Health insurance premium calculator, mediclaim insurance premium calculator
Health Insurance Premium Calculator
So what is a Health Insurance Premium calculator? Well as the name suggests it is an Calculator which is used to arrive at the premium payable by the prospective buyer of health insurance plans.
The primary objective of this calculator is to compare different health insurance plans available for the applicant with respect to premium. One can opt for the best health insurance plans at an affordable premium, and apply for the policy immediately.
To make it even more simple for the online customer, at eindiainsurance, we don’t just provide the calculator but have taken it one step forward and present the customer with a comparison table which compares the benefits and premiums across plans and presents them in a simple and easy to understand table which can aid in his decision making. So you can:
Arrive at the premium payable for each health insurance plan.
Compare benefits and premiums across the various health insurance plans of various insurance companies and.
Make an informed decision on the plan most suited to your requirements.
So how does this calculator work?
Quite simply there are a set of fields which need to be filled to arrive at the premium…these fields include:
Coverage Type (Individual or Family).
Age of the customer.
City of Residence.
Duration of the policy (1/2/3 years).
Enter the details and submit the information and you have the premium at your
finger tips. Some of the more advanced calculators also seek information relating to Pre Existing conditions as well as the information above. Let’s quickly look at the reasons for the insurance company requiring the above information to share the premium:
Coverage Type (Individual/Family) – In an Individual Plan, each member of the family will have an individual sum insured whereas in a Family Floater (FF) plan, the entire family will have a common sum insured. Hence the premium for a FF plan will be lower than the sum of premiums of the individual plans. It is recommended that a family opts for a FF when they are younger.
Age of the Customer – This is the most important parameter which impact the premium of the health insurance plan. A younger insured will need to pay a lower premium than an elder person for the same sum insured.
City of Residence – Some health plans in the market give importance to the city of residence of the customer. Applicants residing in a metro city will end up paying a higher premium than their compatriots staying in Tier II/III cities. Residents of metro cities have a higher exposure to pollution and other life style related factors.
Sum Insured – The sum insured opted for by the proposer also impact the premium, higher the sum insured, higher the premium…the proposer must ensure they opt for the optimum sum insured while taking into consideration number of dependent family members, current lifestyle and financial position as well as family health history.
Duration of the policy – The applicant will have an option for increasing the tenure of the policy beyond 1 year if they require…they are provided options for 2/3 years also…most companies offer a discount for a longer duration policy. The advantage of a longer duration policy is that 1) the insured need not worry about renewal every 12 months and 2) even in the event of an unfortunate claim, the premium for the following years will remain the same.
Gender of the Insured – There are some specific women centric insurance plans which allow a discount for women / young girl children.
Pre Existing Conditions – Some calculators also request the insured to fill in information relating to pre existing medical conditions, if they are looking for an option to reduce the waiting period under specific plans.
There are also financial impacts on the premium based on the lifestyle of the insured, if you’re a smoker individual/tobacco user/ occasional or heavy consumer of alcohol etc, your insurance premium automatically could increase with a loading applied by the insurance company. A higher Body Mass Index (BMI) could also attract a similar loading. All these additional inputs will be required to be provided on the online application form post comparison of quotes and opting for a particular plan.
What are the Benefits of a Health Insurance Premium Calculator?
The Health Insurance premium calculator are normally used in an online purchase scenario, and it is particularly beneficial to the purchaser for the following reasons:
Most online aggregators present the health insurance plans in a very detailed and transparent manner for the customer, comparing available insurance plans basis the parameters provided by the purchaser. This allows the applicant to make an informed decision on the terms of cover.
Most importantly, it provides the insurance premium for all plans in a comparative table allowing the applicant to review the premiums in relation to the coverage. The premiums are presented basis the , coverage type age, duration, sum insured and location provided by the customer. So the comparison and decision can be made basis both the benefits and premium.
Some advanced premium calculators also provide various filters to the customer to allow them to customise their policies to their preferences – with add on features like Maternity, Critical Illness, Personal Accident Cover or a Fixed Benefits like Hospital Cash etc. They can also sort plans basis coverage with filters like Specific Insurers plans, Co-payment options, Pre Policy Medical Check ups, Room Rent Cap, EMI options availability etc. All this is possible with just the click of a button.
Another benefit of this process of using the calculator is that it can be done from the comfort of your home, at anytime of your convenience without anyone breathing down your neck like and agent/broker etc
The final benefit is that once you’ve used the premium calculator to compare plans and opt for the one which is most suitable to your requirements, the website will allow you to fill in the application form and make a payment online to ensure you complete the policy buying process without much intervention and hassles.
How does one use a Health Insurance Premium Calculator?
The calculator allows you to arrive at the premiums of various health insurance policies and provides a free quote to the proposer. The following steps need to be followed:
Step 1 – Enter required personal details including your gender, name and contact number on the page after deciding on the type of coverage (individual / family).
Step 2 – Under the Family option, some insurance plans take only the age of the eldest member of the family, others take the ages of individual family members – provide the details accordingly.
Step 3 – Provide details like age (date of birth), city of residence, sum insured, tenure (duration of policy) for the opted insurance plan. Hit ‘View Plans’ button to view the quotes across all insurance providers/plans.
Step 4 – Now all the health insurance policies with their features and corresponding premiums will be displayed. Some calculators also provide an additional option to compare 2-3 specific shortlisted plans benefitwise before making a final decision. Opt for the plan that will best suit your requirements and then hit the ‘Buy Now’ button.
Step 5 – The online application of the insurance company/plan will be available, fill in the same with all details and then move to the payment screen for making an online payment. Post submitting this all details will be sent to the insurance company to issue the policy.
This process can be followed to purchase your next health insurance plan through eindiainsurance.