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Mediclaim Policy Premium Calculator

How to Calculate Mediclaim Premium?

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7.5% Discount
10% Discount

Your premium is Rs.

Above Premium includes 18% GST

I

93%

Claim Settlement Ratio (OND 2018)

II

7800 +

Network Hospitals across 500 cities

III

400 Lacs+

Lives covered

Not only getting a health insurance policy is possible online, you can also now use the same digital platform to know the cost of your health cover. A mediclaim policy premium calculator is the tool we are talking about! It is a web-based tool created for health insurance buyers to calculate the mediclaim premium costs in a few mouse clicks! The digital way of calculating premium scores over the laborious manual calculations that once existed.

Mediclaim premium is the amount of money you pay periodically towards a mediclaim policy to get the coverage for medical expenses you incur in a year. You can pay the premium monthly, quarterly, biannually, annually, or as a single-premium payment.

Several factors impact the premium, including the insured person’s age, pre-existing health conditions, type of coverage, amount of coverage, etc. It is a crucial factor you cannot miss when opting for a mediclaim policy. When browsing and comparing different mediclaim plans, you can customize your policy by altering the various factors, i.e., increasing the number of insured members, selecting the sum insured, and so on. The results will vary, and you get to assess if the chosen option is affordable and meets your insurance needs at the same time.

The online premium calculator makes things easy for you since you can know how much your mediclaim policy will cost beforehand rather than asking the insurer.

What is Mediclaim Policy Premium Calculator?

A mediclaim premium calculator is a useful online tool designed to estimate the premium of a mediclaim policy payable by the policyholder. It considers different factors you enter and displays the mediclaim premium amount for the policy term applicable. For example, if the insured person is aged and has a pre-existing condition, the premium will be higher than for a younger person, say a 20-year old. The premium calculator is convenient to use and helps you plan your finances effectively. That is, you get to know the affordability of a policy you have chosen for you and your loved ones.

Advantages of Mediclaim Premium Calculator

A mediclaim premium calculator offers you the following advantages:

  • The mediclaim policy premium calculator gives you a clear estimate of the premium you must pay for your mediclaim policy.
  • It helps you compare various policies and lets you choose an affordable policy based on your insurance needs.
  • Allows you to plan your budget in a better way as you get an exact estimate of the premium.
  • The Mediclaim premium calculator reduces manual efforts and simplifies the process of buying the mediclaim policy.

How to Use Mediclaim Premium Calculator?

Follow these simple steps to use a mediclaim policy premium calculator and know how much premium you must pay for your mediclaim policy:

Step 1: Visit the mediclaim policy premium calculator page.

Step 2: Provide personal details, as required, such as the date of birth of the senior-most family member and others. You are also required to specify the exact number of family members.

Step 3: Specify the coverage amount from your mediclaim policy

Step 4: Feed the correct option for your policy tenure by considering factors, such as marital status, retirement, income, etc.

Step 5: Click on the Calculate Mediclaim Premium button.

Depending on the information given by you, the approximate premium payable will be reflected on your screen. However, the total amount to be paid by you will also include health insurance GST charges at a rate of 18%.

What is the Need to Calculate Mediclaim Premium?

It is necessary to calculate the mediclaim premium before you finalize a mediclaim policy, as it helps you know the exact amount you have to pay for availing the coverage. Also, it gives you a good idea of how affordable your health cover will be for you and your family. Calculating the premium of different mediclaim policies will help you compare and pick a policy worth your money invested. Calculation of premium becomes convenient if you use an online premium calculator.

Factors Impacting Mediclaim Premium

Prices of medical insurance policies are calculated using advanced algorithms. At CHI, we consider several factors while deciding the premium amount you would pay for your policy. Some of them include:

  • Age: Premiums costs tend to go higher with age when the possibility for a person seeking medical care increases. For younger people, the premium is often affordably priced.
  • Type of coverage: Mediclaim policies are of two types, one that covers an individual only and another that covers a group of people/family members. The mediclaim premium will vary based on the type of coverage you have chosen. The number of members in the family who have been included in the policy is a key factor that affects premium prices.
  • The amount of coverage: The premium amount is likely to be higher if the coverage amount is high.
  • Health conditions: Having medical conditions like pre-existing diseases, such as diabetes and hypertension, at the time of buying the policy impact the premium prices.
  • Lifestyle: Habits like tobacco consumption/smoking/drinking are usually considered. For instance, the premium is likely to be higher if a person has a history of tobacco use.
  • Underwriting: We adhere to the underwriting process and use complex risk assessment methods by taking information on medical history, family history, claims history, and other details provided by the insured person. We define the eligibility criteria and the conditions when the coverage will be denied

>> Check: Mediclaim policy for family

Additionally, various other factors are also taken into account before deciding the premium payable by the policyholder. For instance, first-time buyers are likely to pay a higher premium. Similarly, individual buyers may have to pay a higher premium than what married couples would pay. Furthermore, premium costs are likely to go up whenever you opt for renewal of your mediclaim policy.

How to Choose Affordable Mediclaim Premium?

You might think that choosing a low coverage amount is one way of lowering your premium. However, it may not be beneficial. There are other effective ways to get a lower premium. For instance, by selecting a longer policy tenure, you can look forward to premium discounts.

We provide health insurance plans with a discount of 10% for a policy tenure of 3 years and a discount of 7.5% for a policy tenure of 2 years. Each policy is customized to suit your healthcare requirements and offers a specific coverage amount. Pick a policy that provides the best cover for you and your family. The premium for your policy can be calculated precisely using the mediclaim policy premium calculator. A premium calculator is a reliable tool for getting an accurate estimate for the amount payable by you for availing the benefits under your mediclaim plan.

The digital method of calculating the mediclaim policy premium is error-free and highly convenient, benefitting both the insurer and the insured. The calculation of premium involves a complex set of tasks. Although affordable premium is, no doubt, one of the vital factors to consider when selecting a mediclaim policy, the right decision should be taken keeping one’s specific insurance needs in view.

FAQs

Q. Can I reduce my mediclaim insurance premium?

Yes. It is possible to reduce the mediclaim insurance premium that you would have to pay. 

Q. What are the tips to reduce mediclaim insurance premium?

Mediclaim calculator is a handy digital tool that helps you estimate your premium cost in a few clicks. While you are entering the details, you can modify the factors. The premium will then vary accordingly.

However, if you are looking to minimize the cost of your mediclaim insurance premium, you can do that in different ways, as discussed below: 

  1. Choose a plan early: Opt for a mediclaim plan early in life. The reason is that it will cost you a lower premium if you are young. The premium will increase as a person ages. 
  2. Opt for premium discounts: Select a policy that offers premium discounts; say, for choosing longer policy tenure or adding other family members in the same policy.  
  3. Go for family floater option: Instead of choosing an individual plan for each family member that will cost you a higher premium, pick a family floater mediclaim plan that covers your immediate family members for a single affordable premium. 
  4. Select the right deductible: Opt for the right deductible option. Deductible refers to the specified amount you have to bear before your policy starts covering your expenses. Usually, a higher deductible amount can lead to a lower premium. 

Q. Why should I calculate health insurance premium?

You must calculate the mediclaim premium before proceeding to select an option since it will help you know the cost of your policy and decide whether it is an affordable option. 

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