Health Insurance 2488 views January 16, 2020

How to Calculate Mediclaim Policy Premium?

Are you wondering how to calculate mediclaim policy premium? If yes, then you have come to the right place as we have all the answers you are looking for. It is important to have health insurance, but it is also very important for you to have a plan that is affordable and economical at the same time. This is why you need to use mediclaim policy premium calculators. The premium calculator is a free, online tool that allows you to check your premium rate even before you make a purchase. It is easy to use and shows you the results in just a few seconds. Let us find out more about how to calculate mediclaim policy premium and what benefits you get when you do so.

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Using a Premium Calculator

The health insurance premium calculators are widely available online. You can find these calculators on every health insurance company’s website. Alternatively, they are also found on the insurance aggregators’ websites. They are free to use and offer precise results in just a few seconds. Here are the steps to follow when using a calculator to calculate the health insurance premium before making a purchase:

  1. Find a Reliable Website – As mentioned above, the health insurance premium calculators are widely found on the internet. While most of them are legitimate and safe to use, sadly, some are fraudulent as well. You thus need to find a reliable website on which you can use the calculator. If you already have decided your insurance provider, go to their website and use the calculator there as it is guaranteed to be safe. Else, go to a reputed aggregator’s website.
  2. Select the Calculator Option – Once on the website, locate the online premium calculator to begin the process.
  3. Enter Your Personal Details – Enter some personal details such as your name, phone number, age, etc. Also mention what type of cover you want, i.e. an individual cover or a family floater health cover.
  4. Enter the Number of Family Members – Next, you need to enter the number of people that you want to include in the health insurance cover, provided you choose a family floater option.
  5. Enter the Age of the Oldest Family Member – Finally, enter the age of the oldest member of your family.

Once you enter these details, you will be shown all the plans that are available to you, along with their quotes. This will help you to understand the covers and costs of each plan. You can then select the ideal coverage for yourself and your family members.

Importance of a Premium Calculator

Here are some reasons why you must use a mediclaim premium calculator:

  1. Helps You to Make a Budget – The health insurance premium calculator helps you understand the price structure of the various health insurance plans and then helps you to make a budget. This is an important benefit as unless you make a budget, you won’t be able to decide which cover you want and that will delay the process of getting the plan.
  2. Shows You the Best Plans – The next and perhaps the most helpful benefit is that a health insurance premium calculator shows you all the different policies side-by-side. You can take a look at all the policies in a single place, without having to visit the individual websites of all the insurance companies, which would be a terribly tedious task to do.
  3. Helps You to Compare – Comparing is an important step as you get to choose from the options. When the health insurance calculator shows you the various quotes, you get to compare the results and see which is the best option for you. You also get to make an unbiased choice and buy the health plan that would be of the greatest use to you.
  4. Makes the Calculation Easy – Health insurance premiums are calculated after taking various components into play. These include overheads of the insurance company, the various fees and charges, the underwriting details and so on. If you were to calculate each cost individually, it would become a long and complicated process. The calculators make the job a lot simpler for you. You just need to enter some basic details and the job gets done in a flash for you.

These are the beneficial reasons why everyone needs to use a health insurance premium calculator before they buy a mediclaim policy.

The Bottom Line

After you know how to calculate mediclaim policy premium, you can easily do so using an online premium calculator. As you can clearly see from the points mentioned above, there are many merits to doing this. And since the calculators and easily available online, do not ignore this important step of calculating the premium before buying the plan. It is easy and makes it very smooth for you to find and get the best health insurance cover.

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