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Calculate Health Insurance Premium

Health Insurance Premium Calculator

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  • 22,900+ Cashless Healthcare Providers
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What is a Medical Insurance Premium Calculator?

A mediclaim premium calculator is a user-friendly tool to assess the cost of your medical policy. 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. 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. 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.

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

*IBAI Claims Handbook for FY 19-20

Information Required to Calculate Mediclaim Premium

General Contact Information

Your mobile number, name, pin code, and email address

Information about Members to be Insured

The number of members to be insured, along with their age and gender

Eldest Member’s Information

The eldest member’s age and their pre-existing health condition, if any.

Policy Benefits

Sum Insured, policy tenure, and add-on benefits you need under the policy.

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. 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. 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. 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.

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.

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.

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Look for best health plan that suits your need!

Preffered
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Individual Health Insurance

A Safety Net that Protects You Against Medical Emergencies

  • Plan starting from 25 lakhs and going up to 6 Crores
  • An add-on offering unlimited e-consultations
Preffered
Product Image
Pre-Existing Diseases Cover

Health Insurance for Diabetes, High BMI and Hypertension

  • Dialysis Cover 
  • Day Care Treatments
Preffered
Product Image
Family Health Insurance

Health Insurance that Covers your Loved Ones

  • Annual Health Checkup & Save Tax 
  • Modern Treatments Coverage

Tips to Reduce the Premium Amount of Your Health Cover

A higher premium does not mean higher coverage. Even if the health insurance calculator estimates a lower premium for a policy, it can give you sufficient coverage for your healthcare 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 ensure that you do not pay higher premium costs due to rising healthcare treatment costs. We have listed down the factors that you should take care of to lower the burden on your wallet.

  • Opt for Family Floater Plan: With our family floater plan, we cover multiple family members under a single policy; thus, the premium decreases. However, the sum insured will be shared among members.
  • 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 Medical Insurance at 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 increase.
  • Choose Multi-Year Policy: You often get a discount on the long-term policy. Care Insurance offers a 10% discount for a 3-year policy tenure. By taking a mutli-year policy, you can lower the premium rate.
  • Lead 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 lower premium 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 premium calculator is an effective tool to choose the right health and medical 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.

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.

Voice Of Customer

Rahul Sangwan

My appreciation for your prompt service

Recently, I’ve purchased JOY Maternity insurance for my expecting wife and my experience was excellent with the claim settlement team who helped me deal with all the formalities smoothly. Thank you for making my decision the right one!

Rahul Sangwan

Health Insurance

Samanway Barik

We will continue to avail of your scheme

I ported my healthcare plan last year; it is the wisest decision I made by choosing Care Health Insurance. I recently got admitted due to a viral infection, and all my expenses got covered under my plan.

Samanway Barik

Health Insurance

Soubhagya K Kulkarni

Everything went very smooth

Thank you for helping me when I needed help the most, being in the hospital. Buying Care’s health insurance plan is my best decision so far.

Soubhagya K Kulkarni

Health Insurance

Vaibhav Rai

Really helpful explaining the process in advance

Thank you for helping me with your fastest claim settlement process. I didn’t have to wait much for the approval. Everything was quick and seamless.

Vaibhav Rai

Health Insurance

Zeroing in on a health insurance plan for your family is a tricky choice, given the number of insurers in the market who offer similar policies. It is not wise to simply choose the policy with the lowest amount of premium. You need to compare different policies, their features and benefits. Care Health Insurance (CHI) is a specialist Health Insurer and offers products keeping in mind the needs of a customer in the event of a medical exigency. CHI offers a distinct set of benefits giving a clear choice for providing you with the best possible health insurance.

Awarded

Awarded as Best
Health Insurance Company of the year^

claims-paid

38 Lakh+ Claims Settled*

cashless-claim

22900+
CASHLESS HEALTHCARE PROVIDERS^^

^India Insurance Summit & Awards 2023

FAQs

Q. What is a health insurance premium?

A health or medical insurance premium is an amount one pays to the insurer periodically to avail of 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.

Q. Do you have to pay GST on medical insurance premium?

Yes, when buying a health policy, a GST of 18% is calculated in the sum of the total insurance premium. For example, the premium amount for a policy of Rs 5 lakhs is Rs 12,000. 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 medical 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 a certain medical underwriting process combined with a distinct medical insurance premium calculator.

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 will find various policies to choose from. Go to the 'Get Quote' section and provide relevant details, as requested and use the digital mediclaim policy calculator.

Q. How to use the mediclaim policy premium calculator to estimate the cost of parents’ insurance?

To calculate the premium for parent’s insurance, access a premium calculator on our website. Enter the details about your parents, including their age, medical history, and the number of members covered and click to calculate the amount. If you opt for senior citizen medical 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 policy’s premium calculator to know the insurance amount of your family plan. Use the tool and enter the number of insured persons, their age, and other details. 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 premium amounts?

You can compare premium amounts by getting quotations for different health policies with our health insurance policy calculator. If you opt for a family health cover, then using a calculator will give you an idea about the amount payable. You can create a insurance premium chart to analyze the health policies and the premium for making an informed decision.

**Number of Claims Settled as of 31st May 2023

^^Number of Cashless Healthcare Providers till 31st Dec 2022.

^10% discount is applicable for a 3-year policy

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