Health Insurance Premium Calculator

A health insurance premium calculator is an online tool that provides you with health insurance premiums for different plans. The calculator uses your age, family members to be insured, sum insured, policy tenure, and similar factors to derive the policy premium.

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      Health Insurance Premium Calculator Overview

      Most people rely on their insurance companies to give them details on their premium payments. One would end up settling for one 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 timesaving and an effective tool.

      For example, the health insurance premium paid by a person in their 20s will pay a lesser premium amount in comparison to someone who is in their 40s. As the person ages the possibility of catching illness also increases and therefore, the insurance companies charge a higher premium and also need them to undergo pre-medical screening before policy issuance.

      Applicants with pre-existing ailments, tobacco users, and smokers are also at a higher risk and have more chances of filing a claim during the policy term in comparison to someone who is younger and does not have any pre-existing medical issues. 

      Choose health plans for every age group
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      PS - The starting price is indicative and may vary basis additional details.

      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.


      *All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply.

      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 best 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 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.
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      How is Health Insurance Premium Determined?

      • Medical History

        Pre-medical screening or medical history is required to determine the health insurance premium based on the results. In some plans medical exam may not be required but your current health conditions, family health background, and lifestyle-related habits are taken into consideration. The premium for smokers is usually on a higher side.

      • 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.

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      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.

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      How to Reduce Health Insurance Premium?

      As more and more people realize the importance of having a health insurance cover, the cost of premium still remains a concern with many. Though mediclaim policies with a lower premium might not offer adequate health cover, but here are some ways of reducing your health insurance premium:

      • Opt for Higher Deductibles- It is the percentage of amount that the insured needs to pay on his own for the treatment. In some health plans the deductibles are compulsory and in some they are voluntary, where in you have option to opt for it. Opting for a higher deductible will reduce the health insurance premium. But it is only recommended for those who can bear the certain cost of treatment on their own. 
      • 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.
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      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.

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      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. This online premium calculator 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.


      *All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply.

      How to Use Health Insurance Premium Calculator?

      To use a health insurance premium calculator online, follow the steps given below:

      • Visit Policybazaar Insurance Broker Private Limited’s official website
      • Go to the ‘Insurance Products’ menu at the top of the page
      • Select ‘Health Insurance Calculator’ under the ‘Health Insurance’ category
      • On the landing page, scroll down to the ‘Health Insurance Premium Calculator’ widget
      • Select the city in which you stay
      • Choose the people for whom you want to buy a health policy
      • Enter the age of the eldest member to be insured and click on ‘Continue’
      • Select the cover amount you want under your policy and click on ‘Calculate’
      • The premium for various health insurance plans as per your preference will be displayed.
      • Click on ‘View All Plans’ to check the premiums of all available plans.

      You can also compare multiple plans online to find the best health insurance plan within your budget. You can also get in touch with the Policybazaar customer support team in case of any query.

      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.

      FAQs

      Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

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