Health Insurance Premium Calculator Online

A health insurance or mediclaim premium calculator is an online, free tool offered by an insurance provider. The purpose of the tool is to compare health insurance plans and calculate premiums based on the selected coverage.

The tool will give you an idea of the cost of medical insurance. Based on that, you can decide whether you want to proceed with the coverage or modify the plan.

With the health insurance plans calculator, you get real-time pricing for health insurance plans based on your family's health needs.

In simple terms, a premium is the recurring payment you make to your insurance company to keep your health insurance policy active. It is similar to a monthly subscription fee, except instead of unlocking streaming shows, it unlocks peace of mind, knowing you are financially covered for medical expenses.

Think of it this way: your monthly premium is like putting money into a healthcare piggy bank. And your coverage is the shield that draws from your piggy bank when medical bills come knocking.

Also Read: TATA AIG MediCare Health Insurance

Using mediclaim policy calculators, individuals can quickly and easily access medical insurance premiums. Here are some of the common benefits of using online tools.

Financial Planning

One of the benefits of using this calculator is that it helps in financial planning. Individuals can estimate the cost of health insurance premiums, providing a clear idea of the cost and helping them plan their budget accordingly.

Better Insurance Coverage

The mediclaim policy calculator also helps choose the best medical insurance coverage. By comparing plans based on coverage, exclusions and inclusions, individuals can choose the plan that fits their budget and requirements.

Time Saving

It saves considerable time by providing instant premium quotes online, eliminating the need to visit physical offices or consult agents. This convenience speeds up the decision-making process.

Customisation and Accuracy

The calculator reduces errors in premium calculation by automating the process based on inputs like age, coverage, family members and health conditions. Users can customise the coverage and see how changes affect premiums.

Also Read: Benefits of Health Insurance

TATA AIG offers an online calculator that helps users determine the premium for various health insurance plans based on specific personal and policy-related details.

The main factors considered include age, location, health status, family members to be covered, coverage amount, plan type and add-ons such as critical illness cover or maternity benefits.

By using the TATA AIG health insurance premium calculator, you can get instant premium quotes, which help in making prompt decisions.

A health insurance premium calculator works by taking specific personal and policy-related inputs from the user and then estimating the premium amount. Let us understand the workings of the health insurance premium calculator with an example.

Jeannie is a 30-year-old working woman looking for a health insurance plan. She enters her age (30), gender (female), city of residence, and lifestyle habits on the TATA AIG health insurance calculator page.

She then selects the sum insured she wants and specifies whether she needs individual or family coverage. She provides information on existing medical conditions, family medical history and optional add-ons like maternity or critical illness cover.

The TATA AIG health insurance premium calculator uses actuarial data and underwriting rules to estimate the premium, considering factors such as age, health risk, location, coverage amount and policy tenure.

Jeannie instantly receives an estimated premium for the chosen plan. The whole process is quick, easy and transparent, which helps Jeannie plan financially and choose the best policy without manual calculations or agent intervention.

Also Read: How Health Insurance Works?

To use the TATA AIG medical insurance premium calculator, you need to follow the steps mentioned below:

Step 1: Go to TATA AIG Health Insurance Calculator Page

Visit the official TATA AIG website and navigate to the health insurance section, and open the premium calculator page.

Step 2: Enter the Requested Details

Provide basic information such as your age, gender, city of residence and any relevant health details.

Step 3: Choose the Desired Medical Coverage

Select the sum insured amount based on your needs and budget. Choose the type of health insurance plan you are interested in, such as an individual plan, a family floater plan, or a senior citizen plan.

Step 4: Know the Premium Amount

After entering all the information, the calculator will display the premium amount payable based on the selected details and coverage.

Using the health insurance premium estimator is easy. However, certain factors need to be considered to determine accurate premiums. These factors are:

Age of Applicant

One of the core components of the health insurance premium calculator is the applicant's age. Generally, older individuals pay higher insurance premiums because they face a higher risk of illness. Young individuals generally need to pay lower health insurance premiums.

Gender of Applicant

The applicant's gender is another factor to consider when using the health insurance premium calculator. Women in their childbearing years typically pay higher health insurance premiums. When using the calculator, ensure you disclose your gender for an accurate premium estimate.

Pre-existing Health Condition

Individuals with pre-existing conditions like diabetes, hypertension, etc, need to pay the higher premium. On the other hand, healthy individuals pay lower health insurance premiums.

Lifestyle Habit

Individuals with sedentary lifestyles, drinking, and smoking habits need to pay higher health insurance premiums compared to individuals with an active lifestyle.

Type of Coverage

The type of medical insurance coverage you choose while using the health insurance calculator also affects the premium calculation. Generally, a family floater health insurance plan is more affordable as it covers multiple members in a single policy.

Add-ons Coverage

Add-ons or riders are voluntary features that increase the health insurance premium. Depending on your healthcare needs, such as maternity or critical illness cover, you can add an add-on to your health insurance plan.

Policy Duration

Selecting the policy duration when using a health insurance calculator also affects the premium. If you choose a multi-year health insurance plan, you will pay a higher premium. However, it is a comparatively affordable option compared to a single-year policy.

Also Read: 4 Essential Things To Consider When Investing In A Health Insurance Plan

With the help of an online health insurance premium calculator, you can know the estimated premium amount before purchasing a plan. However, if the calculated amount exceeds your budget, you can reduce the premium. There are multiple ways to reduce the health insurance premiums; some of the tips are listed below:

Buy Medical Insurance at Young Age

With age, the risk of health complications increases, leading to higher medical insurance premiums. Therefore, it is crucial to buy a health insurance plan at a young age, usually in the 20s and 30s, when the risk of health complications is lower.

Go with a Family Floater Plan

Choosing a family floater plan is another way to lower health insurance premiums. Instead of buying individual health insurance, opting for a family floater plan is more affordable, as it covers multiple family members under a single plan.

Choose Add-ons or Riders Wisely

Add-ons such as critical illness, maternity benefits, or daily hospital cash enhance coverage but also increase premiums. To keep premiums affordable, only opt for add-ons that are relevant to your family’s health and life stage.

Choose Higher Deductibles

A deductible is the amount you pay out of pocket before your insurance provider covers the remaining medical expenses. Choosing a higher deductible typically reduces your premium by 10–20%. This option works best for individuals with stable incomes and fewer annual medical expenses.

Go with Multi-year Medical Policy

Choosing a multi-year medical policy also helps in lowering the premium. The 2-3-year policy can offer premium discounts. Multi-year medical policies not only save money but also protect you from premium hikes during the policy term.

Also Read: How is Your Health Insurance Premium Determined?

The health insurance premium estimator or calculator is a crucial tool that calculates health insurance premiums. Customers can estimate the health insurance premium before purchasing a plan.

The calculator uses details such as your age, location, number of family members insured, pre-existing conditions and coverage amount to generate a realistic premium estimate. TATA AIG offers a health insurance premium calculator that helps you understand your premium costs before purchasing a plan.

Using a calculator, you can buy health insurance online from TATA AIG that is customised to meet your healthcare needs. For instance, we offer a family floater health insurance plan that covers you, your spouse and your children under a single plan.

We also offer tailored health insurance plans for senior citizens that account for their healthcare needs. Depending on your needs, you can compare health insurance and choose one that fits in your budget.

Our medical insurance plan also includes benefits such as wellness programs, a wide network of hospitals, 24/7 customer service, lifelong renewability and more. Secure your and your loved ones' health with our health plan now.