Bankbazaar

Health Insurance Premium Calculator

Health Insurance
  • Claim up to Rs. 55,000 deduction under section 80D*
  • 10,000+ hospitals for cashless treatment
  • Insurers offer plans with no limit on room rent

What is Health Insurance Premium?

Health insurance premium is the amount of money that you are required to pay at definite intervals, for keeping your health insurance plan running.

How Health Insurance Premium is Calculated?

Ever wondered how exactly do insurance companies finalize premiums for health insurance schemes? There is a broad range of factors that go into deciding the insurance premiums . However, each insurance company also does apply some company-specific guidelines too for finalizing the insurance premium for various health insurance policies. Here is a list of generic guidelines that are followed by most health insurance providers.

  • Marketing and administration expenditure:

    A lot of heads are covered under the marketing and administration expense. The expenditure incurred on these is also recovered from the premium paid by the policy holder. This expense includes cost incurred in designing a medical insurance policy, cost of marketing, commission to brokers, advertisements’ and brochure’s cost, and other general operational expenses.

  • Savings Part:

    This is that part of the regular premium which is put in various public investments. Investments in private sector are usually not done. These investments are made based on guidelines issued by the insurance regulatory body of the country. Health insurance premiums are calculated based on returns of these capitalizations.

  • Medical Underwriting:

    Insurance products are underwritten to strike a balance between individual and group policies. For this, risk is analyzed from various angles and a broad spectrum of factors in taken into account. The process of medical underwriting produces as a result, the corresponding eligibility and instances when medical coverage should be denied. This step is essential in preventing the insurance company from making losses.

  • Rate of mortality:

    This is the cost that a health insurance company suffers in case of any eventuality to an insured customer. The expense of mortality differs for various age groups and income groups and is generally high for older customers. For example:

    • Premiums become higher as one grows old
    • Premiums are higher for customers with lifestyle ailments like diabetes or blood pressure
    • Premiums are surely higher if sum assured is more
    Health Insurance Premium Calculator
  • Personal History:

    Insurance providers may or may not conduct a health checkup before an individual avails medical insurance policy. However, insurance companies do take into account customer’s health, his/her family’s medical history, personal habits like drinking and smoking and his/her age at the time of availing health insurance policy. All this information feeds into deciding the policy premium that an individual is required to pay. Generally, people with issues in medical history or those who smoke and drink regularly are charged a higher premium.

  • Modified Community Rating:

    The modified community rating takes into account a vast range of factors for calculating the policy premium for an insurance product. This mainly involves the geographical location, political stability of that region, industrial development, trade activities and lifestyle of a particular area.

  • Band Rating:

    Under this factor, the insurance provider underlines a base rate that can be charged for a particular set who possess similar characteristics like age, gender, geographical region, family size, and profession and so on. For example, a set that has working individuals in the age group of 25-35 years will always pay a lesser premium than a set with working individuals aged between 40-50 years.

Medical Insurance Premium and Tax Benefits in India:

For every health insurance policy that you purchase, you get to enjoy medical benefits as well tax benefits under Section 80D of the Income tax Act. This tax benefit is dependent upon the manner of medical insurance premium payment and the person for whom it is paid.

Let us take a look at some of the conditions that determine when exactly a customer enjoys tax benefit on his/her health insurance scheme.

  • Tax benefit under section 80D is applicable if the premium contribution is made from an income that is chargeable under tax. For example, income from dividend is not taxable and hence premium paid using this money is not tax free
  • The mode of premium payment plays a major role in determining the tax benefit for a customer. In case medical insurance premium is made via cash then tax benefit under section 80D is denied. All other mediums of payment like cheque, demand draft, online banking are exempted
  • Premium made only towards health insurance policy of immediate family members is exempted from tax. This includes premiums paid for individual, spouse, parents and dependent children. Premium paid for anyone except these is not eligible for tax exemption
  • Specific premium amounts are eligible for tax exemption. This means that you cannot enjoy tax benefit after you have crossed a certain premium amount limit. For example, the amount of premium paid should be within Rs.15000 for self, spouse and dependent children.

Need of Health Insurance Premium Calculator:

Calculation of health insurance premiums can be a required but cumbersome task. Most people generally go ahead with whatever amount their insurance providers suggest. However, with the expansion of online tools, the calculation of medical insurance premium has also become a quick and easy task. This also ensures that the policy buyer is aware in advance about the policy that he/she chooses to avail.

  • Planning your finances becomes much easier if you get to know your tentative medical insurance premium amount, beforehand. You then know the exact part of your monthly expense that you need to channel towards paying your premium.
  • You can know the most appropriate premium amount and the most suitable health insurance policy that you should go for. By adjusting various parameters in the health insurance premium calculator you can reach that optimum mix of sum assured and premium payment that suits your lifestyle perfectly.
  • Various health insurance policies are suggested by the online premium calculators. These policies can be compared to reach your most favored health insurance product. This will ensure that all your requirements are fulfilled apart from a comfortable insurance premium amount
  • Health insurance premium calculation is an extremely complex task considering the number of parameters that go into determining it. Hence, online medical insurance premium calculators are real helpful tools in making premium calculation a simple and quick task

Health Insurance Premium Calculator at BankBazaar:

Health insurance premium calculation is a piece of cake if you use the online premium calculator at BankBazaar.com. Here are a few simple steps that you are required to perform before you reach a list of lucrative medical insurance schemes that suit your preferences the best.

Step 1: Go to the health insurance tab and click ‘search for insurance’

Step 2: Choose or feed in the city name that you reside in

Step 3: Input the number of adults and children that you wish to cover

Step 4: Input the age of the oldest member who you wish to insure

Step 5: Feed in your name, mobile number and email id and click ‘show me now’

Step 6: Based on your input, a host of health insurance schemes are populated from which you can choose the ones that you like the best.

GST rate of 18% applicable for all financial services effective July 1, 2017.

Disclaimer: Premiums may vary depending upon factors like age, location and prevailing taxes/GST.

 4.5 / 5.0   by 6136 users
Used this product? Write a review >>

Cashless Treatment

Customer Service

Medical Coverage

Claim Experience

Responsiveness

Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

Health Insurance Premium Calculator Reviews

Page 1 of 50 1 2 3 4 5
  • National Insurance Health Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I had a claim experience many time where and it was cashless also reimbursement, i got 80-90% claim. I am holding since from last 10 years also paying the premium for 6K for medical coverage of 1L. The disease, pre existing disease, illness, accidental coverage is there.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Jun 18, 2019
  • Reliance General
    Reliance General Health Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have taken health insurance with Relience GENERAL INSURANCE for my family , the agent had given me all informations and shared me the location which they have tie up with many hospital, the premium amount i use to pay on yearly basis ,the medical coverage i have taken up to 10,00,000.
    Was this review helpful? 0
    , kanpur
    Reviewed on Jun 18, 2019
  • SBI General Health Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been taken my health insurance with SBI general insurance, their service is good, i have been paying it from past 3 years, so far my experience was good, the premium amount i use to pay on yearly basis, the medical coverage is up to 10,00,000 , i have taken top with this insurance company,i use to pay premium to an agent directly.
    Was this review helpful? 0
    , kanpur
    Reviewed on Jun 18, 2019
  • review Health Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been holding my health insurance with Aviva health insurance from long time, I have taken claim experience with them 2-3 time, my experience was good, it was cashless treatment done, premium amount i use to pay on through my company itself
    Was this review helpful? 0
    , kanpur
    Reviewed on Jun 18, 2019
  • Star Health Health Insurance
    "Medium"
    0.5 3.0/5 "Satisfactory"
    I have taken a health insurance in STAR HEALTH before 2 years ago. I am paying premium in the yearly package. While getting a policy my agent has given an information about the policy details and provided documents along with a card as well. I use to do payments through an online. It is applicable for cashless treatment. They have tied up with many hospitals.
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 18, 2019
  • Royal Sundaram Health Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I had a claim experience which was good and i was hospitalized, it was cashless but i got 80% of claim where i had claim for 30k i got 20-25k, customer support was helpful. The premium paid was 7K, medical coverage of 5L for family. It has the disease, accidental, illness coverage is there.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jun 18, 2019
  • Apollo Munich Health Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been holding my health insurance with Apollo munich from past four years, they have tie up with more than 3000 hospital and they have shared the locations of that hospital through hard copy, so far i did not face any issue, i use to pay premium through on line on yearly basis.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jun 18, 2019
  • HDFC Ergo Health Insurance
    "Its good for medical emergency"
    0.5 4.0/5 "Great!"
    I have health plan with HDFC Ergo, I make Rs. 12,000 premium for per annum it has duration of one year. Its cover individually upto Rs. 5 lakhs including ambulance facility for the emergency, they got tied with many hospitals across in India.
    Was this review helpful? 0
    , secunderabad
    Reviewed on Jun 18, 2019
  • HDFC Ergo Health Insurance
    "Average service"
    0.5 3.0/5 "Satisfactory"
    I have taken my health insurance with HDFC ERGO general insurance, they have tie up with many hospital, the premium amount is use to pay on yearly basis, they charged nominal premium amount, so far i have not done any claim experience from them.Their overall service is good.
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 18, 2019
  • Bajaj Allianz Health Insurance
    "Better health insurance policy"
    0.5 5.0/5 "Blown Away!"
    Since its a oldest company in Market and Experience with a company is good, claim settlement ratio is high hence i have chosen the health insurance policy frok Bajaj Allianz. Iâ??m paying the premium amount of Rs. 8345 for the coverage amount of Rs.3 lakhs and all my entire family has covered in this policy and i have chosen the annual payment mode. I do not have any claim experience so far.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jun 18, 2019
  • HDFC Ergo Health Insurance
    "Average service"
    0.5 3.0/5 "Satisfactory"
    I have taken my health insurance with HDFC Ergo insurance, their service is good, there agent had explain me about the policy which is covered in this insurance and they have tie up with many hospital and they have shared me there location , and the premium amount they have charged me was nominal. I use to pay through on line on yearly basis.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jun 18, 2019
  • HDFC Ergo Health Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I have taken a health insurance in HDFC ERGO before 8 years ago. It will renew for every 2 years.I am paying premium in the yearly package. Through an online I have came to know about all the policy details. I use to do payments through an online. It is applicable for cashless treatment. They have tied up with many hospitals. This policy coverage for whole family.
    Was this review helpful? 0
    , kolkata
    Reviewed on Jun 18, 2019
  • Star Health Health Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    I have taken a health insurance in STAR HEALTH for more than 3 years. The policy is for 20 years. I am paying premium in the yearly package. While getting a policy my agent has given an information about the policy details and provided documents as well. I use to do payments through an online. They have tied up with many hospitals. There is an option for a cashless treatment.
    Was this review helpful? 0
    , kolkata
    Reviewed on Jun 17, 2019
  • Reliance General Health Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have taken health insurance with Relience GENERAL INSURANCE for my family , the agent had given me all informations and shared me the location which they have tie up with many hospital, the premium amount i use to pay on yearly basis , i use to pay upto 10,000, it use to get auto debited from my account.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jun 16, 2019
  • SBI General Health Insurance
    "Average card"
    0.5 3.0/5 "Satisfactory"
    I have taken my health insurance with SBI general insurance just twenty days back, they have tie up with many hospital but i have not done any claim experience with me , the premium amount i need to pay on yearly basis up to 3400 , i have taken this insurance for my family medical coverage for cash less treatment.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jun 16, 2019
  • ICICI Lombard Health Insurance
    "Not satisfied"
    0.5 1.0/5 "Really Bad"
    I was holding ICICI lombard health insurance previously , but i was not much happy with their service, their service is not up to the mark, the agent had convince me take this insurance, i have taken for me this insurance, but my claim experience was not good ,like i was admitted to that hospital where unfortunately they did not had tie up with , but the agent said no issue you can do reimbursement that amount, but after that they did not did so , so i closed it.
    Was this review helpful? 0
    , noida
    Reviewed on Jun 14, 2019
  • Royal Sundaram Health Insurance
    "Average service"
    0.5 3.0/5 "Satisfactory"
    I have a health insurance policy with Royal sundaram from past 4-5 months, this policy cover accident claim and there customer support team have explain me about this policy and the premium per year it nominal, but i did not got policy card or hard copy of that they have just send me soft copy about the policy, i use to pay through on line, till now there service was good. So far i did not done any claim experience.
    Was this review helpful? 0
    , noida
    Reviewed on Jun 14, 2019
  • Star Health Health Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I have been using the health insurance policy since from last 2 years. I had no claim experience and the premium paid 10500 rupees, medical coverage is for 3L for family. There are no other coverage is there in this policy, the listed hospital is good.
    Was this review helpful? 0
    , pune
    Reviewed on Jun 14, 2019
  • Star Health Health Insurance
    "Reliable policy"
    0.5 4.0/5 "Great!"
    Purchased my health insurance policy from star company. Because of the word of mouth, i have taken the policy with them. Yearly twice i have been paying the premium amount. I pay the premium amount of RS. 6000 in half year. For me and my mother has been covered in this policy. I do not have any claim experience so far. I make the premium through online.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jun 14, 2019
  • Tata AIG Health Insurance
    "Average service"
    0.5 3.0/5 "Satisfactory"
    I have been using TATA AIG health insurance from long time, they have tie up with many hospital and had shared me the location of it, so far i did not taken any claim experience, the premium amount i use to pay on quarterly basis , it use to get auto debited from my account.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jun 13, 2019
Common Loader Icon
Page 1 of 50 1 2 3 4 5
reTH65gcmBgCJ7k
This Page is BLOCKED as it is using Iframes.