Health Insurance Premium Calculator Online

What is Health Insurance Premium?

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.

Why Should You Calculate Your Health Insurance Premium?

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.

  • It allows you to determine the exact amount you need to invest in health insurance, thus helping you do the right financial planning.
  • It makes a time-consuming task simpler and allows you to save resources and time.
  • Online medical insurance premium calculation helps eliminate the possibility of errors while calculating health insurance premium as you enter the required details accurately.
  • With a medical insurance premium calculator, you can not only determine your premium, but also pick an ideal plan according to your needs. Not just this! The health insurance calculator allows you to enhance your medical coverage with various add-on covers available.
  • Lastly, it is a great tool that allows you to be well aware of your medical insurance premium liabilities, without being confused. It saves you from the hassle of understanding complex terms and clauses of insurance policies that often make people proceed without knowing the right details and end up paying more.

Factors that Affect your Health Insurance Premium

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 insurance plan.


Pre-existing health condition

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.


Age

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

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.


Area of Residency

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.


What is a Health Insurance Calculator?

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!

How to Use a Health Insurance Premium Calculator?

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 -

  • Begin by visiting the health insurance premium calculator page on Finserv MARKETS
  • Enter your details including the details of people you want to insure, age of the eldest member, pin code, mobile and other relevant piece of information
  • Once you hit the ‘Get Quote’ button, you will then be able to view the available plans for you.
  • 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 the medical coverage
  • And, you can customize your plan too! Yes, the 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.

Benefits of Using a Mediclaim Policy Premium Calculator

You get a whole lot of benefits by using a Mediclaim policy premium calculator.

  • The process of calculating premiums online helps you determine the premium amount payable by you well in advance, thus giving you an idea of the overall budget, you would have to keep aside for buying health insurance.
  • Online Mediclaim policy premium calculator makes it easy to compare health insurance and evaluate the right plan within no time, helping you make the right choice.
  • Mediclaim premium calculator saves you the tedious process of getting in touch with an insurance agent. You can evaluate the plans as per your requirement.
  • Mediclaim policy premium calculator is a time-saving tool that helps you make an informed decision before purchasing health insurance.

Tips to Reduce Your Health Insurance Premium

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:

Go for top-up plans

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.


Avail a policy at a younger age

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.


Choose add-on covers wisely

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.


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 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.


List of Health Insurance Providers we are partnered with:

Bajaj Allianz Health Insurance is a reliable product offered by Bajaj Allianz. The product reflects the company’s expertise in the general insurance industry as it is designed to meet the unique needs of customers. Bajaj Allianz Health Insurance is equipped with great features and benefits, so customers can get better value for money.
A venture of Aditya Birla Capital, Aditya Birla Health Insurance offers Activ Assure Diamond Health Insurance Plan. With a plethora of health benefits like e-opinion, health coaching, reloading of sum insured, and much more, the health insurance plan offers great value for money and extensive medical coverage for customers.

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?

Does the premium amount vary from insurer to insurer?

What are deductibles?

What is a co-payment clause?