Health Insurance 1072 views August 22, 2019

Health Insurance Premium Calculator

Before you buy health insurance online, you must make use of the many technological advancements available to you. among the most useful of these is the health insurance premium calculator. The premium calculator allows you to see what your premium liabilities will look like for the health insurance cover of your choice. This has many benefits. Read on to know more.

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What is an Online Health Insurance Premium Calculator?

A health insurance calculator is an online tool available on the websites and mobile apps of all the leading health insurance companies in India. you can also find them on the portals of the good insurance aggregator websites. You can enter your medical insurance requirements, along with your personal details. Once you do that, the insurance premium calculator shows you all the available healthcare plans along with the premium rates they have. This allows you to make a proper decision and get the health insurance coverage of your choice.

Benefits of WishPolicy Health Insurance Premium Calculator

Now that we know what a health insurance calculator is, let us take a detailed look at the benefits it offers:-

  1. Shows you the options
    A health insurance calculator shows you the options. This means that you get to see all the available health insurance plans side by side. This comparative study helps you to understand and then select the most appropriate insurance coverage with ease. You must always compare insurance quotes before buying a policy and this tool makes it possible for you to complete this step.
  2. Helps to stay within budget
    You may want the best possible health insurance cover for yourself and your loved ones. But being realistic and sticking to your budget is of supreme importance. If you buy a healthcare plan that is too expensive, you may not even be able to pay the premiums on time. this will make the insurance coverage liability for you and you will make some serious losses. Use a health insurance calculator and choose a plan that’s affordable to avoid all such blunders.
  3. Allows you to make a good purchase
    In the absence of such a calculator, you may end up buying the first health insurance policy that you come across. This can prove to be harmful as you need to do your research, stay knowledgeable and then buy the best health insurance plan. Using a calculator makes it easier for you to get the best cover.
  4. Is quick and free to use
    The health insurance premium calculators are widely available online. they are free to use as well. It barely takes a few minutes for you to use a calculator to compare and see what your options are. This is a very significant benefit you get when you use a health insurance premium calculator before you buy health insurance online.

These are some very valuable benefits that you get when you use this handy online tool, free of cost. Now that you know just how beneficial it is, never buy an insurance plan without using a premium calculator first.

Parameters Used by a Health Insurance Premium Calculator

So how does this tool arrive at the results? The IRDAI has given certain guidelines to all the general insurance companies. The companies stick to the guidelines and then calculate the health insurance premium rates accordingly. The common parameters considered by a health insurance calculator include:-

  1. Coverage
    The larger the cover, the higher the insurance premium. If you opt for a lower sum insured, you will have a lower premium amount.
  2. Age of the insured
    A health insurance cover will cost more for an aged person and lesser for a younger person.
  3. Number of people covered in a single plan
    If more people of a family are covered, the premium will be more. The premium of an individual health insurance cover will be lower.
  4. Pre-existing illnesses
    If the policyholder has a poor medical history or many pre-existing illnesses, the health insurance premium will be high.
  5. Lifestyle habits
    A person who drinks and smokes has to pay more for his or her medical insurance coverage.

Enter the details very carefully and you will get a realistic idea of what your health insurance premium will look like. Remember, the cost should not be the only factor you consider when buying a medical insurance cover. You should closely scrutinize the features of the healthcare plan to ascertain its usability. Ideally, you should find a health insurance policy that is well-rounded, as well as affordable.

Final Conclusion About Health Insurance Premium Calculator in India

Keep all the points mentioned above in mind and make full use of a health insurance premium calculator. As stated, it is free to use tool that makes buying the best health insurance cover a lot easier. Use it properly and get the correct health care protection for yourself as well as all the members of your family.

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