A Beginner’s Guide to Using Premium Calculators for Health Insurance

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:  

1. Adjust the Sum Insured: Try checking different coverage amounts. This will balance out affordability and protection.  
2. Check for Discounts: Some insurer platforms offer lower premiums for longer policy tenures or healthy lifestyle choices.  
3. Compare Multiple Plans: Never settle for the first/ cheapest plan you see. Always compare different policies to find the best fit. 
4. Consider Your Medical History: This is super important. If you have existing health conditions, go for a plan that covers them adequately.