Health Insurance Premium Calculator
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Health Insurance Premium Calculator Online
“A goal without a plan is just a wish.”
And, when it comes to health insurance, knowing your premium upfront can turn that wish into a well-informed decision. For this purpose, a health insurance premium calculator is your tool for estimating costs based on age, coverage, and lifestyle.
With just a few clicks, it helps you understand what you’ll pay so you can budget better, compare policies, and choose the coverage that fits your needs without surprises.
Table of Contents
How Does a Health Insurance Premium Calculator Work?
Let’s understand how a medical insurance premium calculator works with Neha’s example:
Rohit, a 32-year-old man living in Pune, works in an IT company and wants to buy a health insurance plan for himself and his wife. He is unsure about how much premium he will need to pay for the right coverage.
He uses a digit’s health insurance premium calculator on his insurer’s website and enters a few basic details, such as age, gender, city, number of members to be covered, and desired sum insured, then clicks on ‘Check Premium’.
In a few seconds, Rohit gets an estimated annual premium of ₹11525 for a ₹10 lakh family floater plan covering both him and his spouse.
Why Should You Calculate Health Insurance Premium Online?
What are the Factors that Affect your Health Insurance Premium Cost?
Factors Related to You
- Age: Due to statistically lower medical costs, younger people typically pay less premiums than older ones because of health conditions.
- Location: The cost of healthcare in your area can have a big impact on premiums. For instance, premiums are typically higher in cities with greater medical expenses.
- Lifestyle: High intake of tobacco use can increase the risk of health issues, ultimately leading to higher premiums.
- Family History: Standardised plans should have little effect on your family's medical history, while it may be considered in some situations (specific chronic conditions).
Factors Related to the Plans That Affect Premiums in Health Insurance
- Type of Plan: Your premium payment for your health insurance policy depends, to quite an extent, on the kind of plan you choose. Ex: Individual health insurance plans are more expensive than family floater plans.
- Add-on Covers: Add-on covers are additional coverage that increases the cost of the premium.
- Co-payment and Deductible: With deductibles, the policyholder has to bear a part of the treatment expenses before their insurance policy kicks in, and with the co-payment clause, you will have to cover a percentage of the total treatment expense while the insurance provider covers the rest.
- Pre-existing Disease Coverage: If you have a pre-existing disease, you have to wait as per your waiting period to avail of the benefit. You must pay a higher premium to get coverage immediately to reduce this waiting period.
Additional Factors That Affect Premiums in Health Insurance
- Expenses incurred for Marketing and Administration: Insurance companies incur huge expenses in administering and marketing their products. These costs trickle back to the policyholders and reflect on their premium payments.
- Investment and Savings: Most insurance companies invest capital in various public-sector companies. These investments follow the guidelines set forth by the IRDA to ensure no compliance issues later on. Hence, the premium you pay is decided by these investments.
- Purchasing the Insurance through a Broker: Although this does not increase your premium payment, it does increase the total amount you pay for the policy. This is because you will have to factor in the charge levied by the broker for the service they provide.
- Mortality Rate: Premium payment depends on the mortality rate because this is the cost that insurance providers have to bear. As a result, the premium payment differs for different age groups, generally being higher for senior and super senior citizens.
- Medical Underwriting: Each insurance company offers several types of products, such as individual policies, group policies, and family floater plans. The underwriting for these policies balances the risks from each policy and manages the insurance provider's liabilities.
What are the Information Required for Health Premium Calculation?
Numerous factors are considered when determining the premium for health insurance, and these factors may change throughout insurance companies. Here are the basic requirements you must fill in for premium calculation:
Health Insurance Premium Chart For Families with Different Age Groups
Premium Illustration representing how the prices would vary for different family composition according to different age groups and policy types is mentioned below:
Note: Premium figures are for Digit Health Insurance Plus Policy (UIN: GODHLIP23073V012223) containing features which are typically opted for by our website customers. Premium rates specified in the below illustration shall be standard premium rates without considering any loading. Also, the premium rates shall be exclusive of taxes applicable.
| Plan Name | Double Wallet Plan | |||
| Family Composition | 2A+1C | |||
| Sum Insured | 3,00,00,000 | |||
| Policy Type | Floater | Individual | Ratio | |
| Age of the members insured | Consolidated Premium for all members of the family | Premium | Consolidated Premium for all members of the family | |
| 18 |
34,789 |
15,472 |
54,560 |
64% |
| 38 | 19,544 | |||
| 43 | 19,544 | |||
Premium Illustration representing how the prices would vary for different family composition according to different age groups and policy types is mentioned below.
Note: Premium figures are for Digit Health Care Plus Policy (UIN: GODHLIP21486V022021) containing features which are typically opted for by our website customers. Premium rates specified in the below illustration shall be standard premium rates without considering any loading. Also, the premium rates shall be exclusive of taxes applicable.
| Plan Name | Double Wallet Plan | ||||
| Family Composition | 2A+2C | ||||
| Age of the members insured | 51 | 48 | 22 | 18 | Remarks |
| Coverage opted on Individual basis covering each member of the family separately (at a single point in time) | |||||
| Premium (separate policies for each member) |
8,162 |
7,014 |
3,268 |
3,268 |
Total premium for all members of the familyi s Rs. 21,713, when each member is covered separately. Sum Insured available for each individual is Rs. 5,00,000 |
| Coverage opted on Individual basis covering multiple members of the family under a single policy (Sum Insured is available for each member of the family) | |||||
| Premium (after 10% discount - 1 family policy with seprate sum insured) |
7,346 |
6,313 |
2,941 |
2,941 |
Total premium for all members of the family is Rs. 19,541, when they are covered under a single policy. Sum Insured available for each family member is Rs. 5,00,000. |
| Coverage opted on family floater basis with overall Sum Insured (Only one sum insured is available for the entire family) | |||||
| Consolidated Premium (Family floater plan with shared sum insured) |
14,568 |
Total premium when policy is opted on floater basis is Rs. 14,568. Sum Insured of Rs.5,00,000 is available for the entire family |
|||
| Plan Name | Double Wallet Plan | ||
| Family Composition | 2A | ||
| Age of the members insured | 62 | 66 | Remarks |
| Coverage opted on Individual basis covering each member of the family separately (at a single point in time) | |||
| Premium (separate policies for each member) |
11,048 |
13,403 |
Total premium for all members of the familyi s Rs. 24,451, when each member is covered separately. Sum Insured available for each individual is Rs. 3,00,000 |
| Coverage opted on Individual basis covering multiple members of the family under a single policy (Sum Insured is available for each member of the family) | |||
| Premium (after 5% discount - 1 family policy with seprate sum insured) |
10,496 |
12,733 |
Total premium for all members of the family is Rs. 23,228, when they are covered under a single policy. Sum Insured available for each family member is Rs. 3,00,000. |
| Coverage opted on family floater basis with overall Sum Insured (Only one sum insured is available for the entire family) | |||
| Consolidated Premium (Family floater plan with shared sum insured) |
20,104 |
Total premium when policy is opted on floater basis is Rs. 20,104. Sum Insured of Rs.3,00,000 is available for the entire family |
|
How to use the Digit Health Insurance Premium Calculator?
Calculating your medical insurance premium payable by using a health insurance calculator is pretty simple! You only need to follow a few steps, enter your details correctly and voila! You will have the premium payable for health insurance coverage. Take a look!
Step 1
Visit our Health Insurance Policy page and enter your PIN code and mobile number in the designated space.
Step 2
Select the family members to be covered, enter their details along with the age of the eldest member, disclose any pre-existing conditions (if any), and click “Continue” to proceed to the plan customization page.
Step 3
Choose your Sum Insured in health insurance and your preferred Plan. Here, you will find a list of features under the different plans.
Step 4
Next you will see our exclusive discounts listed. City Discount will be automatically applied if your entered pin code falls in the eligible category. For good health discount, you will need to enter your healthy habits details. You can also choose any additional benefits like the consumables cover.
Step 5
Next, enter your Name and PAN Card details to find out the health insurance tax benefits of paying premiums.
Step 6
Enter the complete details of the members you are looking forward to insuring and your complete contact details. Finally you will receive your annual premium payment amount to purchase health insurance coverage based on your chosen options.
Key Benefits of Using Health Insurance Calculator
Using a health insurance policy online before purchasing a policy provides you with numerous benefits. Here is a list of benefits that you can avail:
Tips to Reduce/Lower Your Health Insurance Premium
Who wants to pay a higher premium? No one! Here are some ways you can reduce the cost of health insurance premiums:
Why You Should Get Your Health Insurance Policy From Digit?
Choosing Digit for your health insurance brings many advantages that make managing your healthcare more convenient while fulfilling long-term promises of protection. The following are the most important benefits:
- Clear and Straightforward Policies: Digit uses simple language to describe coverage, exclusions, and claims processing. You always know what you're covered for.
- Large Cashless Hospital Network: With hundreds of partner hospitals across India, Digit ensures you get the cashless treatment you need when in a hurry, without slowing down your finances.
- Flexible Coverage Plans: You can customise your plan by selecting sum insured, optional coverage such as maternity or critical illness, and co-payment options.
- Digital-First Processes: All processes in policy purchasing, policy renewals, or claiming are completed online, where your claims can be processed faster and save paper.
- Transparent Claims Process: Digit is known for having a simple, fair claims process, and their reports on their site detail how the claims process works publicly, making you feel secure and trust in their insurance process as a whole.
- World-Wide Coverage: With Digit health insurance, you'll be covered not just in India, but emergencies abroad. This will help provide peace of mind when you're travelling.
How to Buy/Renew a Health Insurance Policy Online?
Buying health insurance online is quick, convenient, and hassle-free. With Digit, you can compare plans, customize coverage, and secure your health in just a few simple steps:
Visit Digit’s Website or App
Go to Digit’s Health Insurance page and enter your pincode and phone number.
Enter the Basic Details
Provide key information such as your age, the number of family members to be covered, and any existing medical conditions or history.
Select Your Plan
Select your coverage amount and add any rider if needed. Proceed and fill in additional details.
Make Payment & Complete KYC
Proceed to payment and complete the KYC process. Once done, your policy will be instantly shared via email, WhatsApp, or accessible through the Digit app.
Role of the Medical Insurance Calculator in Financial Planning
A mediclaim premium calculator will help you plan your health expenses by giving you the exact insurance premium cost. Here are the main benefits that will help with less financial stress:
Health Insurance Tax Benefit Under Section 80D of Income Tax Act
You can avail of tax benefits on your health insurance policy through provisions under Section 80D of the Income Tax Act, 1961. Following is a table illustrating the tax benefits that you can avail on your health insurance policy:
A health insurance premium calculator is a helpful tool that allows you to estimate the cost of your health insurance policy based on factors like age, medical history, coverage amount, and family size. With just a few clicks, you can customise your cover, balance your budget, and avoid surprises later. In a world where health is wealth, this tiny tool is your first step toward big protection. 🙂
Thus, if you are still wondering whether you should purchase a health insurance policy, stop! Purchase one today!