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Health Insurance Premium Calculator

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    Calculate Health Insurance Premium Online

    A health insurance plan is indispensable for your financial security and provides a shield against rising medical inflation rates. In the present context where healthcare needs top priority, an ideal health policy offers you high medical coverage with various benefits. As much as finding the right plan, it is also essential to calculate health insurance premium and compare quotations. Estimating your health or medical insurance premium is the primary step toward finding an affordable policy for yourself & your family.

    Thankfully, technology has minimized manual efforts. You can now use the online space to get a health insurance policy while also calculating the cost of your health cover. A medical insurance premium calculator is a digital tool that 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!

    CHI offers an online health insurance premium calculator that can help you estimate the premium costs for free. The calculation depends on several factors, such as your age, number of insured persons, pre-existing conditions, family medical history, amount of coverage, etc. Explore more about what factors determine a premium cost and how you can reduce the same with wise choices.

    What is a Health Insurance Premium?

    A health insurance premium is an amount one pays to the insurer periodically to avail policy benefits and cover the risks. The periodicity of the premium pay-out could be monthly, quarterly, or yearly. The premium amount can differ for individuals and families, majorly depending on the age and lifestyle of the insured members.

    For instance, a young individual in his 20s would likely pay a lesser premium cost than an insured person in his 40s—the higher the age, the higher risk of contracting health diseases. Also, the number of people covered in a single policy determines premium cost, besides the policy opted for and its terms.

    The choice of insurance plan and the sum insured are critical factors that impact the health insurance premium calculation. Besides, a health insurance company considers factors, such as lifestyle, health conditions, family history, and other details provided by the insured person while deciding the premium amount.

    Need & Benefits of Medical Insurance Premium Calculator

    Understanding your expenditures and investments is of utmost importance with a family to take care of and support. While a health insurance premium is an investment, prior calculation of the premium amount adds to your financial planning.

    While numerous insurers choose from, an online mediclaim premium calculator helps you compare the policy costs and features effortlessly. You can add insured members—from self and family to senior citizens—to select the right health cover. Not only members, but you can also add other healthcare benefits that suit your specific medical needs and calculate your mediclaim premium in minutes!

    Besides being quick and convenient, a health policy premium calculator offers the following benefits-

    • Saves Time & Resources- With an all-digital facility to check medical insurance premium rates online, you can evaluate an insurance policy from anywhere, any time. For instance, the family health insurance premium calculator considers your family's medical history while choosing a medical policy with a suitable premium.
    • Speeds up Policy Comparison- No need to read through different policy brochures when you can easily compare insurance policies with an online mediclaim calculator. The care insurance premium calculator helps you create a health insurance premium chart, compare various plans, and identify a cost-effective option.
    • Simplifies Complex Terms- A policy brochure may include complex terminologies that add up to the confusion of calculating your insurance premium. With an easy-to-use premium calculator, you need to fill in details like the number of insured members, your desired sum insured, and a few others to get an instant quotation.
    • Customizes the Policy- Calculating health insurance premium online enables you to add new insured members, club add-on benefits like COVID and OPD-care, pre-existing disease cover, etc. You can quickly check your premium rates by switching between various health plans and covers. Once you calculate the premium, we also display the cost of optional covers and discounts that you can avail of with your policy.
    • Eliminates Calculation Error- The digital medical premium calculator accurately evaluates all the policy factors to provide error-free premium rates. That's why thousands of policy seekers rely on care insurance premium calculators to figure out insurance payment amounts.

    >>Know About Mediclaim Policy and Its Benefits

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    Look for best health plan that suits your need!

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    Health Insurance for Family

    Comprehensive Health Insurance for Individual & Family

    • Annual Health Checkup & Save Tax 
    • Modern Treatments Coverage
    Preffered
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    Pre-Existing Diseases Cover

    Health Insurance for Diabetes, High BMI and Hypertension

    • Dialysis Cover 
    • Day Care Treatments
    Preffered
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    Health Insurance for Senior Citizens

    Your Parents have always care for you, Now its your TURN

    • No Pre-policy medical check-up
    • *Annual Health check-up for all insured persons

    How is Health Insurance Premium Calculated?

    If you wonder how health insurance companies calculate the premium, you should acquaint yourself with the primary factors influencing the insurance pay-out. These factors include the coverage of your healthcare policy, number of insured members, their age, gender, health conditions, among other parameters as mentioned below-

    • Age: Age is a prominent factor that affects the premium of health insurance policies. The older one gets, the more prone he is to health ailments and the higher cost of medical treatment. Comparatively, younger individuals would pay a lesser insurance premium as per the terms of the policy.CHI assists you with pre-defined health insurance premium age slabs, so you can broadly calculate the premium amount.
    • BMI: Body Mass Index (BMI) denotes the ratio between your height and weight. If you have an unhealthy BMI, there are chances that you may have higher risks of diseases like obesity, heart ailments, diabetes, etc. Thus, medical insurance premium rates are higher. However, if you have a healthy and close-to-ideal BMI, you pay less for a healthcare policy.
    • Family Medical History: Your family medical history is another factor considered to assess the chances of any hereditary disease. The details of your medical history become a deciding factor when computing the premium payable.
    • Add on Covers: When using the tool, you will find options to attach add-on covers to your policy and expand your coverage. Thus, the premium cost will comparatively increase with any add-on cover like increased sum insured, reduction in the waiting period, automatic recharge, COVID, and OPD-care, among others. CHI's insurance evaluation also covers a top-up health insurance premium calculator if you wish to increase the sum insured.
    • Type of plan selected: The health insurance plan you choose is a crucial factor that rules your premium amount. A family floater plan will have a much lower premium than an individual health plan. You can use the mediclaim premium calculator judiciously to get a suitable health plan with a reasonable premium rate.
    • Pre-existing disease: The premium for a person with a pre-existing condition is likely to be more than that for a healthier individual. While one has to complete a waiting period to get the pre-existing disease cover, there is an option to reduce the waiting period for an additional premium, leading to higher costs!
    • Lifestyle and Other Factors: Additionally, insurers carefully consider your lifestyle habits, like alcoholism, smoke & tobacco consumption, when calculating the premium. You must disclose any severe lifestyle conditions to help us evaluate your health insurance premium precisely. For instance, a smoker is at greater health risk and thus, would pay a higher premium than a non-smoker.

    Additional Factors Affecting Your Insurance Premium

    • Insurance Underwriting: The information in your application, including your current medical condition, family history, age, etc., comprises your risk profile. Underwriting involves determining the applicant's risk by reviewing such information, including medical records about past conditions. An insurance company follows the underwriting guidelines to determine if you qualify for the coverage and, if yes, how much premium you should pay to cover your risks.
    • Mortality Rate: Mortality rates refer to the frequency of death caused by a higher disease risk in a given population. Apparently, mortality risks are higher for older people or those with persistent health issues than healthy individuals. As the mortality rate increases, so does the insurers' chance to pay for specific covers and diseases. Individuals with a family history of medical issues or older people with pre-existing ailments come under the higher mortality rate umbrella; therefore, they bear a higher mediclaim premium.

    Why Do you need a Health Insurance Policy?

    Calculate Health Insurance

    Health Insurance is a shield that protects you and your loved ones in cases of medical emergencies.

    Calculate Health Insurance

    An affordable health insurance plan ensures that a financial crisis is not an issue during a medical emergency.

    Calculate Health Insurance

    With the skyrocketing cost of healthcare in the country, opting for a good health Insurance Plan is a wise decision for the safety of the individual and family as a whole.

    How Care Health Insurance Plans Can Help You?

    19000+

    Cashless Healthcare Providers

    30 Lacs +

    Claim Settled**

    100%

    In-house settlement for better management

    95.2%

    Industry best claim settlement ratio*

    37

    Less grievance ratio per 10,000 claims

    Information Required for Medical Insurance Premium Calculation

    Calculating mediclaim policy premium has become all the more convenient with CHI's digital premium calculator. We don't need too much information to process an estimate of your insurance payment. Just help us with a few essential details as below-

    Along with the above-mentioned information, all we need are your contact details to help you better understand the chosen policy coverage and its premium amount.

    • The number of insured persons along with their age and gender under the Family Health Insurance plan.
    • The number of adults and children insured and the eldest member's age for the Pre-existing Disease Cover. You should also disclose any pre-existing medical conditions.
    • The age and gender of all the members you want to get insured when opting for a Senior Citizen Health Insurance.

    >> Check: Health insurance for Parents

    How to Use Health Insurance Premium Calculator?

    Getting a free quote and computing your premium cost through the online medicalim policy premium calculator is super easy. All you need to do is key in your mobile number and choose desired healthcare cover from the drop-down options to start using the care insurance premium calculator following these simple steps-

    Access the health insurance premium calculator on Care Health Insurance website, and follow these simple steps:

    • Step 1: Visit the "Calculate Health Insurance Premium" page under the 'Health Insurance' tab on the CHI website.
    • Step 2: Choose a suitable health policy from the drop-down menu. Enter your phone number and click 'Get Quote'—located at the page's top right corner.
    • Step 3: Enter your pin code and email address.
    • Step 4: Click 'Next' to select the number of members—you wish to get insured—along with their age and gender. If you are going for a pre-existing disease cover, you should declare the number of adult members and children and the age of the eldest member. Also, you need to state if elderly policy-seekers have any pre-existing conditions or not.
    • Step 5: Customize the sum insured using the meter in the 'Total Coverage' section and switch between multiple policy terms from 1 to 3 years to evaluate the policy's premium.
    • Step 6: Voila! Your instant medical insurance premium calculation is complete and visible in the "Care Quote" section.
    • Step 7: Include any/all of the add-on benefits suggested on the 'Care Quote' display to enhance your health insurance coverage. You can instantly notice the change in the premium amount as you club add-on benefits.

    CHI offers three policy estimation options: family health insurance, pre-existing diseases cover, and senior citizen health insurance premium calculator. The health insurance premium calculator will automatically calculate the amount you must pay to be eligible for the coverage. You can check the premium and critical benefits in your base health insurance cover.

    Customize your policy with ease! In a matter of a few minutes, you get a precise idea about how much you need to spend on your health insurance policy. Moreover, you can alter the various factors you prefer, such as adding or removing policyholders. The premium amount will change accordingly.

    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. However, there won't be any major differences in the premium amount calculated post review of your application. With the help of the health insurance plan calculator, you will have a reasonably good idea of how much you will have to pay to enjoy health coverage benefits.

    Example:

    Given below is a quick table to explain how the mediclaim premium rates vary for our individual and family floater health insurance plans, considering different age groups of the insured people-

    Suppose the sum insured is Rs 5 lakh for a policy term of 1 year. The premium includes 18% GST.

    Age (in years)                      Premium for Individual Health Insurance          Premium for Family Health Insurance (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

    *The premium rates displayed are for policies without add-on covers. The insured persons do not have pre-existing conditions

    Considering the above table, you can expedite your policy-buying decision by choosing the best health insurance 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.

    *IBAI Claims Handbook for FY 19-20

    How to Reduce Health Insurance Premium?

    A higher premium does not mean higher coverage. Even the lower premium health insurance policy can give you good benefits for your health care needs. Also, it is quite possible to reduce your chances of paying a high premium. While medical inflation is at an all-time high, we at CHI ensure that you do not pay higher premium costs due to rising healthcare treatment costs.

    Here are some easy tips on how to reduce your medical insurance premium -

    • Opt for family floater plan: With CHI's family floater plan, we cover multiple family members under a single policy; thus, the premium decreases.
    • Go for Higher Deductible: It is an amount that you have to pay to the health insurer before you get the claim. It is beneficial to go for a higher voluntary deductible that results in lower medical insurance premium rates.
    • Invest in Health Insurance in Young Age: It is good to invest in medical insurance when you are young. It costs you a lesser premium because you are fit and healthy and less prone to diseases. As a person ages, the chances of paying a high premium for a health cover increases.
    • Choose Multi-Year Policy: You often get a discount on the long-term policy. Care Health Insurance (Formerly Religare Health Insurance) offers a 10% discount for a 3-year policy tenure.
    • Leading  a healthy lifestyle: Your lifestyle influences your health. By leading a healthy lifestyle, like avoiding excess alcohol consumption and smoking, you lower the risks of facing health issues and are likely to pay a low premium amount than those at higher stakes.
    • Go for regular health check-ups: The premium is high if one has any pre-existing disease. Monitoring your health condition will help you detect the early signs of ailments, like diabetes and hypertension, before they arrive. This way, your chances of contracting health issues will remain low.
    • Maintaining Body Mass Index (BMI): Individuals with normal BMI will pay a lower premium. So, it is vital to stay healthy and keep an ideal Body Mass Index within the standard limit.

    In a nutshell, a mediclaim policy calculator is an effective tool to choose the right health insurance plan. It gives you a precise estimate of the cost of a health insurance plan so that you can pick the most affordable one accordingly. However, it is better to give preference to adequate coverage over the amount of the premium. 

    Health Claim settlement ratio and credibility are also equally important. So, you can opt for our comprehensive health plans that offer maximum coverage at an affordable premium.

    Additionally, to calculate the cost of family health insurance plans, you can use a family health insurance premium calculator by simply providing details about your family members. With the Care Medical Insurance Premium Calculator, you can fetch premium rates at your fingertips.

    FAQs

    Q. Do you have to pay GST on Health Insurance Premium?

    Yes. When buying a health insurance policy, you have to pay the health insurance premium and GST charges at a rate of 18%. For example, the premium amount for a policy of Rs 5 lakhs is Rs 12,000. Then, the policyholder will pay this amount along with the GST charges of Rs 2,160. Thus, the total amount to be paid will be Rs 14,160.

    Q. Does the premium for health insurance policies vary from one insurance provider to another?

    Yes. The premium cost for health policies varies from one insurance provider to another. Every insurance company has its guidelines and follows the medical underwriting process for calculating the premium.

    Q. What factors affect health insurance costs?

    Several factors affect the healthcare premium rates. Some of them include family medical history, age of the insured person(s), lifestyle, health risks, type of policy, amount of coverage, etc. Besides, an insurer will adhere to the underwriting process and consider a range of factors involving location, political stability of the region, lifestyle in a city, etc.

    Q. How can I get medical insurance quotes?

    To get quotes for medical insurance policies offered by Care Health Insurance, visit our official website, where you would find various policies as per your requirements. Go to the ‘Get Quote’ section and provide relevant details, as requested.

    Q. How to calculate the medical insurance premium for parents?

    To calculate your parent's health insurance premium, access a mediclaim policy premium calculator on CHI's website. Enter the details regarding your parents' age, medical history, and the number of members covered and click to calculate the amount. If you opt for senior citizen health insurance, customize the number of people you wish to insure along with their age and gender.

    Q. How to calculate family health insurance premium?

    You can use our Family Health Insurance Premium Calculator to know the premium cost of your family medical insurance plan. Use the tool and enter the number of insured persons, age, and other details as required. It will give you an estimate of the amount you must pay to the insurer to avail of the benefits under your family health policy.

    Q. How to compare health insurance premium?

    You can compare premium amounts by getting quotations for different health insurance policies with CHI's premium calculator. If you opt for a family health cover, then using a premium calculator will give you an idea about the amount payable. The web-based tool will help you compare various policies and choose the right plan suitable for your family. You can create a health insurance premium chart to analyze the health policies and the premium for making an informed decision. Carefully assess the policy features for selecting an affordable health cover.

     

    *Claim Settlement Ratio is for FY 19-20

    ^^Number of Cashless Healthcare Providers till 25th March 2022.

    **number of claims settled as on February, 2022

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