What is a Medical Insurance Premium Calculator?
A mediclaim premium calculator is a user-friendly tool to assess the cost of your medical policy. A health insurance premium calculator can help you understand the different factors that affect the policy premium and enables you to compare multiple policies.The calculator simplifies complex policy calculations and improves your policy-buying decisions. This way, you need not chase insurers for a quote. Instead, get an initial idea of the estimated premium with just a few clicks! The calculator uses several factors, including:
- The policy’s coverage and benefits
- The insured member’s age, gender and health status
- The policy tenure, and other components that go into the calculation of insurance premium
Calculating mediclaim premium helps you compare the cost of different health covers by customising the number of insured members, healthcare benefits, policy’s sum insured and tenure.
What’s best is that a mediclaim premium calculator helps you get a close to accurate premium cost from the comfort of your place without scheduling any agent visits or calls. The easy-to-understand steps and minimal required information helps you complete the premium calculation without any assistance. Should you still need some help, our customer support team is just one call away.
Easy & Instant Premium Calculation with Care Health Insurance
As much as medical insurance is essential, it is also important to know how much investment you should make in a mediclaim. You can use a medical insurance premium calculator to determine the adequate amount of investment required for your healthcare. As a policyholder, you would prefer to opt for a health plan that comes at an affordable cost and meets your medical needs.
At Care Health Insurance, we help you make an informed decision about your health and money management with our digital mediclaim premium calculator. It helps you estimate the cost of securing your health under the desired insurance policy without getting into lengthy calls or visits. This way, you can select the plan with the suitable health benefits and plan your budget accordingly. Calculating health insurance premium is the primary step toward finding an affordable policy for yourself & your family. Read more about how you can calculate the insurance premium through Care Insurance’s digital portal.
5 Easy Steps to Calculate Health Insurance Premium Online
Getting a free quote and computing your premium cost through the online medical insurance health insurance premium calculator is as easy as you may find. All you need to do is follow these simple steps-
The medical policy premium calculator will automatically calculate the amount you must pay to be eligible for coverage. Knowing your medical insurance premium upfront also helps you to compare different policies to finalise the one that offers the best value. You can check the premium and critical benefits in your base policy.
Please Note: The premium calculated by the digital tool is an estimated insurance pay-out based on your shared information. After an underwriting review of your current health condition, there may be a slight variation in the premium cost. Other factors, such as existing health problems or family history, might also be considered.
Understanding the Calculation of Insurance Premium
|
Age (in years)
|
Premium for Individual Health Plan
|
Premium for Family Floater Plan (Self, Spouse, and 1 Child)
|
| 30 |
Rs. 6,620 |
Rs. 12,332 |
| 40 |
Rs. 7,200 |
Rs. 14,110 |
| 50 |
Rs. 12,792 |
Rs. 22,221 |
Let’s understand the comparison of different health insurance premium amounts with an example. Given below is a quick table to explain how the mediclaim premium rates vary for our individual and family floater plans, considering different age groups of the insured people. Here’s how we calculate health policy premium rates: h insurance premium:
Suppose the sum insured is Rs 5 lakh for a policy term of 1 year. The premium includes 18% GST.
*The premium rates displayed are for policies without add-on covers. It is assumed that the insured persons do not have pre-existing conditions.
You can use a mediclaim premium calculator to estimate the costs based on coverage requirements and specific details. Considering the above table, you can expedite your policy-buying decision by choosing the best health cover. Separate individual policies for your family members will hold a higher premium than a family floater policy. However, we suggest issuing a personal healthcare policy to senior citizens or someone with a prior medical condition. For young family members, it is wise to invest in family health insurance plans as the premium is affordable.
>> Check Here: Health insurance for Parents
Information Required to Calculate Mediclaim Premium
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General Contact Information
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Your mobile number, name, pin code, and email address
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Information about Members to be Insured
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The number of members to be insured, along with their age and gender
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Eldest Member’s Information
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The eldest member’s age and their pre-existing health condition, if any. |
|
Policy Benefits
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Sum Insured, policy tenure, and add-on benefits you need under the policy.
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Calculating mediclaim policy premium has become all the more convenient with Care Insurance’s health insurance premium calculator. We require minimal information to process an estimate of your premium amount. For a more tailored estimate, the medical insurance premium calculator can take into account specific variables like age, medical history, and the sum insured, providing a more accurate projection of your costs.We assure utmost security for your personal information and maintain confidentiality. Below are the details pre-requisite to calculate mediclaim premium:
Apart from the above information, you can check the payment and EMI options available with your policy. The final premium amount might be slightly variable subject to the underwriter’s discretion and policy details.
Benefits of Mediclaim Premium Calculator
Understanding your yearly expenditures and investments is of utmost importance, especially with a family to support. By using a health insurance premium calculator, you can have a better understanding of the related costs, allowing you to manage your budget effectively. While an insurance premium is an investment, prior calculation of the premium amount adds to your financial planning. Besides being quick and convenient, a health insurance premium calculator offers the following benefits-
Saves Time & Resources
Calculating your mediclaim policy’s premium helps you estimate the mediclaim cost from anywhere, any time. No need to book agent visits and schedule calls.
Eliminates Calculation Error
The health insurance premium calculator is a reliable tool that accurately evaluates all the policy factors to provide error-free premium rates.
Speeds up Policy Comparison
No need to read through several lengthy policy brochures when you can easily compare various insurance policies with an online mediclaim calculator.
Simplifies Complex Terms
The calculator breaks down the factors and terms in an easy-to-understand language, so that you don’t require much assistance while calculating the premium.
Helps in Customisation
You can customize the health plan by switching policy benefits, insured members’ details, and add-on benefits to calculate your insurance premium.
Factors Used to Calculate Health Insurance Premium
If you wonder how health insurers calculate the premium, you should acquaint yourself with the primary factors influencing the insurance pay-out. The health insurance premium that you must pay is determined by elements that assess your risk and potential medical costs. These factors include the coverage of your healthcare policy and details of insured members, among other parameters that go into the calculation of premium, as mentioned below:
Pre-existing Diseases
A person with pre-existing conditions, like hypertension or diabetes, is likely to bear a higher policy premium than that for a healthier individual. This cost is due to the higher risk linked to managing existing health conditions in the context of health insurance premium calculations.
Body Mass Index
An unhealthy BMI puts you at risk of various health ailments like, health diseases, diabetes, etc. High BMI leads to a higher insurance premium rate.
Family’s Medical History
A family history of chronic diseases increases the risk of hereditary diseases among insured members, thus increasing the medical insurance cost.
Mortality Rate
As the mortality rate increases, so does the insurers' chance to pay for specific covers and diseases. Children and older people come under the higher mortality rate umbrella. A health insurance premium calculator can provide insights into how these demographic factors can influence your premium.
Type of Plan Selected
The insurance plan you choose is a crucial factor in the calculation of insurance premium. A family floater plan will have a much lower premium than an individual plan.
Age & Lifestyle of Insured Members
Old age and unhealthy lifestyle habits like smoking, drinking, or tobacco consumption results in several health risks and thus a higher premium amount.
Insurance Underwriting
The underwriter analyzes your risk profile and medical records to determine how much coverage you should be offered and at what premium cost.
Add-on Covers
The more benefits you include under your health plan, the higher insurance premium you pay. You can add optional benefits like OPD, NCB waiver, etc.
