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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 to tackle the challenges of increasing medical inflation rate and health issues, especially in the current scenario. An ideal health policy helps you avail of high medical coverage and various benefits. Thorough research and consideration of your medical needs and other factors can help you zero-in on the best medical insurance. Further, it is essential to calculate health insurance premium and compare different quotes. It is a crucial step in your journey to finding an affordable policy for you & your family. 

    Thankfully, technology has minimised 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 makes complex calculations simpler and replaces the traditional way of computing premium costs. This way, you need not ask your insurer and instead get an initial idea of the estimated premium in a few minutes!

    CHI has an online health insurance premium calculator where you can estimate your premium cost 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.

    Table of Content

    What is a Health Insurance Premium?

    The health insurance premium is the amount one pays to the health insurer periodically to avail of the policy benefits. The periodicity of this pay-out could be monthly, quarterly, or yearly. The premium amount largely depends on the age of the insured. It usually increases with age. Apart from this, the number of people covered in a single policy is also a contributing factor.

    The choice of plan and the sum insured are vital factors that impact the health insurance premium amount. 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.

    Why do you need Medical Health Insurance Premium Calculator?

    Knowing the health insurance premium amount in advance will be half the battle won. You just need to put your details and get it in just a single click. Your life becomes easy, and you can choose the policy that suits your health and pocket.
     
    Selecting a health cover for your family, with a health insurance premium calculator enabling you to compare various options, becomes simplified and saves your crucial time so that there is no delay in securing your loved ones' health.

    When looking for medical insurance plans in India, an online health insurance premium calculator is a great help. It is quick and convenient. Moreover, the right calculations will give you the grounds based on which you can plan your budget. Also, as there are no hefty manual calculations are required, you can calculate the premium, put the required details on the website, and make a hassle-free decision.

    With this facility of online calculation of your health insurance cost, you can create your health insurance premium chart. Thus, it will ease the process of buying a health cover.

    Benefits of Health Insurance Premium Calculator 

    Access the health insurance calculator online and get the advantage of knowing your premium cost and much more than just that!

    Here is a list of benefits you get using this digital tool to calculate mediclaim or health insurance premium amount. 

    • Since the premium varies based on different factors, this tool allows you to create a health insurance premium chart, compare various plans, and identify a cost-effective option. 
    • The online tool keeps you informed about the premium beforehand. Using any mediclaim policy premium calculator, you get the estimated premium cost much in advance.
    • It saves time and effort! Since there is no manual calculation involved, the health insurance premium calculator allows you to find the amount payable for your health cover in a few clicks!
    • The premium calculator helps plan your finances by giving a precise estimate of the premium before you get a health cover, thus becoming an integral part of your financial planning. 
    • Once you calculate the premium, the page also displays the cost of optional covers and discounts that you can avail of with your policy. 
    • It simplifies the task of customising a policy. The tool gives you the flexibility to customise your policy by modifying factors like sum insured and eases the buying process.
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    Look for best health plan that suits your need!

    Health Insurance for Family

    Comprehensive Health Insurance for Individual & Family

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

    Health Insurance for Diabetes, High BMI and Hypertension

    • Dialysis Cover 
    • Day Care Treatments
    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?

    While choosing a health policy either for yourself or for your family, you should be aware of the below-mentioned factors basis which your health insurance premium is calculated:
    • Age: Age is a prominent factor that affects the health insurance premium. The older one gets, the amount starts to climb. It is priced affordably for younger individuals, mainly because they are less prone to diseases than older or senior citizens.
    • 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 BMI, the amount is less.
    • Family Medical History: Your family medical history is also taken into account 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 include add-on covers to your policy and boost your coverage. Thus, the premium cost will comparatively increase as an add-on cover is a crucial factor to consider.
    • Type of plan selected: The health insurance plan you selected is a crucial factor on which your premium will depend. A family floater plan will have a much lower premium than an individual health plan. You can use the 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 cost!
    • Lifestyle and Other Factors: Additionally, certain factors to which insurers pay particular attention include lifestyle habits, like alcohol & tobacco consumption, when calculating the premium. Further, married couples stay healthier and have higher longevity, though reasons are unknown. So, their premium may be comparatively lesser than other individuals.

    Other Significant Factors affecting Health 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 would pay.
    • Mortality Rate: The mortality risks are often higher for older people or those with several health issues than other individuals. In such scenarios, an insurance company has liabilities and may have to pay a fixed benefit to the insured in case of an unexpected event. Since the coverage amount for such individuals is higher and considering the medical history and other factors, the premium tends to increase.

    Why Do you need Health Insurance Policy?

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

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

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

    How Care Health Insurance Plans Can Help You?

    15500+

    Cashless Healthcare Providers

    23 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

    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 you face the impact of medical inflation, do not let high health insurance premium costs affect you in any way. The medical insurance calculator  will show a higher premium, considering factors like your age.
     
    There are some easy ways to ensure paying a lower premium for your health cover.
    • Opt for family floater plan: Under family floater plan, multiple family members are covered 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 amount of 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 has an influence on 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 risks.
    • Go for regular health check-up: 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 having health issues would be low.
    • Maintaining Body Mass Index (BMI): Individuals with normal BMI will pay a lower premium. So, it is vital to stay healthy and keep the Body Mass Index within normal limit.

    Therefore, a health insurance premium calculator is a helping tool to choose the right health insurance plan. It gives you a clear 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. There are factors you will have to select based on your family and insurance needs. With Care Health Insurance premium calculator, you can begin by selecting the number of people in your family and how many of these are children, if any. You then have to specify the age of the oldest family member and decide the amount you prefer. It is the upper limit of health-related bills and payments that your insurance will cover.

    How to Use Health Insurance Premium Calculator?

    Getting a free quote and computing your premium cost through the online health insurance premium calculator is super easy! Use this digital tool on your screen, key-in a few details, and you will get a perfect estimate based on the input shared.

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

    1. Visit the website of CHI and Click on Health Insurance Tab
    2. Choose a health policy and provide  your contact details in the ‘Get Quote’ Section
    3. Enter details, including the number of persons, select age and gender, confirm if there are pre-existing conditions 
    4. Click on ‘Done’ to proceed
    5. In the total coverage section, you can customise the policy by selecting the sum insured 
    6. In the next step, select the policy term. You can opt for a multi-year policy of 2 years or 3 years to avail premium discount
    7. The premium calculator page will display your annual premium amount, based on the details provided  

    The health insurance premium calculator will automatically calculate the amount you will have to pay to be eligible for the coverage. You will see the premium and key benefits in your base health insurance cover. The page will also display options to select additional covers to boost the health cover and the applicable total premium cost.

    Customise 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 family members from a particular plan. The premium amount will accordingly change.

    The total amount that a health insurance or mediclaim premium calculator  provides is just a precise estimate of the cost you will have to pay. There may be a slight variation in the premium cost after tele-underwriting review of your current health condition. Other factors, such as existing health problems or family history, might be included. However, this variation will not be too high, and with the help of the health insurance  premium 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 medical insurance premium rates vary for individual and family floater health insurance plans, considering different ages of the insured.
     
    In this case, 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 make a suitable decision to opt for the best health insurance cover. Separate individual policies for your family will be more expensive due to a higher premium than a family floater policy. However, individual policies are recommended if you have senior citizens or someone with a medical condition. In the case of young family members, it is wise to invest in family health insurance plans as the premium is affordable.

    >> Check: Health insurance for Parents

    *IBAI Claims Handbook for FY 19-20

    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 medical insurance 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 health insurance premium for parents, access a premium calculator online. You must provide correct 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, use premium calculator tools online to find the cost and customise the policy for your parents.

    Q. How to calculate family health insurance premium?

    You can use the 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 for availing of the benefits under your family health policy.

    Q. How to compare health insurance premium?

    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 analyse the health policies and the premium for making an informed decision. Carefully assess the policy features for selecting an affordable health cover.

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