premium you’ll have to pay for a health insurance policy? Your life becomes so easy. The following are the benefits of 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 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.

Factor Affecting Health Insurance Premium

Additional Factors Affecting Health Insurance Premium

Insurance companies have certain guidelines related to mediclaim and they do follow them all each time they issue an insurance policy to an individual; same goes for a health insurance policy. Below is a list of such guidelines that are followed by most insurers:

  • 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.

  • 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.

  • 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.

  • 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.

Tax Benefits of Health Insurance

Tax Benefit of Health Insurance

In addition to the medical coverage, health insurance policies also have a tax benefit under section 80D of the Income Tax Act, 1961. In other words, the premiums you pay for a health insurance policy entitles you to avail tax exemption under the IT section 80D, where the maximum tax exemption you can avail in a financial year is Rs. 25,000 if you’re below 60 years of age. On the flip side, if you’re a senior citizen, then this limit goes to Rs. 30,000 in a financial year.

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.

Health Insurance premium Calculator by Policybazaar

How to Use Health Insurance Premium Calculator by Policybazaar?

Policybazaar provides you with an advanced health insurance premium calculator that does exactly the same function for you. It facilitates you to calculate the premiums of various health insurance policies and provides you with a free quote. You can compare various health insurance policies based on not only the premium but also the benefits under the coverage umbrella.

With this mediclaim policy premium calculator, all you need to do is provide your personal details along with the details of your family for which you want to purchase the policy. Based on the information provided, this premium calculator compares a range of health insurance policies that are ideal for you. Choose the best plan for you in your budget, based on the coverage and not just the premium.

Medical Insurance Premium Calculator

How to Start using Health Insurance Premium Calculator?

  • Click on the Health option on the homepage to begin.
  • Enter your city name or pin code and select your annual income.
  • Select your family members to include in the policy
  • Click on the Proceed button
  • Provide your name and email ID
  • Enter your mobile number and current medical condition
  • Click on the Proceed button to view the Quote

Now, you can see various health insurance policies with their features and corresponding premiums. Choose two or more health insurance policies to compare and pick out the best one using the mediclaim premium calculator. You can also chat with the Policybazaar support team for any query you may have.

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