LIC Health Insurance Premium Calculator

A LIC health insurance premium calculator is an online tool that allows people to calculate the premium of a LIC health insurance policy before buying. The premium is calculated based on the sum insured, age, number of family members, policy tenure, etc. It helps people to find a LIC health plan that best fits their budget.

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LIC Health Insurance Premium Calculator

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    LIC Health Insurance Premium Calculator Overview

    Right from Arogya Rakshak and Health Protection Plus plans to Cancer Cover plan, LIC or Life Insurance Corporation of India offers a variety of health insurance plans. These plans vary in their coverage as well as their premium. A LIC health insurance premium calculator enables people to know the approximate premium that they will have to pay on buying a policy. This makes it easier for people to choose a health policy that provides appropriate coverage without overshooting their budget. Moreover, they do not have to rely on the opinion of an insurance agent to buy a health insurance policy for themselves.

    For example, the premium for the LIC Arogya Rakshak plan will be different from the premium of the LIC Health Protection Plus plan. If a person is confused about which plan to buy, he/she can use a LIC Arogya premium calculator to decide. A LIC Arogya premium calculator will estimate the premium that a person will have to pay to buy a LIC Arogya Rakshak policy. If the premium is affordable, he/she can go ahead with purchasing the policy.

    Key Benefits of Using a LIC Health Insurance Premium Calculator

    Here are some of the key benefits of using a LIC Health Insurance premium calculator:

    • Know Premium Beforehand -It allows a person to calculate the premium of a policy before actually buying it.
    • Compare Health Insurance Plans - It allows people to compare similar health insurance plans by calculating their premiums and choosing the most ideal plan.
    • Customize Coverage – It allows people to customize the coverage to find a plan that fits within their budget.
    • Available Discounts – An LIC health insurance premium calculator gives an idea of the discounts that the buyer can avail on buying a plan.
    • Additional Costs – People can know the cost of various add-on covers before buying the policy with the help of the premium calculator and choose to opt for or out of them.
    • Easy to Use – It simplifies the complex process of calculating health insurance premiums and estimates the premium of a health plan within a couple of minutes.
    • Time-saving – It saves a lot of time as a person does not have to meet an insurance agent or visit a nearby branch office to get the details about a LIC health insurance policy.
    • Free Tool – It is free to use and does not require the services of an insurance agent to know the premium of a health policy. For instance, a LIC Arogya premium calculator can be used to calculate the approximate premium of the LIC Arogya Rakhak policy.

    How to Use a LIC Health Insurance Premium Calculator?

    The process to use a LIC health insurance premium calculator is extremely easy. All that is required is the personal details of the people to be insured and the calculator can estimate the premium amount. Follow the steps given below to use a LIC health insurance premium calculator online:

    • Visit the website of Policybazaar Insurance Broker Private Limited
    • Go to ‘Insurance Products’ on the menu bar and click on ‘Health Insurance Calculator’ under the ‘Health Insurance’ category
    • Enter the requested details in the form available and click on ‘View Plans’
    • Choose the family members to be insured and enter the age of the eldest adult & child
    • Select the city of residence
    • Provide details of medical history if any
    • The sum insured and premiums for various health insurance plans will be displayed.

    People can compare various medical insurance plans and pick the most suitable plan within their budget. They can also use filters to customize the results and get the information they require.

    Factors Affecting a LIC Health Insurance Premium

    The premium of a LIC health insurance policy depends on a wide range of factors. Take a look at them below:

    1. Age of the Person – The age of the person to be insured affects the premium of a medical insurance policy. The higher is the age of a person, the higher will be the premium of the health insurance policy.
    2. Medical History – Medical history of the person to be insured adversely impacts his/her policy premium. A person suffering from a pre-existing disease or having a medical history will have to pay a higher premium than a healthy person.
    3. Type of Health Plan – The type of health insurance also affects the premium amount. For instance, the premium of an individual health policy is lower than a family health insurance policy.
    4. Sum Insured – The sum insured of the health plan is directly proportional to the premium amount. The higher is the sum insured amount, the higher will be the premium of the policy.
    5. Gender of the Person – The gender of the person to be insured also impacts the premium of the policy. Health insurance providers usually charge a lower premium to females as compared to males as they have a lower risk of stroke, heart attack, etc.
    6. Policy Tenure – The tenure of the health policy also affects its premium. The premium of an annual policy is lower than a policy with a 2-year or 3-year tenure.
    7. No Claim Bonus – The No Claim Bonus or NCB directly impacts the premium of a medical insurance policy. NCB is the discount awarded to the policyholder for not raising a claim in the previous policy year. The higher is the NCB percentage, the lower will be the health insurance premium.
    8. Voluntary Deductibles – Voluntary deductibles also affect the premium of a health insurance policy. Deductibles refer to the share of the claim amount which the policyholder agrees to pay during claim settlement. The higher is the deductible amount, the lower will be the premium.
    9. Geographical Location – The place where the person resides also impacts the premium of his/her policy. If a person lives at a risky place with a higher probability of accidents/diseases, the insurance company will charge a higher premium.
    10. Occupation of the Person – The occupation of the person to be insured also affects the policy premium. If the occupation of the person requires him/her to work in a risky environment, a higher premium will be charged.

    How to Reduce LIC Health Insurance Premium?

    Given below are a few ways to reduce your LIC health insurance premiums:

    • Buy Health Insurance at an Early Age – Make sure to buy health insurance at a younger age. This is because the younger is the age of the insured, the lower will be premium.
    • Compare Health Insurance Plans – Compare various health insurance plans online on Policybazaar.com and choose a plan that offers preferred coverage at an affordable premium.
    • Opt for Family Floater Plans – Although the premium of a family floater plan is more than an individual health plan, it is more economical than buying individual policies for each family member. Hence, opt for a family floater plan to ensure medical coverage for the whole family at an affordable price.
    • Choose a Higher Deductible – Opt for a higher voluntary deductible to reduce the policy premium. However, don’t opt for a deductible amount that the policyholder cannot afford as it will end up creating a financial burden.
    • Go for Long-term Policy Tenure – Choose a long-term tenure of 2 years or 3 years under the medical insurance policy to pay a lower premium. This is because the premium paid for a long-term policy is more affordable than the total premium paid for each annual policy.
    • Buy Top-up Health Insurance Plans – Make sure to opt for a basic health plan with a lower coverage amount along with a top-up plan. The top-up plan comes to the rescue when the sum insured under the base health plan has been exhausted.

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