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Health Insurance Premium Calculator Online
What is a Health Insurance Calculator?
A health insurance premium calculator or a mediclaim premium calculator is an online tool that can help you determine the premiums you will have to pay for a certain health insurance plan. All you have to do is input details such as your ideal sum insured, number of people covered, type of coverage required, personal coverage to get an estimate of your health insurance premiums.
You can calculate your premiums on the medical insurance premium calculator available here. You can also use a health insurance EMI calculator to get an idea of how much you will have to pay monthly.
What are Health Insurance Premiums?
A health insurance premium is a fee that an insurer charges for providing a health insurance cover to you. Health insurance premiums are usually paid monthly, quarterly, half-yearly, or yearly during the policy period or period of coverage. Calculating health insurance premiums beforehand helps you make an informed decision while you pick the right health insurance plan for your family.
There are many ways you can estimate the health insurance premiums for your health insurance plan such as consulting with an insurance company or using a variety of health insurance premium calculators online such as the senior citizen health insurance premium calculator or the family health insurance premium calculator. In this article, we’ll take a look at how you can use a health insurance calculator to your advantage.
How to Use a Health Insurance Premium Calculator?
Using an online health insurance premium calculator in India is very simple. You have to simply enter the necessary details, pick the plan that best suits your requirements, enhance your plan and submit all the details.
In case you are planning to buy a comprehensive health insurance policy on Bajaj MARKETS, here’s what you need to do:
- Enter your details including the details of the people you want to insure, the age of the eldest member, pin code, mobile and other relevant pieces of information.
- Once you hit the ‘Get Quote’ button, you will then be able to view the available plans.
- Pick the plan that best suits your health insurance needs and move forward.
- Based on your selection, the health insurance premium calculator will then provide the premium amount you are liable to pay for availing of the medical coverage.
- And, you can customise your plan too. Yes, a health insurance premium calculator lets you select the add-on covers to enhance your medical coverage so that you are covered for more.
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 can also check out other medical insurance premium calculators such as the family health insurance premium calculator, senior citizens health insurance premium calculator, top-up health insurance premium calculator, group health insurance policy premium calculator, etc.
Benefits of a Health Insurance Premium Calculator
Apart from being a convenient and easy online tool, a Mediclaim insurance calculator helps you save a
significant amount of money. An 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:
- It allows you to determine the exact amount you need to invest in health insurance
- It helps you determine the premium amount payable by you well in advance
- Online Mediclaim policy premium calculator makes it easy to compare health insurance and evaluate the right plan within no time
- It saves you from the daunting process of getting in touch with an insurance agent
- A Mediclaim policy premium calculator is a time-saving tool that helps you make an informed decision before purchasing health insurance
- Online medical insurance premium calculation helps eliminate the possibility of errors
- You can not only determine your premium but also pick an ideal plan according to your needs.
- It is a tool that allows you to be well aware of your medical insurance premium liabilities, without being confused.
Factors That Affect Health Insurance Premiums
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:
Type of Health Insurance Plans
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 plans.
Pre-existing Health Conditions
Anyone with a pre-existing disease is likely to file a claim. Hence, due to an increase in the likelihood of filing a claim, health insurers consider this factor while determining your premium. The premiums are typically high in this case.
Age
Medical insurance premium rates increase with the age of the applicant. This is because with increasing age you are prone to more health risks due to which the probability of you filing a claim increases.
Add-on Covers
Add on covers are one of the key factors in determining your health insurance premiums. If you have opted for an additional cover, you need to pay an additional premium amount, thus increasing the overall premium you pay.
Area of Residency
Various health insurance providers calculate health insurance premiums based on your location and address. Along with this, factors like lack of healthy food alternatives, severe weather conditions, aversion to exercise etc, can have an impact on the premiums charged.
Lifestyle
An individual’s lifestyle choices like occupational hazards and daily habits also affect health insurance premiums. People who are young and fit with no adverse habits such as smoking and drinking generally get access to much lower health insurance premiums.
No Claim Bonus
NCB or No Claim Bonus in health insurance is a special benefit in the insurance industry available to those policyholders who do not make any claims during a policy year. As a reward for not making any claims, the health insurance premiums for these individuals go down.
Duration of the Policy/ Term of the Policy
Another major factor that affects health insurance premiums is the duration of the policy. Short term policies that last a year or so will have higher premiums as compared to policies lasting for three or more years. Insurance companies usually offer discounts on long term policies.
Tips to Reduce Your Health Insurance Premiums
While the health insurance premium calculator helps you get the right health insurance quote online, it is also very important to know how to save on the premiums you would pay against your health cover.
Here are a few tips to reduce your health insurance premium:
Go for top-up plans
When in need of 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 alternatives.
Avail a policy at a younger age
Most insurance companies charge a higher premium price as you get older. This is because you are more likely to make claims for medical expenses due to increased health risks at an older age. In comparison, getting a health insurance plan at a young age can allow you to take advantage of lower premiums as compared to premiums for older individuals.
Choose your add on covers wisely
As insurers charge an additional premium for the add-on covers opted by you, over and above your health insurance plan, it is crucial to avoid covers that you do not require, to avoid paying unnecessary charges.
Choose comprehensive family health insurance plans
Family floater plans are a good choice when it comes to reducing your premium amount. Being a single plan that lets you avail 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. In case you are looking for coverage of Rs. 10 Lakhs, use a 10 lakh health insurance premium calculator to calculate your premium costs.
Compare insurance plans from different insurance providers
By going through all available options offered by different insurance companies, you can choose a plan that offers the most benefits at the lowest premiums. However, make sure that you only buy insurance from reputed insurance companies. You should also make use of different calculators such as top-up health insurance premium calculator, family health insurance premium calculator, senior citizen health insurance premium calculator and Mediclaim policy calculator to make sure you choose your ideal choice of plan.
Health Insurance Providers
Health insurance plans available on Bajaj 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 Bajaj 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 |
FAQs on Health Insurance Calculator Online
Do I have to pay GST on health insurance premiums?
Does the premium amount vary from insurer to insurer?
What are deductibles?
What is a co-payment clause?
Can you buy health insurance online?