Mediclaim Policy Premium Calculator Online

2 min read

What is a Mediclaim/Health Policy Premium Calculator?

A mediclaim policy premium calculator is an online calculator which calculates the premiums of mediclaim policy before the policyholder buys them. Thus, the calculator helps in determining the premium which is payable under a specified plan.

The calculator uses the following details to calculate the premium –

  • The age of the members to be insured under the plan. In case of individual policies, the age of the insured would be mentioned. In case of family floater policies, the age of all the members would have to be mentioned. Premium is calculated on the age of the eldest member of the family
  • The number of members to be covered
  • The sum insured
  • The term of the policy selected
  • Any pre-existing illnesses
  • Any add-ons if selected with the health plan
  • Available discounts which are applicable
  • Contact details of the policyholder.

After all these details are input into the calculator, the premium is calculated and displayed.

Benefits of using mediclaim premium calculator

The mediclaim policy premium calculator is a beneficial tool because of the following reasons –

  • The tool is simple and easy to use. Input all the necessary information required by the calculator and your premium amount will be calculated, instantly. . Thus, the calculator allows ease of use for all policyholders.
  • Ascertain the premium with the help of a calculator before the plan is actually bought. Thus, affordability of the premium can be ascertained using the calculator
  • Use the calculator of an online broker or an online insurance aggregator to view and compare health insurance plans. The plans can be compared on both their coverage features and premium rates. Comparison helps policyholders to zero in on the best policy
  • Modify the details such as plan amount and duration and the premium rate changes. You can calculate as many times as you want with different combinations. Similarly, the policyholder can choose add-ons, opt for available discounts, etc. on the calculator. These changes are incorporated in the calculated premium and the premium changes accordingly.
  • After the premium is calculated, the policyholder can buy the plan from the calculator page itself. Click on CTA and the policyholder will be redirected to the application page where they can enter the relevant details and buy the plan instantly.
Author Bio
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Gayatri Prabhu, Head-Digital Business at Mahindra Insurance Brokers Limited (MIBL) is one those few digital leaders who has the width and depth that is required to execute an ROI driven holistic digital strategy. She cuts through the noise, identifies the critical levers and leads her team to successful execution of the defined strategy. Her core mantra to win new and retain existing customers is: understand the consumer behavior and craft experiences around it.

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