Health Insurance premium calculator
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Health Insurance Calculator

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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.

What is health insurance premium?

Health insurance premium is an amount you need to pay to the insurance provider at definite intervals to keep your health insurance policy active. In return, the insurer is liable to pay for hospital bills and other healthcare expenses incurred by you in the event of a medical emergency or diagnosis of an ailment covered by the policy.

Health insurance premiums depend on several factors, including age and current health condition of the policy buyer. To calculate the premium amount you will have to pay for buying a health insurance policy, you can use an online health insurance premium calculator.

Health Insurance Premium

Why is it important to calculate health insurance premium online?

Let’s look at some more reasons why you should calculate your health insurance premiums online:

It allows you to get an estimate of the premium amount you need to pay for procuring a health insurance policy, thereby aiding you in your financial planning.

Knowing your health insurance premiums beforehand will allow you to compare various offerings from different insurers and choose the appropriate health insurance policy for yourself.

It allows you to enhance your health insurance coverage by opting for add-ons. Meanwhile, you can also ensure that the premiums don’t go beyond your financial budget.

It eliminates the possibility of errors during the calculation of premium since you’re required to enter the exact and accurate details in an online health insurance premium calculator.

Features and benefits of health insurance calculator

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

1

Accessibility :- It makes the tedious and complex task of determining health insurance premiums a lot easier and faster. You can simply enter your few basic details in the calculator and get an estimated premium amount instantly.

2

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.

3

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.

Health Insurance Premium Calculator

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

Using an online health insurance premium calculator is easy and convenient. All you need to do is follow a few simple steps to enter your basic details, pick a plan that’s appropriate for you, choose the add-on covers, and you’re done. Your health insurance premium will be evaluated and displayed within a few seconds.

Follow these simple steps to receive an estimated quotation —

Step 1:

Click on the ‘Health’ option displayed on our Home Page.

Step 2:

On the calculator shown on the new webpage, enter the number of adults and children you wish to insure.

Step 3:

Provide your mobile number, email address, PIN, and optionally your name. Then click on ‘Get Quote.’

Step 4:

Select the sum insured from the options provided at the top, and the quotations for different plans will appear on your screen.

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, 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 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.

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.

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.

Disclaimers:

*As on 16th Dec 2020.

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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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