Health Insurance Premium Calculator Online
Health Insurance Premium Calculator
Buying a health insurance policy is an imperative need of the present. However, before you buy your health plan, check the policy documents carefully and know your premiums.
Tata AIG offers a free online health insurance premium calculator to help you precisely determine the premiums for your health insurance plan.
Health Insurance Calculator Overview
Your health is priceless. And, today, given the rising health risks, it is critical that people of ages, income groups and genders invest in a comprehensive health insurance plan. A sound health plan from Tata AIG can provide you with financial support during tough times and ensure you get the best treatment possible without burdening your family with medical expenses.
If you are wondering how much will a health insurance policy cost, you can instantly calculate health insurance premiums through the Tata AIG health insurance premium calculator. A health insurance premium calculator is an online free tool that allows you to calculate your health insurance premiums per the inputs provided.
Online health insurance calculators are free, easy to use, and help you make an informed decision when buying a health cover.
What is a Health Insurance Calculator?
A health insurance policy is an affordable medium to financially protect yourself and your family from unexpected medical expenses. Today, there are several types of health insurance plans available in the market. You can choose a mediclaim policy that best meets your needs. However, before you buy a health insurance plan, it is important to know the amount an insurer will charge you for providing the agreed health insurance coverage. This pre-determined sum of money that you are required to pay to the insurance company to avail coverage and benefits under the health insurance plan is known as a health insurance premium.
Generally, you pay premiums monthly, quarterly, semi-annually or annually during the policy tenure. In return for the health insurance premiums paid, the insurance company is liable to pay for your eligible medical expenses, hospitalisation bills and other policy benefits.
As a wise investor, you can ascertain the premium due for your chosen health insurance policy using the Tata AIG online health insurance calculator. Using a mediclaim calculator will help you determine the total cost of buying health insurance and accordingly, pick the right plan and sum assured for you and your family’s needs.
A mediclaim policy calculator is an effective, easy and time-saving tool. You can generate your health insurance premium effortlessly by entering your details, such as name, gender, age, members to be insured, etc.
How to Use a Health Insurance Premium Calculator?
A health insurance calculator makes the process of buying the health insurance policy super quick and convenient for you. The mediclaim calculator helps you budget effectively and make an informed purchase decision regarding your health cover. Using a mediclaim policy calculator is completely hassle-free.
Here are the steps to use a mediclaim policy premium calculator on the Tata AIG website:
- Step 1: Choose members you want to insure. Tata AIG offers individual and family health insurance plans. You can cover yourself, your spouse, children and parents. This online calculator is also fit to be used as a family health insurance premium calculator.
Step 2: Enter basic details like mobile number, date of birth, etc., for yourself and all those you want to insure. Click on get quote.
Step 3: You will get different health insurance plan options. You can choose a health cover as per your suitability, sum insured and coverage period. You also get an option to improve your Tata AIG health plan coverage through individual add-ons, such as high-end diagnostics, dental OPD treatment, emergency air ambulance, cost of consumables, top-up against deductibles, and treatment overseas.
Step 4: You would need to answer some simple questions regarding your lifestyle habits. It is advisable to answer these questions as truthfully as possible.
Step 5: After entering all details, you would input your name and email address, and the mediclaim insurance premium calculator will give you an estimate of your health insurance policy premiums.
If you are satisfied with the premiums of your chosen health insurance plan, you can select any one of the preferred online premium payment options to get immediate coverage.
Required Information for the Premium Calculation
All health insurance premium calculators in India, including the Tata AIG health insurance premium calculator, require you to input only basic personal details, such as:
- Name, age, gender, city, email, contact details, etc.
- Lifestyle habits such as smoking, drinking, consuming tobacco, etc.
- Medical history such as existing diseases like diabetes, etc.
- Policy type and tenure
How is Health Insurance Premium Determined?
Tata AIG considers the following factors when determining the premiums for your health insurance policy.
Premiums for individual health Insurance and family health insurance plans are affected by the medical history of the person (s) being insured. In some cases, a pre-screening medical test may be conducted to determine the present health status of the insured person. However, in other cases, the medical history is required to determine the health insurance premium. Medical history would include details such as your current health condition, family health background, lifestyle habits like smoking, alcohol consumption, etc.
Age is one of the prime factors that affect your health insurance premiums. When you invest in a mediclaim policy at an older age, your health risk is comparatively higher than those who buy health insurance at a younger age. Further, the probability of young people (25-30 years age group) being diagnosed with critical ailments (such as kidney diseases, heart issues, stroke, etc.) is predictably lower than older age groups.
This reduces the risk and, in turn, the liability for the insurance company**: For these reasons, the premiums charged for health insurance plans for younger individuals are lower. If you buy a health insurance plan at a younger age, you can get comprehensive coverage at low premiums than if you invest in a health insurance policy at an older age.
Additionally, the gender of the insured person affects the premiums**: Women are likely to pay low premiums than men because women have a longer life expectancy than men. Also, men are otherwise more prone to major chronic diseases. This makes a basis for gender-based differences in premiums of your health insurance policies.
Buying a mediclaim policy with a family premium calculator can help you better understand the impact of age and gender on your health insurance premiums.
The tenure of your health insurance plan also affects your premiums. The premiums of a one-year health policy would likely be lower than a three-year policy. Moreover, the insurance company gives you a discount and other benefits for long-term insurance policies.
The type of health cover you buy – individual or family - also affects your policy premiums. The sum insured, the number of members, type of coverage, etc., impact the premiums of your plan. Further, the number and type of add-ons you buy to enhance your health coverage influence your policy premiums.
You can use the family floater mediclaim policy premium calculator to compare different health insurance policies based on their sum insured, benefits and policy premiums. These calculators can help you choose a plan that fits your budget and fulfils your requirements.
No claim bonus (NCB)
No Claim Bonus is a reward you receive for not raising any claim requests during a policy year. Usually, NCB is awarded in terms of discounts on premiums of the policy or as an increase in the total sum assured, without affecting the premium.
Your lifestyle habits significantly influence your health insurance premiums. If you are buying a family floater plan, the lifestyle habits of the insured members will impact the insurance premiums. If you or the insured members drink regularly or smoke, the chances are you would be paying a higher premium.
Regular smokers are more prone to issues like stroke, cancer, heart disease, hypertension, etc. You can use the family floater mediclaim policy premium calculator to determine the overall health insurance premiums payable.
How to Reduce Health Insurance Premiums?
Even though most people are aware of and understand the importance of buying a health insurance plan, they are often constrained by the premiums of the policy. However, when comparing health insurance premiums with the steeply rising medical costs in the country, the policy premiums are significantly lesser.
Further, there are other ways to reduce the Tata AIG health insurance premiums so that they fit your budget more appropriately:
Choose a higher deductible: Deductible refers to the percentage of the amount, which is payable from your pocket towards any medical expenses incurred. In some health insurance plans, a deductible is mandatory. However, in others, you have a choice whether to opt for a deductible or not. Opting for a higher deductible will reduce your health insurance premiums. However, the deductible option works well for those who can afford to bear the expenses of their medical treatment.
Select a family floater plan: The premiums for an individual health insurance plan are based on the sum insured and age of every insured member. However, in a family floater health Insurance plan, the health insurance premiums are decided according to the age of the eldest family member covered under the policy. Hence, when you buy a family floater plan, your policy premiums are likely to be lower than an individual health cover. The only catch in these plans is that the sum insured is available on a floater basis and not individually.
Opt for a multi-year mediclaim policy: Health insurance premiums for annual health cover plans are higher than multi-year mediclaim policies purchased for two to three years. In multi-year mediclaim policies, the premium for the whole insurance policy is payable at once. The insurance company also offers discounts for policies purchased for more than one year.
Select a top-up health plan: To improve your health insurance policy coverage, you can opt for a Top-Up Health Insurance Plan . This plan proves significantly cost-effective when your base sum insured in the primary health cover is exhausted.
Use the medical insurance premium calculator to know how these elements can reduce your Tata AIG health insurance premiums. If you choose a family health plan, the same calculator will function as a family floater mediclaim policy premium calculator.
Significant Benefits of Health Insurance Premium Calculator
When you buy a Tata AIG health insurance policy, it is advisable to read the documents carefully and understand the premiums payable, factors affecting premiums, etc. Alternatively, you can use the health insurance premium calculator to understand how your policy premiums are ascertained. Apart from offering convenience and ease, a health insurance premium calculator also helps you budget effectively and choose a mediclaim plan that fits your pocket and needs.
Here is why you should use a health insurance premium calculator:
Supports financial planning: It helps you plan your finances by giving you a tentative idea of the health insurance premiums in advance. You can manage your expenses accordingly and ensure you do not miss out on the premiums.
Saves time and resources: Online mediclaim insurance premium calculators are easy and hassle-free to use. Using these mediclaim policy premium calculators helps to save time and energy, which would else be consumed in understanding the complex premium processes.
Promotes ease of purchase and comparison: The medical insurance premium calculator supports ease of purchase by giving you an estimate of the costs involved, allowing you to compare different plans, riders, unique offerings, etc., and ultimately, make a sound decision. The Mediclaim premium calculators allow you to add and remove insured people, change sum insured coverage, modify plan benefits, etc., letting you choose the components that you need. You can further assess the monetary impact of a particular add-on on your monthly budget through the insights offered by the health insurance calculator.
Eliminate errors in the calculation: Online health insurance premium calculators eliminate the risk of error when calculating premiums, provided you enter your details correctly. Mediclaim calculators help you determine your premium paying liabilities and ensure you pay the right amount. In most cases, people tend to overlook the policy terms and complex premium calculations, which causes them to pay more than necessary. With a mediclaim policy calculator, that risk is eliminated.
Additional Factors Affecting Health Insurance Premium
Apart from prominent factors like age, gender, lifestyle habits, etc., that affect mediclaim policy premiums, some additional factors can also influence your health insurance premiums. Even though these factors do not have a direct bearing on the health insurance premium amount, it is important to understand them to get a comprehensive view of the premium charging process. These include:
1.Mortality rate: Underlying mortality rate also influences the mediclaim insurance premiums. Mortality rate refers to the frequency of death (consequently, the risk of diseases) in a specific population. This means that the higher the mortality rate, the higher is the risk for the insurer. In case of an eventuality, the insurance company has to bear a specific cost (a sum payable to the insured).
Typically, the mortality rate varies with the age group and is high in older policyholders. Hence, the insurance premiums for old age customers are comparatively higher than younger ones. This is because elder policyholders are more prone to diseases and critical ailments like diabetes, high blood pressure, heart diseases, stroke, etc. However, lifestyle habits, present health condition also influences the mortality rate. Smokers have a high mortality rate. Hence, the insurer charges a higher premium from smokers than non-smokers.
2.Personal history: In urban India, the lifestyle choices you make significantly affect your health. Though your age and gender majorly impact your mediclaim insurance premiums, even your personal history, lifestyle choices, hobbies, etc., can affect how much you pay. Moreover, your profession also influences your health insurance premiums.
If you have pre-existing diseases, such as a history of medical ailments, heart issues, diabetes, etc., your premiums will likely be higher. Further, if you smoke or consume alcohol regularly, you would pay higher premiums. If you work in an unsafe environment or have a stressful job, the health insurance premiums can be impacted because it increases your health risks.
3.Savings and investments: Insurance companies invest money in public sector market instruments due to low risk. These investments are made under the guidelines of the IRDA (Insurance Regulatory Development Authority of India) to avoid any compliance issues. The premiums you pay for your health insurance plans are to an extent determined by the returns from such capitalisations.
4.Marketing and services expenses: An insurer invests a significant amount in providing a health insurance plan. Some of these marketing and servicing costs include designing the medical insurance policy, marketing, brokerage and commissions of insurance agents, advertisement, brochure printing, operational expenses, etc. A portion of these expenses is recovered in the form of premiums.
5.Policy underwriting: Policy underwriting refers to a process through which the insurer decides how risky it is to issue a health insurance plan to a specific individual. The underwriting process considers several factors that could cause trouble and assess how likely it is that the insured will make a costly claim. This helps the insurance company modify the policy premiums accordingly to ensure there is minimum loss.
When you use a mediclaim insurance premium calculator, you get a near-to-accurate idea of the premiums for your health insurance plan. You can use the results from the health insurance premium calculator and then check your policy documents to know the total premiums due for your policy, which will be inclusive of all the costs. In case of any queries, you can also contact Tata AIG through the WhatsApp number, toll-free number or email.
Top Reasons Why You Should Get Your Health Insurance from Tata AIG
Buying a health insurance policy is important. However, buying it from the right insurance company makes all the difference. With the right health insurance plan from a trusted insurance company, you get the assurance that in case of a medical contingency, you have reliable financial support. Trust Tata AIG to be an enabler of your peace in this aspect.
Here are top reasons that justify why you should buy your health insurance from Tata AIG:
- Multiple health insurance plans with the best possible coverage to suit your needs and budget.
- Paperless and instant policy issuance and renewal within the comfort of your home.
- Digital buying, renewal and claim processes, assuring utmost expediency and comfort.
- Free, online medical insurance premium calculator for your financial convenience.
- A wide network of 7200+ hospitals, enabling you to get cashless treatment from the best hospitals in the country.
- Served over five crore customers since inception with the Tata brand promise of customer-centric values and ethics.
- An impressive high claim settlement ratio highlights our commitment towards our customers in accepting and processing valid claims.
- 24X7 assistance in insurance policy application and claim processing.