Health Insurance Premium Calculator in India

Choosing the right health insurance plan requires more than just browsing through different policy options. There is a need to get knowledge of the potential costs. In this blog, we will discuss the health insurance premium calculator and how it helps with getting clarity about the costs of health insurance policies.

What is a Health Insurance Premium Calculator?

A health insurance premium calculator is a tool that helps get an estimate of the potential costs of a health insurance policy. By entering a few basic details about yourself, like age, number of members to be covered, health status, medical history, etc, you can get a health insurance policy estimate.

Whether you are planning to get individual health insurance coverage, family floater plans, or senior citizen policies, a premium calculator can offer you transparency during the planning stage.

What is the Process of Using a Health Insurance Premium Calculator?

Here is a list of some easy steps to use the health insurance policy calculator:

1. Visit the website of your preferred health insurance provider.
2. Locate the calculator button in their ‘products’ or ‘tools’ section.
3. Provide details like age, gender, location, number of people to be insured, and sum insured.
4. Now select the type of plan that interests you. The most popular types of health insurance plans are individual, family floater, or senior citizen policies.
5. Then, include any riders or add-on benefits if you require them.
6. Finally, click on the ‘calculate’ button to get an instant estimate of your health insurance premium.

Popular Factors that Affect a Health Insurance Premium

When using a  medical insurance premium calculator, it is necessary to know about the primary factors that influence it:

1. Age of the Applicant – The premiums of health insurance policies are lower for younger individuals and increase as a person ages.
2. Medical History – Having pre-existing conditions may lead to a higher premium.

1. Coverage Type – Individual plans will have different costs than the family floater policies.
2. Sum Insured – A higher sum insured leads to a higher premium amount.
3. Add-On Benefits – Add-ons such as critical illness cover, maternity cover, and OPD services can increase the premium amount.

Top 4 Reasons to Use a Health Insurance Premium Calculator

1. Helps with Financial Planning

A health insurance cost estimator helps with a transparent planning process. Rather than going through complicated brochures or lengthy consultations, a calculator helps to get an idea about the amount you will have to pay monthly, quarterly, or annually to get your health insurance running.

1. Easy Comparison of Different Plans

There is a vast variety of health insurance products to choose from in the market. It makes plan comparison overwhelming. However, a calculator can simplify this process. It will allow a side-by-side comparison based on whichever inputs you give. This whole process ensures that you get to choose a plan that best suits your budget and healthcare needs.

1. Helps with Customising Policies Based on Personal Needs

Every individual or family has unique medical needs. Whether you are looking for coverage for critical illnesses, maternity benefits, or daycare procedures, you can customise the estimate with a health insurance premium calculator.

There are also a few such calculators out there that enable you to add optional benefits like hospital cash, accident cover, and provide a tailored estimate of your premium.

1. Efficient Process that Helps Save Time

Nowadays, you do not have to visit an insurance office or speak with multiple agents. A premium calculator provides results in seconds. This saves time and allows you to explore options at your own convenience.

Ways to Reduce Your Health Insurance Premium Rates

1. Purchase Policy at a Younger Age

The younger you are, the lower your health insurance premium coverage. Health insurers consider a person of a younger age as a low-risk profile. This is why it is necessary to get a health insurance policy while you are in your 20s to lock in policies at lower premium rates.

1. Maintain a Healthy Lifestyle

Leading a healthy lifestyle, like not indulging in habits of smoking and drinking, can result in lower premiums while applying for health insurance policies. Moreover, a person with a healthy BMI and active habits of exercise is more likely to be categorised as a lower-risk profile and receive lower premiums.

1. Avoid Riders You Do Not Need

It might be tempting to load your base policy with every rider available, but that is not always a smart move. The key is to choose only what you truly need. For example, if you are not planning to start a family anytime soon, there is no point in paying extra for maternity coverage. In short, keep your policy lean and purposeful; each rider should add real value, not just extra cost.

Final Words

In a country like India, where healthcare-related out-of-pocket expenditures are high, getting a health insurance policy saves on necessary medical expenses through cashless hospitalisation. To get an idea about the costs that it will incur, it is recommended to use a health insurance premium calculator.

Whether you are a first-time buyer or looking to upgrade your existing coverage, using this tool can streamline your decision-making process.