Health Insurance Premium Calculator

A health insurance premium calculator is an online tool that helps a potential health insurance buyer to get an estimate of the premium amount that he/she will be required to pay for a particular health insurance plan. With the rising medical expenses, calculating the premium becomes important.

5 Lac coverage starting from only ₹257/Month*
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    Up to 75000**
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*Standard Terms and Conditions Apply.

**Tax benefits are subject to changes in Income Tax Act.

What is Health Insurance Premium Calculator?

A health insurance premium calculator is a free tool that you can use to calculate premiums for different health insurance plans, as well as to compare and analyze different medical insurance policies offered by popular insurance companies online. You can compare health insurance plans on the basis of several factors that include age, gender, profession, number of members covered under a policy, etc. One can also customize their health insurance policies and notice a change in the health insurance premium. This way, using a health insurance premium calculator helps in making a better buying decision.

Health Insurance Calculator

Whom do you want the insurance for ?

You
Couple
Family
Father
Mother

    Select the age of all members

  • You

Where do you live ?

Choose required Coverage for yourself?

2 Lac
3 Lac
5 Lac
10 Lac
25 Lac
Disclaimer : Actual Premium might vary basis your location, age and number of members

What Is a Health Insurance Premium?

A health insurance premium is a pre-determined sum of money that a policyholder is required to pay to their respective health insurance company in order to avail coverage and benefits offered under a health insurance plan. A policyholder is required to mention necessary information in order to use the health insurance premium calculator and to let it calculate the amount of premium that is required to be paid. The information includes sum insured, age, pre-existing illness (if any), number of members that need to be covered under the plan, etc. This information provided by the policyholder acts as a parameter depending upon which the amount of premium would get calculated. All the benefits and coverage listed in the insurance plan will be paid by the respective insurance company if there arises any unforeseen healthcare emergency or upon the diagnosis of a specific illness, according to the terms and conditions mentioned under your health plan.

How to Calculate Health Insurance Premium Online?

With a health insurance premium calculator, you can calculate the health insurance premium of your policy by entering a few personal details like medical history, family members to be covered, etc. On the basis of that, you will be able to get an estimate of the health insurance premium you will be required to pay for your health insurance policy. InsuranceDekho has this tool that you can use to calculate premiums and compare different health insurance policies online, without paying anything for it.

How to Use Health Insurance Premium Calculator Online?

Using InsuranceDekho’s health insurance premium calculator is just a matter of a few minutes.

All you need to do is follow a few simple steps given below:

  1. To be able to use the premium calculator, all you need to do is visit the website of InsuranceDekho, and click on the 'Health' option.
  2. Fill in your personal details as asked in the form displayed. You will have to share your Gender, Age, Members to be insured, City, Name, Mobile Number, and E-mail ID. Click on the ‘View Instant Quote’ option.
  3. The best health insurance plans for you will get displayed on the website with an estimated premium amount.
  4. You can alter your choices of coverage features and see the change in the premium amount.

Features And Benefits of Mediclaim Insurance Premium Calculator

Health insurance premium calculator offers the following advantages to the users:

1. Makes Financial Planning Easy

The health insurance premium calculator gives you an accurate estimate of the health insurance premium of a health insurance policy you wish to buy. This helps you plan your finances effectively for the future.

2. Reduces Risk of Defaulting Health Insurance Premium

Keeping yourself informed beforehand about the health insurance premium eliminates the risk of defaulting health insurance premiums as you opt for a policy only that you can afford.

3. Buy Health Insurance Policy As Per Your Requirements

A health insurance premium calculator helps you choose a health insurance policy after customizing it as per your requirements in order to make it an affordable one, yet offering adequate coverage.

4. Helps You Choose Add-On Covers Easily

As you enter your personal details, the health insurance premium calculator displays the most suitable health insurance quotes. Along with quotes, it also tells you the premium for relevant add-on cover(s) that you can opt for along with your health insurance plan.

5. Helps You Make an Informed Decision

With a health insurance premium calculator, you can compare, analyze, choose, and be informed of the various benefits of several health insurance policies. This helps you make the best buying decision by keeping you informed about it all.

6. Flexibility

Health insurance premium calculators are quite flexible. They allow you to adjust different variables so that you can find the perfect mix of sum insured and premium that suits your requirements in the best way.

7. Eliminate the Requirement of Insurance Advisor

With a health insurance premium calculator, you can eliminate the role of an insurance advisor. You can simply search for coverage benefits under different health insurance plans at your convenience. There is no pressure to add certain coverage benefits, from agents or anyone else. You are the sole decision-maker and hence can determine your own premium by adding or reducing coverage benefits.

8. Filter And Shortlist Premium Quotes

Some health insurance companies also allow you to filter and then shortlist the premium quotes as per your requirement. It also gives you suggestions to buy certain health insurance plans, as per your preferences entered in the previous steps.

How is Health Insurance Premium Determined?

Take a look at the factors that increase or decrease your health insurance premium:

1. Age

With growing age, your health insurance premium is bound to climb as old people are more prone to illnesses and use more health care services than young ones. So, it is better to make the timely purchase of a health insurance plan to avoid higher premiums.

2. Gender

Health insurance premiums differ for men and women. This is because as per the expert, women are more likely to visit doctors, and are therefore demanded a higher premium.

4. Medical History

Typically, if you have a family history of some specific diseases like cancer, heart disease, or blood pressure, then you are more likely to require medical care for the same in the future. Which means a higher premium for you.

5. Body Mass Index (BMI)

People with higher BMI are more prone to heart, and joint-related diseases, and even diabetes. Which is why they are more likely to avail healthcare services in the future.

6. Smoker/Non-Smoker

Regular smokers are required to pay more health insurance premiums as smoking is significantly risky for health. Regular smokers are more vulnerable to issues like Stroke, Asthma, Cancer, Heart disease, hypertension etc.

7. Pre-existing Health Conditions

Individuals with pre-existing diseases are required to pay more health insurance premiums as they will need more coverage in comparison to others.

8. Geographical Location

Your residency may also affect the premium amount you will be required to pay. Some zip codes demand a higher premium than others.

9. Profession

If you work in a hazardous environment or have a stressful job, then you are more likely to suffer from medical issues. Which means you will have to pay a higher premium.

Additional Factors Affecting Health Insurance Premium

Insurance companies come with some guidelines which they follow when issuing health insurance plans to individuals. Some of these guidelines are explained below:

  • Expenses related to marketing and services: The expenses related to marketing highly influence the premium of health insurance plans, as decided by an insurance company. This is because the marketing expenses are compensated from the premiums received by an insurance company. Other such expenses incurred by an insurance company include commission, brokerage, advertisement, brochure, other additional expenses, as well as the operational costs incurred by insurance companies.
  • Savings and investments: Insurance companies invest their capital in public sector investment instruments instead of private sector investment instruments. This is mainly because of the huge risk involved in private sector investment instruments. The premium that you are required to pay for a health insurance policy is subject to returns received from these capitalizations.
  • Policy underwriting: Different health insurance companies may offer different types of health insurance plans such as individual health insurance plans, family floater health insurance plans, senior citizen health insurance plans, etc. All these plans are underwritten in a way that they are all balanced at the same time. The underwriters take into consideration possible risk factors that could create an issue in the future. On the basis of that, the eligibility and other conditions, and thereby premiums of different health insurance plans are decided.
  • Mortality rate: Insurance companies may have liabilities like paying an individual or a family cover for the healthcare expenses that they are insured for. The mortality rate is the amount that an insurance company has to bear in case of eventuality to a customer. However, these eventualities are usually experienced by old people mainly because:
  1. The premium for older people is high in comparison to the ones who are young. This is because old people are more prone to illnesses as compared to young ones.
  2. Medical history
  3. Due to the high sum insured for old customers, their premium is also high

Although all general insurance companies ask you to undergo a medical check-up before policy purchase, some may also leave it on you and begin with the information that you offer them via the application form. Your premium is calculated on the basis of the information provided which includes health conditions, lifestyle habits, smoking or drinking habit, etc. also, people who already have a health condition may be required to pay a higher premium as they have higher chances of getting hospitalized.

How to Reduce Health Insurance Premium?

Health insurance premiums may sometimes be an obstacle for people having higher health insurance coverage. So, for those who find it difficult to pay high health insurance premiums, here are a few tips:

1. Purchase Health Insurance At an Early Age: One of the proven ways to save on health insurance premiums is to buy the insurance policy at an early age. This is because as you age, you are more vulnerable to illnesses and are hence required to pay a higher premium then. So, you must choose to timely purchase health insurance coverage.

2. Go For a Policy With Lower Sum Insured: Health insurance plans with a lower sum insured come at lower health insurance premiums. So, to save on premiums, you can opt for a policy with a lower sum insured.

3. Opt For Copay and Deductibles: Copayment is when the insured has to bear a fixed portion of their treatment expenses whereas the insurance company covers the rest at the time of claim settlement. Whereas deductible is the fixed payment that you will have to make for the treatment expenses before the insurance policy kicks in. So, another way to make your health insurance policy more affordable is to opt for cost-sharing health insurance plans that offer copay and deductible options.

4. Balance Your Health Insurance Plans: An individual can have more than one health insurance policy depending on their requirements. They may have one provided by their employers, an individual health insurance policy, as well as a family floater health insurance policy. In such cases, they must use the individual health insurance policy, keeping the gamut of benefits they can avail of from other policies. This way, they can manage health insurance premiums in a better way.

5. Opt for Top-Up Plans: To avail of high coverage at a low premiums, choosing top-up plans is the best option. The plan comes to your rescue when your medical insurance claim crosses the threshold limit.

6. Opt for Family Floater Policies: The premium for an individual health insurance policy is based on the sum insured and age of every member added under the policy. Whereas the premium for family floater health insurance plans is based on the eldest family member covered under the policy. Family floater policies prove to be more cost-effective as their premiums can be up to 20% lesser than individual health insurance plans.

7. Compare Health Insurance Quotes: The health insurance premium rates differ from one insurance provider to another insurance provider. Moreover, the premiums paid towards different health insurance plans also differ. Doing a thorough comparison of different insurance plans offered by different insurance companies would help you in choosing the right health plan that would meet your budget and healthcare requirements at an affordable premium cost.

8. Choose a Multi-Year Health Insurance Plan: The amount of premium paid towards yearly health insurance plan is higher as compared to a multi-year plan that is purchased for 2 or 3 years. The premium for the whole tenure is paid at a single time and various discounts are also offered by the insurance provider on health plans purchased for a duration of more than 1 year.

What is the Importance of Using Health Insurance Premium Calculator?

There are various health insurance companies that offer several kinds of health insurance products and it can be a daunting task to choose the right insurance plan from the available plans. Buying the right health insurance plan requires thorough research, comparison and analysing different terms and conditions before choosing a plan. However, the efforts put in selecting the right insurance plan are always worth it when seen through a bigger picture. Highlighted below are a few reasons how a health insurance premium calculator makes selecting an appropriate health insurance plan easier for you:

  • With InsuranceDekho’s health insurance premium calculator, you can view different health insurance plans according to your budget and requirements in a single place, so that you can easily do a comparison between them. The decision-making process, thus, becomes a lot simpler and hassle-free.
  • With the help of InsuranceDekho’s health insurance premium calculator, you can get an accurate idea regarding the amount of premium payable, according to your financial objective and healthcare requirements, prior to taking any final decision about the policy that you wish to go for.
  • InsuranceDekho’s health insurance premium calculator helps you in conducting an extensive research all on your own without even before approaching different insurance companies and insurance agents. Therefore, in this way, the procedure of selecting a health insurance plan becomes seamless and it also helps you in making a wise and well-informed decision.
  • InsuranceDekho’s Health insurance premium calculator along with the health insurance plans also displays the appropriate riders or add-ons available to meet your unique requirements. It not just gives the users the flexibility to go through the riders at a single glance but also the ease of choosing them without requiring to individually visit the website of various insurance providers.

Tax Benefits in Health Insurance

When talking about health insurance premiums, it is important to also understand how you can avail tax benefits on the premium paid, in different situations. In case the policyholder and parents have aged less than 60 years and the premium paid for self, family and children are Rs. 25,000 and for parents is Rs. 25,000, then you can avail a deduction of Rs. 50,000. In case the policyholder and family members are aged below 60 years with parents aged above 60 years, and the premium paid for self, family, and children is Rs. 25,000 and for parents is Rs. 50,000, then the deductions can be availed of Rs. 75,000. When the policyholder, family members, and parents are more than 60 years in age and the premium is paid for Rs. 50,000 for both self, family, and children and for parents, then the deductions can be availed of Rs. 1,00,000. In case the premium is paid of Rs. 25,000 in both the cases, for cover for members of the HUF (Hindu Undivided Family), then the deductions can be availed of Rs. 25,000. And if the policy is purchased for Non-Resident Individuals for Rs. 25,000, then you can avail tax deductions of Rs. 25,000. You can avail of these tax benefits under Section 80D of the Income Tax Act, 1961. Also, note you can avail of tax benefits only if you have paid the premium in any mode other than cash.

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Health Insurance Coverage Calculator

Who do you want to insured ?

  • Individual
  • Couple
  • Family
  • Parents

Age of eldest insured member ?

Where do you live ?

Metro
Non-Metro
Disclaimer : Actual Coverage might vary basis your location, age and number of members

FAQ About Health Insurance Calculator

  • Are the premiums paid towards health insurance tax deductible?

    Yes, according to the section 80D of the Income Tax Act, you are eligible to claim for tax deductions on premium amount payable towards a health insurance plan of up to Rs 25,000 for self, spouse and children covered under the plan. An added tax deduction of Rs. 25,000 is provided for dependent parents, who are less than 60 years in age and if parents are more than 60 years in age, then a tax deduction of Rs. 50,000 is provided.

  • How much time do I require to spend online for calculation of insurance premium?

    The best attribute of a health insurance premium calculator is that it is pretty fast and simple. If you use InsuranceDekho’s premium calculator, then you can calculate premium quotes of different health insurance plans based upon your requirement and budget within just a few minutes.

  • What is the benefit of using an online premium calculator?

    The benefits of using an online premium calculator are many. The free premium calculation, simplification of complex calculations, time-saving solution, comparison of different quotes, customization of input, and premium calculation result without any mistake are a few benefits that make online premium calculation worthwhile.

    For further information about the premium calculator or any query related to health insurance, dial our toll-free number 755 1196 989.

  • Can I reduce my health insurance premium?

    Yes. You can reduce the health insurance premium of the selected health insurance policy in the following ways:

    • Purchasing the policy at a young age
    • Opting for deductibles or co-payment
    • Choosing top-up or super top-up health insurance plans
    • Choosing a health insurance policy as per your time zone
    • Checking for the No Claim Bonus (NCB) policy
    • Opting for family floater health insurance policies instead of individual health insurance policies.
  • Does the premium for health insurance policies vary with different health insurance companies?

    Yes. The premium for health insurance policies vary with different health insurance companies.

    For further information about the premium calculator or any query related to health insurance, dial our toll-free number 755 1196 989.

  • What is a health insurance premium calculator?

    Health insurance premium calculator is an online tool that gives you an estimate of the health insurance premium that you are required to pay for a particular health insurance policy. The tool is useful when buying a new health insurance policy or when renewing the existing one.

  • How to use a health insurance premium calculator?

    To use health insurance premium calculator online at InsuranceDekho, you are required to follow the simple steps given below:

    • Visit insurancedekho.com and click on the Health tab.  
    • Enter your personal details as asked. You will be required to enter your age, gender, members to be insured, name, city, mobile number, and email ID. Click on ‘View Instant Quote’. 
    • You will see the most suitable health insurance plans on your screen with the estimated premium amount.   
    • You can alter the coverage features and see the change in the health insurance premium.
  • What is the advantage of using an online health insurance premium calculator?

    The advantage of using a health insurance premium calculator online is that it not just helps you in saving time but it is also a very cost effective method of premium calculation. It also lets you compare different plans at a single platform and makes it much easier for you to make an informed decision.

  • What are the tips to reduce health insurance premiums?

    You can use InsuranceDekho’s health insurance premium calculator not only to get an estimate for health insurance premiums, but also to compare health insurance plans on the basis of features, cost, add-ons, benefits, etc. To reduce your health insurance premium, you can exclude coverage features that you do not require under your health insurance policy.

  • What all details do I need to provide while using the health insurance premium calculator?

    You are required to provide information such as your gender, marital status, date of birth, annual income, etc, while using the health insurance premium calculator.

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*Standard T&C Apply. All savings/offers are provided by the Insurers, which are subject to modification .For more details on risk factors, terms and conditions, please read the sales brochure of respective insurers carefully before concluding a sale. Tax benefits are subject to changes in applicable tax laws. Girnar Insurance Brokers Private Limited, (CIN: U66010RJ2016PTC054811, Regd .Off: Girnar 21, Govind Marg, Moti Doongari Road, Dharam Singh Circle, Jaipur, Rajasthan- 302004; Corp. Off: 11th Floor, Tower B, Emaar Digital Greens, Golf Course Extension Road, Sector-61, Gurugram-122102, Haryana. IRDAI License no 588. Direct Broker (Life & General) valid till 19th March 2023. Email - support@insurancedekho.com ; Helpline number: 7551196989.
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