Health insurance can be a great backup considering quality healthcare is expensive in India. You can buy a policy by paying the corresponding premium. Here, a health insurance premium calculator can be helpful to determine the cost of the policy and plan your purchase.
A health insurance premium calculator is a free online tool for calculating the costs of different health insurance plans. The calculator simplifies the mathematics involved in health insurance premium calculation, just like a regular calculator does for simple computations. This tool can help you plan your purchase by estimating how much a specific health cover would cost.
You can use the calculator to check the payable premium of a customised plan. For example, you can modify factors such as the chosen plan, add-ons, features, etc., and know the premium you will have to pay. You can also use the calculator to arrive at quotes and compare different medical insurance policies. Thus, a health insurance premium calculator enables you to find the most suitable policy. Note that it is also known as mediclaim insurance premium calculator in India.
The payment made to purchase health insurance coverage is known as a, health insurance premium. In India, most health insurance policies are valid for one year. Thus policyholders must pay the premium amount annually to continue their insurance coverage.
Using the medical insurance premium calculator does not require much effort or expertise in health insurance. All you need to do is answer a few simple questions or enter relevant information to get an estimate of the cost of the policy. Here are the steps to use a mediclaim premium calculator.
Visit www.acko.com and click on the "Health" icon.
Enter your PIN Code and click on "Get quote".
Enter all necessary information and click on "Get quote".
Here are the major advantages of utilising the ACKO Health Insurance Premium Calculator.
1. Easily accessible from a laptop or mobile device at any time and from any location.
2. Used to calculate the premium for free in real-time.
3. Easy-to-use interface for calculating premiums and buying insurance.
The premiums for different insurance plans vary depending on multiple factors. Out of these, you can usually control factors like coverage type, co-payment percentage, etc. Here is a list of factors that generally affect health insurance premiums.
The policyholder's age in an Individual Health Plan or the age of the eldest insured person under the Family-floater Plan is considered while calculating the health insurance premium.
For example, if a person in his 20s decides to buy a health plan, he may pay a lower premium as compared to someone in their 50s. This is because your chances of raising a claim increase as you age. As a result, while insuring an elderly individual, insurers assume a bigger risk and, as a result, charge more.
The type of plan you select determines the total payable premium. There are several types of health plans like Critical Illness Plans, Individual Health Plans, Family-floater, etc., and each provides different types of coverage. Thus, there is a difference in their cost. You must choose a health plan that best suits your and your family's needs.
If you opt for co-payment, you promise the insurer that you will bear a fixed percentage of the total claim amount. Opting for a co-payment clause may or may not be optional. In case you do opt, your premium will decrease as you have agreed to share the insurer's claim settlement burden. Under our ACKO Platinum Health Insurance Plans, there is no co-payment clause. We will bear the entire claim amount without any deductions. Moreover, the Zero Waiting Period feature of the plans allows you to raise a claim from day 01 of buying the policy. Read more →
Add-ons are nothing but additional coverages that are not included in your health insurance policy. You must pay more premium to avail of these coverages. Since these are additional coverages that come at a cost, your total health insurance quote will increase. So it is suggested that you buy add-ons only if they are useful for you.
As different health insurance companies offer different types of policies, each plan's premium also changes. For instance, as our operational costs are low, you need to pay a lesser premium to buy a health plan from a digital-first company like ACKO. So it's possible that an online insurer will offer you the desired coverage and services at a reduced cost as compared to an offline insurer. So, it is advised to shop around for plans before purchasing them.
The likelihood of filing a claim is lower if you are healthy than if you are prone to or have a particular medical condition. As a result, the final premium will also be influenced by your current health status. Thus, you might be required to provide basic information regarding pre-existing conditions and lifestyle, like whether you smoke or drink, etc., to calculate the premium.
Technology has improved accessibility, ease of use, and convenience regarding health insurance, including policy purchase and claim resolution. For instance, you can quickly calculate health insurance premiums online without filling out physical forms or paying for a quote. Here are the benefits of calculating health insurance premiums online.
1. The premium can be calculated online without going to the insurer's office.
2. This service of calculating premiums online is absolutely free.
3. It saves the time and effort required to speak with an insurance agent or executive.
4. You have complete control over the policy you choose.
5. Since you know the approximate cost of your health insurance policy, you can be well prepared to plan your purchase.
Top-up and Super Top-up are separate health insurance plans. You can skip the basic health insurance part and just opt for this top-up plans as well. As the name suggests, they come to your rescue when the hospital bill is over a predetermined limit.
The difference between the two is related to the number of claims that can be made and the total claim amount that can be applied for. Also, different insurers might have different features, benefits, and clauses when it comes to such plans. For details, you need to go through the features of these plans.
Health insurance price or health insurance premium is the amount you pay to the insurance company to buy the policy. Different policies will have different premiums. The premium will depend upon a variety of factors. Some factors are in your control while there are some factors where you cannot do anything. For example, you can choose to select an add-on, go for a top-up plan, or increase room rent but you cannot change your age or your pre-existing disease. Here’s a list of factors that you need to consider while calculating the health insurance premium.
The final payable premium will depend upon the kind of plan you choose. Health insurance is broader than car insurance. While car insurance has just two plans in the form of Third-party and Comprehensive plan, a health insurance plan offers Individual Policy, Critical Illness, Policy, Accident Cover, Maternity Cover, Family Floater plan, etc. Thus, while using the calculator, you will have to select a plan and then proceed.
This term means that you are willing to contribute a fixed amount/percentage when it comes to the claim amount. This is an optional feature. It might not be available across all policies. As per the co-pay clause, you enter into an agreement that states that you will co-pay the hospital bill along with the insurer. As the insurer’s risk-bearing capacity is reduced, they charge less premium. Thus, the higher the co-pay amount, the lower the payable premium. However, it also means that the higher the co-pay amount, the lower the claim settlement amount receivable from your insurer.
Add-ons are small covers. They offer specific insurance coverage, and you have to pay an additional premium to buy them. Therefore, the higher the add-ons, the higher the final health insurance premium. Therefore, you need to analyze your health and risk factors and choose only suitable add-ons. Otherwise, unsuitable add-ons will just spike up the premium.
The health insurance premium will also depend upon the company from whom you are buying the policy. For example, digital-first insurers such as ACKO might offer lower premiums as they save on operational cost. Thus, it is possible that you can get the desired coverage and the services for a lower rate from an online insurer. Thus, it is suggested to compare plans before buying them.
If you are healthy, the chances of a claim are less as compared to if you have certain medical conditions or if you are prone to them. Thus, your current health condition will also play a role in determining the final premium. However, when it comes to calculating the premium, you might have to share basic information related to pre-existing diseases and lifestyle-related choices such as whether you smoke or drink, etc.
Your age plays a big factor when it comes to calculating the premium. For example, an Individual Health Plan purchased by a 25-year-old person will be less costly as compared to that purchased by a 52-year-old person. The simple logic for this is that as the body ages, the chances of health complications increase. Thus, insurers take on a higher risk by insuring an elderly person and therefore charge more for such a service.
Just as several factors are considered in car insurance, the health insurance premium chart also considers some factors to determine the premium for a policy. The premium is the amount charged by the insurance company (in this case, ACKO) to insure you against unforeseen health expenses. It is based on how risky it is to insure a particular person’s health.
Therefore, the sum insured, the person’s age, lifestyle, and health are looked at along with other factors, such as residential area, type of policy, etc., to determine the premium. The premium calculation works on the combination of these factors.
Health insurance premiums vary from one person to the other. The same policy might cost more for person A than for person B as their age and health conditions vary. You can use a health insurance premium calculator to know how much it will cost you to buy a mediclaim policy.
Since you know the sum insured you are looking for, simply enter it in the online calculator along with other details while calculating the health insurance premium.
Yes, you can calculate the medical insurance premium for your parents online. Ensure to specify the parents’ age and health conditions while using the calculator, and you will be able to find out the approximate payable premium to buy a policy for them.
Yes, you can compare health insurance premiums online. Some aggregator websites can help you to do so. However, make sure that they cover all insurers. Another way to make the comparison is to shortlist around three to five insurers and then visit their website (for example, www.acko.com) individually and calculate the premium. Once you have the premium amount from all five insurers, you can compare the cost easily and buy a suitable policy. Ensure to keep factors such as the coverage and sum insured constant across insurers while comparing plans.
Usually, health insurance companies do not charge for premium calculations. Therefore, such a service is offered free of cost.
Yes, the premium can be on the higher side in the case of pre-existing diseases because insurers usually perceive such profiles as risky.
Yes, your family history plays a vital role in determining the premium in some instances. A history of illness in the family increases the risk profile as far as insurance is concerned. Thus, the insurer might ask for more premium amount to insure such a risk.
Yes, GST charges are applicable when it comes to the health insurance premium. Therefore, while comparing plans or planning your health insurance portfolio, do consider the GST charges.
Yes, you are eligible for tax benefits on health insurance as per the applicable tax benefit slabs for the assessment year. There are different tax benefits for premiums paid towards self, family, and senior citizens.
|Disclaimer: *Except for exclusions like maternity benefits, undisclosed diseases, etc. Please check policy wordings for more details.|
|The plans, services, features, processes, and other details mentioned on this page are subject to availability and changes. Please check the applicable policy wordings before making any insurance-related decisions. Feel free to reach out to us at [email protected] for any queries.|