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Young and healthy? Find out which of these plans rewards you with lower premiums. Click here to check now!
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.
Young and healthy? Find out which of these plans rewards you with lower premiums. Click here to check now!
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 21 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.
Over to You
Health emergencies don’t come with a calendar invite. Whether you're planning for your own future or looking out for your parents, choosing the right health insurance plan can make all the difference. That’s where a deeper look at the fine print helps. When you compare Star Health’s Red Carpet Plan vs Care Health Enhance Plan, what you’re really doing is choosing the kind of financial backup you want in your corner.
The Star Health Red Carpet Plan is made with senior citizens in mind. With benefits like annual preventive check-ups, it helps you or your ageing parents get covered without the usual hassles. On the other hand, the Care Health Enhance Plan acts as a top-up cover, ideal if you already have a base health policy and want to increase your shield without increasing your premium by too much.
While health insurance takes care of medical needs, don’t forget to plan for life’s bigger what-ifs. A term Insurance policy, especially a 1 crore term insurance plan, can be the long-term security net your family needs. Health and life coverage go hand in hand. And when chosen right, they help you face the future with confidence, not chaos.
Speak to an Advisor The Star Health Red Carpet Plan is made with senior citizens in mind. With benefits like annual preventive check-ups, it helps you or your ageing parents get covered without the usual hassles. On the other hand, the Care Health Enhance Plan acts as a top-up cover, ideal if you already have a base health policy and want to increase your shield without increasing your premium by too much.
While health insurance takes care of medical needs, don’t forget to plan for life’s bigger what-ifs. A term Insurance policy, especially a 1 crore term insurance plan, can be the long-term security net your family needs. Health and life coverage go hand in hand. And when chosen right, they help you face the future with confidence, not chaos.
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Jan 08, 2025
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Accidents can happen anywhere, anytime, by your own fault or another person. What’s important is to be prepared for such mishaps. This is where Own Damage Car Insurance comes in handy.
The no claim bonus (NCB) in bike insurance is a very handy benefit that allows you to save money on your overall motor insurance costs. The bike insurance provider rewards you for not making a claim by offering a discount on the premium of the following year.
When it comes to medical emergencies, the last thing you want to worry about is arranging money for hospital bills. That’s where a health insurance claim comes in handy. Health insurance allows you to either get your expenses reimbursed later or, in many cases, get treated without paying upfront through a cashless facility.
Health insurance plans often come with terms that sound like they belong in a secret financial club. One such term is “co-pay.” You might have seen it in your policy document and quietly ignored it, hoping it won’t matter until you actually need to claim. But here’s the twist: co-pay can directly affect how much premium you pay each year.
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