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Health Insurance Calculator

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About health insurance premium calculator

A health insurance policy is imperative to protect yourself and your family members against the hefty healthcare costs associated with a medical emergency. However, before buying any health policy, it’s crucial to consider several factors, including sum insured, policy inclusions and exclusions, waiting period etc.

Likewise, calculating and comparing the premiums you need to pay for the policy is also very important. A health insurance premium calculator is an online tool that helps you to get an estimate of the premium amount you are required to pay for a particular health insurance policy.

To use this calculator, all you need to do is enter a few basic details such as your age, number of members you want to include in the policy, add-ons you want to buy, and pre-existing ailments. Along with that, you will also be asked to choose your preferred sum insured and duration for the policy.

Based on the inputs provided by you, your health insurance premium will be calculated and displayed instantly.

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.

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

Here are some of the salient features and benefits of a health insurance calculator

1

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

By using a health insurance policy calculator, you can know the most appropriate premium amount you should pay for a health insurance policy. This allows you to choose the most suitable health plan for yourself and your family members.

3

These calculators are quite flexible. You can adjust various parameters in a health insurance premium calculator to find the right mix of the sum insured and premium amount that’s best suited to your requirements.

4

Some health insurance calculators allow the policy buyers to filter and shortlist the premium quotes as per their preferences. It can also suggest suitable health plans for the customers, based on the information provided by them.

5

A health insurance premium calculator eliminates the need to go and consult an insurance advisor. You can simply browse for coverages under different health insurance policies from the comforts of your home, determine their premiums, and take your own decision.

6

With the help of a health insurance calculator, you can easily determine the premiums that you need to pay for procuring a health insurance policy. Besides being an easy and convenient tool to use, a health insurance policy premium calculator can also help you save a lot of money.

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.

Below are the steps you need to follow to calculate your health insurance insurance premiums by taking a quote on our website:

Step 1:

Click here.

Step 2:

Enter your basic details such as date of birth and contact number.

Step 3:

Select whether you want to buy an individual health plan or a family floater plan. In case of a family floater plan, mention the names and details of the family members you wish to cover.

Step 4:

Choose your preferred sum insured amount, policy duration, and the add-on covers you want to attach to your basic health insurance policy.

Step 5:

Click on “Get Quote” button to calculate an estimated premium for your health plan.

Step 6:

Based on the inputs provided by you, the health insurance calculator will display the annual premium amount you’re required to pay for availing the policy.

What factors determine the health insurance premium?

Now that you know about the importance of a health insurance calculator, you should also learn about the key factors that go behind determining health insurance premiums. They include:

Age and gender of the applicant

As you grow old, you become more prone to catching illnesses and infections. This is the reason why health insurance premiums go up with the increase in age of the buyer. Also, premiums for female applicants are usually lower than male applicants as they are at a lesser risk of cardiovascular diseases such as heart attack, stroke etc.

Lifestyle of the applicant

Those who follow a healthy lifestyle and exercise daily tend to be healthier and hence, attract lesser health insurance premiums. On the other hand, if you’re in a habit of smoking or consuming alcohol frequently, your health insurance premiums may go up.

Pre-existing health conditions

A person with greater number of pre-existing ailments is more likely to file a health insurance claim. Hence, the premium amount for such people are usually on the higher side. Conversely, if you’ve no pre-existing diseases, you will be quoted a lower premium by the insurance provider.

The type of policy you opt for

To an extent, the premium amount that you’re required to pay also depends upon the type of health insurance policy you choose to avail. For example, buying a family floater plan is always cheaper than buying individual health plans for different members of a family.

Add-on covers you opt for

If you wish to enhance your health insurance policy coverage by opting for add-on covers, you’ll have to pay an additional premium. Thus, your overall health insurance premium will go up.

Policy duration

The duration of the policy also affects your premium amount. If you opt for a multi year policy, your premium will be lesser than the 1 year equivalent amount multiplied by the number of years. This is because most insurers provide a discount on multi-year policies.

How to reduce health insurance premium?

Many people refrain from buying a health insurance policy due to the high premiums they are required to pay for it. Below are some of the steps you can take to minimise your health insurance premiums:

Buy policy at a young age

As mentioned above, the health insurance premiums increase with the increase in age of the buyer. Hence, by buying a health insurance policy at a young age, you can avail health coverage at the lowest possible premiums.

Opt for a family floater plan

If you’re planning to avail health insurance coverage for your entire family, it’s prudent to opt for a family floater plan rather than individual health plans as it’s relatively cheaper.

Go for higher deductibles

Deductibles refer to a fixed percentage of the total claim amount that needs to be borne by the policyholder. By opting for higher deductibles, you can significantly lower your health insurance premiums.

Choose add-on covers wisely

Insurers charge an additional premium over and above your basic health insurance premium for every add-on cover you choose. Hence, you should select your add-on covers wisely and avoid the ones you may not require.

Compare and buy online

By comparing and buying a health insurance policy, you can make an informed decision and get the appropriate plan for yourself also availing attractive discounts on premium from the insurer.

Opt for multi-year policy

If you opt for a multi-year (2-year) policy, you get a 5% discount on your premium. This is applicable on our ICICI Lombard Health Advantedge & other policies.

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Frequently asked questions

What factors affect health insurance cost?

Several factors can affect health insurance cost or premiums. These include the applicant's age and gender, city of his/her residence, present health condition, add-on covers, duration and the type of policy he/she is opting for. Additionally, the lifestyle and profession of the applicant also play a role in determining his/her health insurance premiums.

Can I get health insurance quotes online?

Yes. There are many web-based tools that can help you get health insurance quotes online. For example, you can use ICICI Lombard’s Health Insurance Premium Calculator to get premium quotes for your preferred health insurance policy instantly. All you need to do is enter a few basic details of yours such as age, policy duration, sum insured, number of insured members, contact details, etc..

How to calculate health insurance premium for parents?

Calculating health insurance premium for your parents is no different. You can use a senior citizen health insurance premium calculator to determine the cost of procuring a health insurance policy for your elderly parents. However, remember that health insurance premiums for your parents might be on the higher side since they are at an increased risk of catching illnesses or infections.

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