Related Articles
.png)
Jan 08, 2025
Is Varicose Vein surgery covered under the health insurance policy in India
Health Insurance
.png)
A Beginner’s Guide to Using Premium Calculators for Health Insurance
With so many options available, getting your hands on the right health insurance plan can be overwhelming. A core reason for this is determining the right coverage and premium that fall in line with your needs. This is where a health insurance premium calculator helps. In simpler terms, it is an online tool that estimates your premium based on certain factors.
This also means that instead of guessing or relying on agents, you can get an instant estimate and compare different plans within minutes. Let’s walk you through the steps to use an online premium calculator effectively and how to maximise its benefits!
Steps to Use an Online Premium Calculator
Using a premium calculator is quite easy and can be done in a few easy steps. Here's how:
Step 1: Visit the Insurer’s Website:
Most insurance providers offer a premium calculator on their website. You can also find calculators on third-party insurance or insurance aggregator platforms.
Step 2: Enter Your Basic Details:
Here, you need to provide all your personal information. Some of these include:
- Age: This is required because your age affects the premium. Did you know younger individuals need to pay lower premiums? On the contrary, older individuals typically have higher health risks, and hence, the premiums are higher.
- Lifestyle Habits: Factors like drinking or smoking can increase your premium.
- Gender: Some insurers consider gender and health risks while calculating premiums.
Step 3: Choose the Sum Insured
The sum insured here is the maximum amount your insurance provider will be covering in case of a medical emergency. Higher coverage indicates a higher premium. However, it also ensures better and stronger financial protection.
Step 4: Choose a Policy Type and Coverage
There are several policy types and coverage. Make sure you choose the one that meets your medical needs, financial capacity, and lifestyle. Usually, the coverage types include:
- Individual Plan: This covers one person under one policy.
- Family Floater Plan: This will cover multiple family members under a single policy.
- Senior Citizen Plan: This is specifically designed for elderly adults.
Step 5: Add Riders (Optional)
Some policies will allow you to customise your coverage. You can add riders to your plan and make it even better. However, these come with an extra cost and will increase the premium. Yet again, they are worth it. Some of these include:
- Critical illness cover
- Maternity benefits
- OPD (outpatient) expenses
- Personal accident cover.
Step 6: Get the Premium Estimate
Upon entering all details, the calculator will generate an estimated premium for the selected/customised coverage. Some calculators also allow you to tweak the inputs and compare different options.
Tips to Use a Health Insurance Premium Calculator
Health insurance premium calculators have indeed made it easier to ensure financial security in times of medical emergencies. To make the most of this calculator, make sure you:
- Adjust the Sum Insured: Try checking different coverage amounts. This will balance out affordability and protection.
- Check for Discounts: Some insurer platforms offer lower premiums for longer policy tenures or healthy lifestyle choices.
- Compare Multiple Plans: Never settle for the first/ cheapest plan you see. Always compare different policies to find the best fit.
- Consider Your Medical History: This is super important. If you have existing health conditions, go for a plan that covers them adequately.
Author Bio
Paybima Team
Paybima is an Indian insurance aggregator on a mission to make insurance simple for people. Paybima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. Paybima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
Other Health Insurance Products
Jan 08, 2025
Health Insurance
Latest Post
Arjun has a car that is four years old and most of the parts are performing well. However, the engine started showing some issues and he immediately went to a nearby auto repair shop to get the problem checked. The mechanic clarified that the engine required replacement. As Arjun has a car insurance policy, the insurance company paid the expenses that saved a lot of money.
The thrill of purchasing your first bike is exhilarating. However, before the engine roars and you begin your journey to the open roads that await, do acquaint yourself with the bike insurance-related jargon. Especially while buying the bike insurance plan online, you should be clear about who is a first, a second, or a third party in insurance. This is dissimilar to the first-party or third-party bike insurance policies offered by insurance companies in India.
Anyone willing to ride/operate a two-wheeler on the highways in India must acquire a driving license. There are several types of driving licenses for different types of vehicles in India. MCWG is one such type of driving license that allows individuals to legally and freely ride two-wheelers, including heavy two-wheelers, on Indian roads.
Bringing home a new vehicle is a matter of great joy and excitement for the whole family. But this joy comes with the trouble of undergoing various procedures to get the vehicle registration done by the authorities. You can put yourself in legal trouble by driving your new vehicle without the RC or the Registration Certificate.
Wondering about what is Taxi insurance ? It is a highly specific type of insurance that offers coverage for owners of taxis, who are an indispensable part of our public transportation ecosystem throughout the country. Here’s learning more about the same.
Speak to our Advisor
+91
