Health Insurance Premium Calculator

The first integral factor that affects your health insurance premium is your age. As we age, the risk of health complications increases, indicating a higher scope of medical expenses and claims in the future. This is why even when you use a mediclaim health calculator, you are required to add your accurate date of birth. Therefore, the older you are, the higher the health insurance premium might be, and vice versa.

Your lifestyle choices also impact the calculation of your health insurance premium. For instance, regular smoking or frequent alcohol consumption can lead to higher premiums as these habits attract a higher risk of health diseases and illnesses. This increased risk directly indicates an increased requirement for claims, thus resulting in expensive premiums.

The choice of policy and the tenure also impact the health insurance premium. For individual plans, the premium is higher or lower based on the type and combination of add-ons. However, when compared to family plans, they are relatively more affordable than individual plans for each member, as they cover multiple family members under one policy.

Health insurance premiums also vary based on the type and number of add-ons you combine with your health insurance plans for additional coverage. Some of our add-ons include maternity cover, consumables cover, emergency ambulance cover, restoration cover, and so on. Thus, when using our health insurance premium calculator, carefully add the necessary add-ons to get the most accurate premium.

Your family medical history might also impact your health insurance premium. For example, if you have a family history of high blood pressure, heart conditions, or diabetes, the probability of you getting infected with the same health issue is very high. In such situations, a higher premium is charged based on the scope of potential claims in the future.

Having any pre-existing condition can also result in higher health insurance premiums. Individuals with pre-existing conditions might have an increased requirement for medical treatments from time to time.

The sum insured is the maximum financial coverage you can claim under your chosen health insurance plan. Thus, the selection of the sum insured value also plays a significant role in calculating health insurance premiums. If you select a ₹3 lakh sum insured value, your premium will be lower when compared to a ₹5 lakh sum insured value.

Under No-Claim Bonus, for every claim-free year, you might get a discount on the premium at the time of policy renewal. Thus, to earn this reward, you must try to reduce the claims every year for better premium quotes.

When buying a health insurance plan, you can also choose a deductible or comply with a pre-determined deductible/copayment amount or percentage. The deductible or copayment refers to the out-of-pocket expenses you will need to pay in case of medical emergencies before your insurance money kicks in. Thus, higher deductibles result in lower premiums, and vice versa.