Health Insurance Premium Calculator - ICICI Lombard
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Health Insurance Calculator

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Health Insurance Premium Calculator

With the number of cases related to lifestyle and life-threatening diseases on the rise, there could be nothing better than gifting your dear ones and you the gift of health insurance. Whether you require immediate hospitalisation due to an unexpected medical emergency or are making frequent trips to the OPD for an illness requiring prolonged treatment, medical insurance is there to support you financially. Cashless treatment facilities are available at network hospitals even if you don't have the financial means to pay for your treatment upfront.

With so many benefits, have you ever wondered what the financial cost of securing your health is? If not, now is the time to use our health insurance premium calculator.

Health Insurance Premium
Health Insurance Calculator

About health insurance premium calculator

A health insurance premium calculator is a financial tool on your insurer’s website. It helps you determine the estimated premium based on age, location, the riders you wish to add, and the sum insured. Once you enter the required information, the calculator displays the premiums for different health plans your insurer offers.

However, it is important to note that the actual pricing may differ slightly due to the inclusion of GST and your provision of further details related to your existing health conditions and lifestyle.

Benefits of Health Insurance Premium Calculator

Following are the advantages of using an online health insurance premium calculator:

Customisation Benefit

Medical insurance premiums vary, and having a tool that provides customised premium estimates based on your family size and health requirements can help you budget for this expense. That is where the premium calculator's personalisation feature comes in handy.

Quick Comparison

Facing challenges comparing and deciding on the perfect health insurer? Use a calculator to understand which insurance provider offers the most affordable plan without compromising coverage.

Flexibility

Health insurance calculators are flexible. You can adjust the age and coverage level and add or remove riders to see how different parameters impact the premium.

Coverage Breakdown

Soon after you enter your details and click 'Get Quote,' a new webpage displays the health plans your insurer offers. Here, you not only see the premium but also the key USPs of each product.

Why is it important to calculate health insurance premiums online?

Health insurance plans come with various terms, which, if not understood, could result in you paying more than expected. Your premium may increase if you lead a sedentary lifestyle or have underlying health conditions. Additionally, you may be unaware that you can get a discount on the premium if you have a good credit score.

A health insurance premium calculator is essential to ensure you consider all the factors that affect the cost of coverage. Knowing your premium in advance can help you plan your budget effectively so you don't have to compromise on necessities.

Features of Health Insurance Calculator

The following are the significant features of a health insurance premium calculator —

Accessibility

Don't have time to visit our branch to understand how much health coverage costs you? No worries — you can access our health insurance premium calculator anytime, anywhere; just ensure you have a laptop/smartphone with an internet connection handy.

Easy to Use

There is no need to gather documents related to your previous health conditions. Our calculator only requires your name, age, contact number, and PIN code to inform you of the cost of insuring your health.

Error Free

Multiple factors play a role in deciding your policy premium during the underwriting process. If you wish to calculate the estimated premium manually, you might never figure out the amount. Calculators are designed considering the parameters that can raise or lower your premiums, and the results it display are free from errors.

What factors determine the health insurance premium?

The following factors play a vital role in determining health insurance premiums —

Age And Gender of The Applicant

Age and gender of the applicant

The younger you are, the lower your health insurance premium tends to be. This is because younger individuals often engage in regular exercise to maintain fitness. Additionally, premiums are typically higher for women in their childbearing years than men.

Lifestyle of The Applicant

Lifestyle of the applicant

Leading an active lifestyle and avoiding smoking or alcohol? Not only is the likelihood of developing illnesses reduced, but your health insurance premiums will also be lower.

Pre Existing Health Conditions

Pre-existing health conditions

Do you have diabetes, high blood pressure, or any other chronic diseases before buying coverage? If yes, your premiums may increase due to the likelihood of making multiple claims in a year.

The Type of Policy

The type of policy you opt for

Whether you are buying an individual plan or a family floater policy also impacts the premium. Although a family floater plan, which offers coverage to multiple individuals, may seem costly, it is more affordable than buying separate coverage for different family members.

Add On Cover

Add-on covers you opt for

Add-ons, also known as riders, cover medical conditions that your standard healthcare plan doesn't but require you to pay additional premiums. For example, you may buy a critical illness policy rider to deal with life-threatening illnesses that may arise in the future or opt for maternity cover before proceeding with family planning.

Policy Duration

Policy duration

Coverage for a longer tenure attracts a higher premium, but it is a cost-effective alternative compared to the average premium of renewing the policy yearly.

How to reduce health insurance premium?

The following tips could help you decrease your health insurance premium —

Buy policy at a young age

You can enjoy affordable coverage at a young age, as your body is less susceptible to diseases, and the chances of filing a claim are minimal.

Opt for a family floater plan

Buying a single cover that secures multiple members in your family is always a cost-effective alternative to getting a separate cover for each individual. However, since the sum insured is shared among the covered members, opting for a higher coverage amount is recommended.

Go for higher deductibles

Deductibles refer to the portion of medical bills you must pay from your pocket before your insurer starts covering costs. Choosing a higher deductible means lower liability for the insurer, which ultimately reduces your premium but, in contrast, raises your out-of-pocket expense. Therefore, select the deductible amount wisely.

 

Choose add-on covers wisely

Add-ons increase the scope of coverage at an additional premium, but some riders may not be suitable for you. For instance, paying for maternity cover doesn't make sense if you have no plans to have a baby.

Compare and buy online

Compare different plans to ensure that what you are buying is not only cost-effective but also provides optimal coverage. Additionally, purchase your coverage online to avoid commissions paid to intermediaries being added to your premiums.

Opt for multi-year policy

Go for a multi-year plan and rest easy, knowing your wallet won't be affected by any premium hikes.

Tax Benefit of Health Insurance

Don't forget to file for tax benefits on health insurance premiums if you have opted for the old tax regime. Depending on your age, you can reduce your taxable income by a maximum of INR 25,000 (if you are aged below 60) and INR 50,000 (if you are a senior citizen) under Section 80D of the Income Tax Act.

How Does ICICI Lombard Car Insurance Work

How to use the health insurance premium calculator by ICICI Lombard?

Follow these simple steps to receive an estimated quotation —

  • Click on the ‘Health’ option displayed on our Home Page.
  • On the calculator shown on the new webpage, enter the number of adults and children you wish to insure.
  • Provide your mobile number, email address, PIN, and optionally your name. Then click on ‘Get Quote.’
  • Select the sum insured from the options provided at the top, and the quotations for different plans will appear on your screen.

Frequently asked questions

What factors affect health insurance cost?

Many factors influence your health insurance premium. These include your age, underlying health conditions, lifestyle choices (such as whether you smoke), coverage level, and place of residence.

Can I get health insurance quotes online?

Yes, you can get a quote on the insurer's website. All you need to do is provide the number of members you want to add, include the date of birth, enter your contact details, email address, and PIN code, and click 'Get a Quote'. On the new webpage, you can see the premium for different plans.

How to calculate health insurance premium for parents?

You can calculate the premiums by providing your parents' ages, residence's PIN code, and contact details. For a more customised quotation, include any riders you want and then get in touch with our support executives.

Does the calculator consider my health habits?

No, the calculator does not require you to provide details about your health habits. However, after selecting the policy and proceeding with the application, you will need to provide information about whether you are a smoker, have any existing health conditions, and other related details.

What payment options are available in the health insurance premium calculator?

You can make health insurance premium payments using your debit card, credit card, net banking, or UPI. If you are making a cash payment, it is important to note that you cannot claim the same as a deduction under Section 80D while filing your taxes.

Can I compare health insurance premiums from different insurers?

Yes, you can do so by visiting the website of your preferred insurers and entering the required details into their quote generation tool. Alternatively, you can visit the websites of health insurance aggregators where you can see not only the premiums for different plans but also the features those plans offer.

Will my health insurance premium increase if I have pre-existing conditions?

Yes, since pre-existing conditions increase the likelihood of claim submission and raise the financial risk for the insurer, the premium is higher.

Is GST applied to the insurance premium?

Yes, health insurance premiums attract 18% GST. For example, if the policy premium is INR 10,000, the final amount you need to pay after adding GST will be INR 11,800.

How do I calculate health insurance premiums for a sum insured of Rs 5 lakhs?

The premium for INR 5 lakhs coverage varies based on your age, lifestyle, and the type of plan you are considering. It is best to use the health insurance premium calculator.

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ICICI Lombard General Insurance Company Limited,

ICICI Lombard House, 414, Veer Savarkar Marg, Near Siddhi Vinayak Temple, Prabhadevi, Mumbai - 400025.

Reg. No.115

Fax no - 022 61961323

Contact - 1800 2666

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ICICI Lombard General Insurance Company Ltd. is one of the leading private sector general insurance company in India offering insurance coverage for motor, health, travel, home, student travel and more. Policies can be purchased and renewed online as well. Immediate issuance of policy copy online.

ICICI trade logo displayed above belongs to ICICI Bank and is used by ICICI Lombard GIC Ltd. under license and Lombard logo belongs to ICICI Lombard GIC Ltd. Insurance is the subject matter of the solicitation. The advertisement contains only an indication of cover offered. For more details on risk factors, terms, conditions and exclusions, please read the sales brochure carefully before concluding a sale. CIN: L67200MH2000PLC129408

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