Health insurance premium is the amount that an insurer charges for providing a health insurance cover to you. It is nothing but a nominal amount you pay to stay financially covered against health emergencies. Health insurance premiums are usually paid monthly, quarterly, half-yearly, or yearly during the policy period or period of coverage. It is important to know that the amount of premium you pay could affect the medical coverage you receive. Calculating health insurance premium helps you make an informed decision while you pick the right health insurance plan for your family.
Having said that, as premium calculation could be a tedious task, most people simply go ahead with the premium amount recommended by their insurer. This is when an online health insurance calculator comes into play! A health insurance premium calculator is an online tool that makes things easier for you, when you must calculate health insurance premium, so you can know your premium amount within minutes.
Apart from being a convenient and easy online tool, a health insurance premium calculator helps you save a significant amount of money. The online health insurance calculator helps you make the right choice while purchasing a health insurance policy.
Here’s why you should calculate your health insurance premium online.
Now that you know the significance of a medical insurance premium calculator, it is also important to learn about the key factors that are taken into consideration while calculating your health insurance premium.
Your medical insurance premium depends on the health insurance plan you choose. Premium amount varies with the kind of plan you opt for, which includes Individual, Family, or Top-up health insurance plan.
Anyone with a pre-existing disease is likely to file a claim. Hence, with a greater certainty of filing a claim, health insurers take this factor into consideration while determining your premium, and the premiums are typically higher in this case.
Medical insurance premium rates increase with the age of the applicant. This is because, with the increasing age, you are prone to more health risks, due to which the probability of you filing a claim is high.
Add-on covers are one of the key factors that determine your health insurance premium. If you have opted for an additional cover, you must pay an additional premium amount, thus increasing the overall premium you pay.
Various insurance providers calculate health insurance premium based on your location and address. With this, factors like lack of healthy food alternatives, severe weather conditions, cultural aversion to exercise, etc. can have an impact on premiums charged.
With technological advancements picking pace, businesses are leveraging the digital world. Insurance companies are no different. With the increasing number of tech-savvy customers, it has become all the more important for them to reach out to customers digitally. And, with the introduction of online tools, customers find it easy to manage their insurance needs. Health insurance calculator is one such tool that helps you calculate health insurance premium in just few simple steps, online! All you need to do is follow a few quick steps, enter the necessary details and you’re done!
Using the online health insurance premium calculator is very simple. You have to simply visit the website, enter the necessary details, pick the plan that best suits your requirements, enhance your plan, and you’re done! You will then be able to view the health insurance premium amount payable.
In case you are planning to buy a comprehensive health insurance policy on Finserv MARKETS, here’s what you need to do -
It’s that simple!
Just spend a few minutes online and you can determine the amount you will have to pay for your health insurance policy.
You get a whole lot of benefits by using a Mediclaim policy premium calculator.
While mediclaim premium calculator helps you get the right health insurance quote online, it is also very important to know how you can save on the premiums you would pay against your health cover.
Here are a few tips to reduce your health insurance premium:
When in need of a higher coverage, you can opt for a top-up plan that kicks in after your base health insurance plan is exhausted. As the premium charged on higher cover plans is typically high, top-ups act as cost-effective alternative.
Most insurance companies charge higher premium as you get older, because you are more vulnerable for illnesses then. This makes younger age, the best time to buy health insurance.
As insurers charge an additional premium for the add-on covers opted by your, over an above your health insurance plan, it is crucial to avoid covers that you do not require, to avoid paying unnecessary charges.
Family floater plans are a good choice when it comes to reducing your premium amount. Being a single plan that lets you avail a coverage for the entire family, family floater plans are easy on your pocket. So you enjoy maximum health insurance benefits by paying a lesser premium amount.
Health insurance plans available on Finserv MARKETS are designed to offer a wide range of health benefits, so you can avail of quality healthcare without draining your savings and secure your family’s health in times of unfortunate medical uncertainties.
Health Insurance Plans available on Finserv MARKETS:
| Parameters | Bajaj Allianz Health Insurance |
|---|---|
| Plan Name | Health Guard |
| Allowed Relations | 2 Adults & 4 Children (Self, Spouse & Dependent children) |
| Ayurveda/Homeopathy | Covered up to a sum of Rs 20,000 per policy year |
| Cashless Network Hospitals | 6500+ |
| Claim Settlement Ratio | 94% |
| Claims Settled Process | In-House |
| Co-Pay | Full claims payment by Insurer |
| Day Care Treatment | 130 Day care treatments are covered |
| Domiciliary Hospitalization | Not Available |
| Entry Age | Proposer/ Spouse: 18 years – 65 Years Dependent Children: 91 days – 30 years |
| Gross Premium (For Sum Insured of Rs. 5 Lakhs, Age: 25) | 7531/- |
| Gross Premium (For Sum Insured of Rs. 10 Lakhs, Age: 45) | 16,655/- |
| Health Check-up | Once every 3 continuous years (Up to Rs 5,000) |
| Hospital Cash | Rs. 500/- for Accompanying an Insured Child (up to age 12 years) for 10 days |
| Maternity Benefits | Up to Rs 35,000 (Waiting period is 6 years) |
| No Claim Bonus | 10% increase in Sum Insured (max 100% and 10% decrease in case of claim) |
| Organ Donor Expenses | Available |
| Other Benefits* | Bariatric surgery cover (50% of Sum insured maximum up to Rs. 5 Lakhs) |
| Policy Term | 1, 2 or 3 years |
| Pre & Post Hospitalization Covers | 60 days - 90 days |
| Pre-Policy Medical Check-up | No Medical check-up required up to age 55 years* |
| Recovery Benefit | Up to Rs. 7,500 per policy period (Convalescence benefits) |
| Renewability | Lifetime |
| Rewards Program* | Pro-Fit (For -Store health records, Track health parameters, Health risk assessment & Health library) |
| Road Ambulance | Maximum benefit of Rs 20,000 per policy year |
| Room Rent Limit | No restrictions |
| Sum Insured Options | 2L,3L, 4L, 5L, 7.5L, 10L, 15L, 20L, 25L, 30L, 35L, 40L, 45l & 50L |
| Sum Insured Restoration Benefits | Up to 100%, valid once in a policy period, even for similar illness |
| Waiting Period for Pre-Existing Health Issues | 3 Years |
| World-wide Emergency Assistance Services | Not Available |
| Parameters | Aditya Birla Health Insurance |
|---|---|
| Plan Name | Activ Assure - Diamond |
| Allowed Relations | 2 Adults & 4 Children (Self, Spouse & Dependent children) |
| Ayurveda/Homeopathy | Covered as per sum insured* |
| Cashless Network Hospitals | 6000+ |
| Claim Settlement Ratio | 94% |
| Claims Settled Process | In-House |
| Co-Pay | Full claim paid by Insurer (20% co-payment if age>60) |
| Day Care Treatment | 586+ Day care treatments are covered |
| Domiciliary Hospitalization | Available |
| Entry Age | Proposer/ Spouse: 18 years – 99 Years Dependent Children: 91 days – 25 years |
| Gross Premium (For Sum Insured of Rs. 5 Lakhs, Age: 25) | 6366/- |
| Gross Premium (For Sum Insured of Rs. 10 Lakhs, Age: 45) | 10,784/- |
| Health Check-up | Free Health Check up every year |
| Hospital Cash | Rs. 500 per day up to Rs. 2500 only (Only for Sum Insured up to Rs. 4 Lakhs) |
| Maternity Benefits | Not Available |
| No Claim Bonus | 10% increase in Sum Insured (max 50% and 10% decrease in case of claim) |
| Organ Donor Expenses | Available |
| Other Benefits* | Vaccination expenses for children up to 18 years of age (Applicable only for Sum Insured of Rs. 1 Cr and above) |
| Policy Term | 1, 2 or 3 years |
| Pre & Post Hospitalization Covers | 30 days - 60 days |
| Pre-Policy Medical Check-up | Not Available |
| Recovery Benefit | Not Available |
| Renewability | Lifetime |
| Rewards Program* | Up to 30% of premium as HealthReturnsTM to pay your renewal premiums |
| Road Ambulance | Expenses covered as per Sum Insured |
| Room Rent Limit | Single Private AC Room/ Optional cover available for any room upgradation |
| Sum Insured Options | 4L, 5L, 7L, 10L, 15L, 20L, 25L, 30L, 40L, 50L, 75L, 1CR, 1.5CR & 2CR |
| Sum Insured Restoration Benefits | Up to 150% of SI, Max up to Rs. 50 Lakhs |
| Waiting Period for Pre-Existing Health Issues | 4 Years |
| World-wide Emergency Assistance Services | Available |
Do I have to pay GST on health insurance premium?
Yes, a GST is charged on the health insurance premiums payable by you.
Does the premium amount vary from insurer to insurer?
Yes, every insurer charges a distinct health insurance premium.
What are deductibles?
Deductibles is an amount that is a part of the treatment cost that you are expected to pay by yourself, while the rest is paid by the insurer.
What is a co-payment clause?
In case of a co-payment clause, the medical treatment cost is split between you and the insurer by a certain percentage.