Health Insurance Premium Calculator India
Health insurance is an agreement between the insurance company and the insured customer in which the insurance company agrees to pay the claim up to the sum insured in case of any hospitalization in return for a considerable amount known as “Premium”. The health insurance calculator available on the Our Portal helps you in determining your health insurance premium to be paid. A health insurance calculator is the best online tool available to check your health insurance premium. The health insurance premium calculator displays premiums from different insurance companies offering their health insurance products.
The importance of health insurance can be known from the recent Coronavirus pandemic where people having Health insurance policies were reimbursed for their medical expenses, while families without a health insurance policy were forced to avail loans or sell off their properties to pay the hospital bills. The rising hospital bills are a big concern to middle-class families as even a small accident or illness could wipe off their entire life savings. If you have a health insurance policy your savings, as well as properties, would remain intact as the medical bills would be paid by the insurance company.
What is Health Insurance Calculator?
Online Health insurance calculator is the perfect tool to calculate your health insurance premium. The health insurance premium calculator takes into consideration various factors such as the age of the person, gender of the applicant; sum insured required, pre-existing illness, location of the person, etc and determines the premium to be paid by the applicant. Health insurance premium mainly depends on the age of the applicant; the higher the age, the higher would be the health insurance premium. It is advisable to take a health insurance policy at a very young age to satisfy the conditions mentioned in the policy such as Pre-existing diseases, a 30-day waiting period, and a Specific disease waiting period.
Your health insurance premium may increase in case there is a claim in the previous year and your sum insured may increase in case there is no claim in the previous year. The increase in sum insured is termed as the No claim bonus which is awarded for each claim-free year. The maximum no claim bonus that can be awarded is the sum insured mentioned in the policy copy. The health insurance calculator does calculate the health insurance premium precisely without scope for errors.
How are Health Insurance Premiums Calculated?
Based on some factors the health insurance premium is calculated. Factors affecting health insurance premium calculation are mortality rate, gender, health history, lifestyle, type of policy, coverage, hobbies/occupation, co-pay, claim settlement time. Depending on these factors the health insurance premium is calculated
Step 1: The first step in using the health insurance premium calculator is to click on the online health insurance premium calculator at PolicyBachat and proceed to the data entry.
Step 2: The next step in using the health insurance premium calculator is to enter the below details clearly and correctly.
- Gender of the applicant- Male and Female
- Whom do you want to insure? – Self, Spouse, and Family or Self & Spouse only
- Age of the applicant; to be entered as Date of Birth
- Medical history – Any pre-existing conditions as well as medical history to be declared.
- Pin code of your location
- Name of the applicant and email id of the applicant.
Step 3: In this step, you can enter your requirements such as:-
- Sum insured required under the health insurance policy
- Refine plans – Plans can be selected on the basis of your requirements.
- Add-ons such as Critical illness, Waiver of premium, and Accidental disability cover can be selected and the premium would change accordingly.
- Preferred Brands- You can filter your preferred insurance company’s health insurance plans.
Step 4: This is the last and final step where you need to make payment to the insurance company and it only takes a few minutes to finish this process. The premium figure displayed may be changed subject to the medical underwriting. Once the premium payment is made, the customer receives confirmation regarding the same and there may be a requirement to undergo certain medical tests depending on the declaration made in the proposal form.
Benefits of Health insurance calculator
You can check your health insurance premium using the health insurance premium calculator online by entering your age, gender, coverage required, and declaring your health history. There are many benefits of the health insurance premium calculator as well as demerits of it. Let us understand the benefits and demerits of health insurance premium calculator:
- Easy Estimation:
The health insurance premium calculator is very easy to use. Your health insurance premium can be obtained in 2 easy steps; the first step is to enter the basic details such as Age, Gender, Location, Tobacco consumption, and coverage required. Then in the next step, the health insurance premiums from different insurance companies will be displayed on the screen. You can adjust the sum insured as per your requirement and affordability; opt for extra coverage in the form of add-ons and click on proceed to payment.
Once you reach the payment page, payment can be done on the link of the insurance company and the payment will be debited to the insurance company’s account. The process of calculating premiums online helps you determine the premium amount payable by you well in advance, thereby giving you an idea to allocate the budget for your health insurance. The estimation given by the online calculator would be valid until further change by the insurance company and the premiums displayed are accurate.
- Compare & Save:
Another advantage of health insurance premium calculator is that these calculators can save ample time for the users. If the premiums are to be calculated using an offline rater, it would take much time as it involves manual calculations. Most people prefer to use online health insurance premium calculators to save time and energy.
Online health insurance calculators can be used to compare the health insurance premiums from different insurance companies at the same time thereby saving your time. If the same calculation is to be done manually it would consume a lot of time of the user as the different insurance companies are to be compared for different factors. Online health insurance calculator makes it easy to compare health insurance and evaluate the health insurance options available to select the right health insurance plan for you and your family.
- No human involvement:
Online health insurance calculators reduce human involvement to a great extent as the comparison is done by a machine. Lower the human involvement, lower would be the room for error. The entry of online health insurance calculators has reduced the dependency on agents and increased efficiency. We can get the premium any time of the day or night using the online health insurance calculator which is not possible with the agents. There are no definite working hours when the online health insurance calculator is involved.
The Mediclaim health insurance calculator saves you the tedious process of getting in touch with an agent every time you need to calculate your health insurance premium. An online health insurance calculator can be used to calculate the health insurance premium any number of times which eliminates the tired factor which can be observed with an agent.
- Multiple calculations:
Multiple calculations can be made using the online health insurance calculator. Customers can enter different values of sum assured or add-ons and get the premium amount each time within a fraction of seconds. Manual calculations take time as each time the data needs to be entered freshly to get the premium, but in the case of an online health insurance premium calculator, the premium can be obtained spontaneously each time. For instance, if you want to check the premium at the maximum sum assured or for different age groups, it is spontaneous to get the premium using the online health insurance premium calculator.
For best health insurance quotes using the health insurance calculator please visit PolicyBachat and get the affordable health insurance quotes from the top health insurance companies.