Insurance

Health Insurance Premium Calculator:A smart way to plan your policy needs

Spread the love

 

Health insurance policies are designed to provide wider health coverage, to reduce the burden on finances during medical emergencies. There are different types of health insurance policies available in India. So, before buying the health insurance plan, it is beneficial to read through the list of coverage, exclusions, and waiting period.

And before buying a policy, calculating the premium is also very important. If you own a health insurance policy, you must pay some amount of premium to an insurance company every year, so that if you meet with an accident or have to undergo surgery or operation, the insurer will pay you on their behalf. A health insurance premium calculator helps you compare several plans based on your requirement.

In this article, we will explore the Health Insurance Premium calculator of Bajaj Allianz General Insurance Company.

What is a Health Insurance Premium Calculator?

A health insurance premium calculator is a free tool for calculating premiums of various health insurance plans, as well as comparing and examining different medical insurance policies offered by popular insurance companies online. You can compare health insurance plans on the basis of several factors, that include age, gender, profession, number of members covered under a policy, etc. One can also customise their health insurance policies and notice a change in the health insurance premium. This way, using a health insurance premium calculator helpsbetter the purchase decision.* Standard T&C Apply.

Benefits of a Health Insurance Premium Calculator

An insurance policy document can be pretty complex, with complicated terms and conditions difficult for a layman to understand. This can result in the selection of a policy that’s either inadequate or that may end up costing you a lot more than anticipated. By helping you decode the estimated amount you would need to pay as a premium, a health insurance calculator can prove to be your greatest ally.

It also allows you to curate a policy that meets your requirement. For instance, you can choose the kind of coverage you are looking for when calculating the premium on this calculator. If the addition of any coverage aspect results in a premium higher than your budget, you can consider eliminating it from your policy.

How does a Health Insurance Calculator Work?

Age of Entry

Normally, a person in their 20s pays a lesser premium as compared to an individual in their 40s. Therefore, your age of entry is a crucial factor taken into account to give you an estimated premium amount.

Policy Term

Generally, the premium for a one-year policy is lower than a 2-year plan. However, if you opt for a longer policy term, you tend to get discounts from insurance service providers. This factor is also taken into account to calculate the premium amount.

Plan Opted
Different insurance plans come with different premium amounts attached to them. Your premium amount will depend on the plan opted for.If you are looking to buy insurance or enhance your existing cover, a health insurance calculator will give you the head start you need.

Type of cover

You can either take a standalone Health Insurance Policy for yourself or a policy covering family members. In the case of an individual policy, the premium amount depends on your age, profession, income, lifestyle habits, and medical history, among others.
On the other hand, for a Family Floater Health Insurance covering all the members of the family, the premium depends upon the age of the eldest member covered. *

Sum insured

Sum insured is the amount of cover offered by a Health Insurance plan. In other words, medical expenses beyond this amount have to be borne by you. Premiums are directly proportional to the sum insured. The higher the sum insured, the higher the premium amount.

* Standard T&C Apply

Using a Health Insurance Premium calculator is important before opting for a health insurance policy. Bajaj Allianz General Insurance Company’s General health insurance premium calculator comes with a plethora of services with personalised options. To know more, visit Bajaj Allianz General Insurance Company’s website.

Note: A health insurance premium calculator is an online tool programmed to deliver certain results based on the input. Thus, the amount it calculates is only an estimate. The actual premium you will have to pay may differ from the estimated results and is based on several subjective factors.

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button