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 Medical 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 6466 users
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Health Insurance Premium Calculator Reviews

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  • Star Health Health Insurance
    "Good service"
    0.5 4.5/5 "Excellent!"
    My cousin has told that the claim experience from STAR HEALTH was good and he got about 97% amount. I have taken insurance on 2 years before. Yearly use to pay of 12K. Before I was paying premium amount of 10K now they have increased depends on the age. It covers whole family. They have tied up with many hospitals. So far I have not done any claim.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 20, 2020
  • Royal Sundaram
    Royal Sundaram Health Insurance
    "Good"
    0.5 4.0/5 "Great!"
    I have taken a health insurance in ROYAL SUNDARAM and the policy coverage value of Rs. 5L. I am paying premium in the yearly package. While getting a policy they given an information about the policy details. They have tied up with all network hospitals and also they cover all critical illness and day care treatment. This is a Tax Benefit policy covers under 80D.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jan 20, 2020
  • Religare Health Insurance
    "Good "
    0.5 5.0/5 "Blown Away!"
    I have taken a health insurance from RELIGARE HEALTH. I got this offer when I had applied a credit card with RBL bank. Yearly use to pay of 7K around. They have tied up with particular hospitals. The agent has provided terms and condition. There is no option of cashless treatment. It covers my whole family. No claim experience yet.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jan 18, 2020
  • Religare Health Insurance
    "Good Insurance policy"
    0.5 5.0/5 "Blown Away!"
    From my company, they have provided me a health insurance from Religare and its a group insurance policy but my family consists of 4 members included in this policy with the coverage value of Rs. 5 lakhs. I don't have any claim experience. I have not gone through the hospital list but they have provided me a health insurance card.
    Was this review helpful? 0
    , pune
    Reviewed on Jan 17, 2020
  • Star Health Health Insurance
    "Good Insurer"
    0.5 5.0/5 "Blown Away!"
    For my personal use, I had taken a health insurance from STAR HEALTH on 2.5 years back. Yearly I use to pay amount of 10,100 rupees with GST. They have tied up with many hospitals. Sum assured of 10L. It covers myself and spouse. It is useful for Tax benefit.
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 16, 2020
  • United India Health Insurance
    "Emergency policy"
    0.5 5.0/5 "Blown Away!"
    From my company side, they have offered me a health insurance from United health care. I have done a claim twice and the experience was good. My family consist of 3 members included in this policy. They have approved my claim within 3 days. On their website, i had applied my claim. They gave me a claim upto 90%. I would say health insurance policy is very much helpful when a person doesn't have money by just providing the insurance card number and employee id.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 16, 2020
  • United India Health Insurance
    "Nice and genuine company which provides claim on time"
    0.5 4.0/5 "Great!"
    Its because of the agent recommendation, i have taken the health insurance from United India. I have been paying the premium amount of Rs. 18000 per year. My full family has covered in this policy. I have a claim experience too and they are providing the cashless facility on hospital even reimbursement was carried out on time.
    Was this review helpful? 0
    , jaipur
    Reviewed on Jan 16, 2020
  • Oriental Insurance Health Insurance
    "Yet to experience the policy"
    0.5 4.0/5 "Great!"
    From my office, they have provided me a health insurance from Oriental but i never utilized the policy till now. My entire family has been covered on this policy. I got the coverage value of Rs. 4 lakhs and the network of hospital list is good. I never get any situation to contact their customer care service.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 16, 2020
  • ICICI Lombard Health Insurance
    "Good policy"
    0.5 4.0/5 "Great!"
    From my company, they have provided me a health insurance from ICICI Lombard. I do have a claim experience and I'm satisfied with it because it was a cashless treatment. My entire family has been covered in this policy. I'm not aware of the coverage amount and i have not called their customer care service till now.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 16, 2020
  • Bajaj Allianz Health Insurance
    "Average Policy"
    0.5 5.0/5 "Blown Away!"
    Recently i have chosen the health insurance from Bajaj Allianz because most of the hospitals are having this policy. I pay the premium amount of Rs. 1000 on a yearly basis with the coverage amount of Rs. 1 lakh. I have received a phone call from that they have explained me about the policy details. I have sent my documents through mail and i made the payment through auto debit option.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Jan 16, 2020
  • Star Health Health Insurance
    "Excellent Service"
    0.5 5.0/5 "Blown Away!"
    I have taken a Health insurance from Star health before 8 years as there have more network hospitals for cashless treatment in my area. I am paying Rs.18,000 as the annual premium through online. Total coverage is 4 lakhs for my family. I will get notification regarding the payments. I have opted for cashless treatment it cover complete bill amount except the disposable product.
    Was this review helpful? 1
    , kochi
    Reviewed on Jan 13, 2020
  • Star Health Health Insurance
    "Not Good Experience"
    0.5 0.5/5 "Unacceptable"
    Have applied for Family plan & honestly informed then 3 moths before my boy was admitted for 2 days for viral infection and provided doctor medical fitness certificate, but they denied policy claim. Please go for other customer friendly policy.
    Was this review helpful? 0
    , pune
    Reviewed on Jan 11, 2020
  • United India Health Insurance
    "Best policy"
    0.5 4.0/5 "Great!"
    I have taken a health insurance policy from UNITED INDIA and its been for a long time. This insurance covers me and my family members and i am paying premium yearly Rs. 2000 and i am not aware about the coverage value. Still there is a no claim, over all it is good.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 10, 2020
  • review Health Insurance
    "Good"
    0.5 4.0/5 "Great!"
    I have taken a health insurance from PARAMOUNT LIFE & GENERAL INSURANCE CORPORATION. This is a company policy and this is a family policy. Coverage value was Rs. 1.40L last year my daughter went for claim and it got reimbursed, some hospital only they cover cash less. Every thing is good, only thing processing time is very long.
    Was this review helpful? 1
    , nagpur
    Reviewed on Jan 09, 2020
  • ICICI Lombard Health Insurance
    "Very Good Insurance"
    0.5 5.0/5 "Blown Away!"
    I have selected the health insurance from ICICI Lombard because the agent made a promotional call and asked me to purchase the health insurance with them. They gave me a coverage value of Rs. 10 lakhs. My family consist of 4 members included in this policy. I have not hospitalized till now so I do not applied any claim so far.
    Was this review helpful? 0
    , hubli
    Reviewed on Jan 09, 2020
  • Royal Sundaram Health Insurance
    "Very Good Policy"
    0.5 5.0/5 "Blown Away!"
    I bought the credit card from ICICI Bank, they have provided me a health insurance policy from Royal Sundaram and they are covering up to Rs. 10L. This policy covers for my entire family. I am not checked about the hospital list till now. I pay the premium amount of Rs. 14000 on a yearly basis and I make the premium through an online.
    Was this review helpful? 0
    , hubli
    Reviewed on Jan 09, 2020
  • Star Health Health Insurance
    "Good health insurance policy"
    0.5 4.0/5 "Great!"
    For past 4 years, i have been renewing the health insurance policy with Star health. From my company they have provided me a policy which covers for myself. I can claim upto Rs. 3.5 lakhs. So far i have done the claim twice and it took 1 month to process. They have covered upto 60% on my medical expenses.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 08, 2020
  • Star Health Health Insurance
    "Best policy"
    0.5 5.0/5 "Blown Away!"
    I have taken a health insurance from Star health. This is a family floater policy. The coverage value was Rs. 10,00,000. Annual premium i am paying Rs. 25,000. I can avail a tax benefit under sec 80D.This is a life long coverage. All critical illness covered in this mediclaim since there is no claim.
    Was this review helpful? 0
    , madurai
    Reviewed on Jan 07, 2020
  • Bajaj Allianz Health Insurance
    "Good insurer"
    0.5 5.0/5 "Blown Away!"
    I have taken a health insurance from BAJAJ ALLIANZ on 2 months before. Since for my personal need, I had chosen this policy . On yearly basis I need to pay the premium amount of 10K. They have tied up with listed hospitals and cashless treatment also applicable. It covers my whole family.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 06, 2020
  • Bajaj Allianz Health Insurance
    "Quite good health insurance"
    0.5 4.0/5 "Great!"
    My company has provided me a health insurance from Bajaj Allianz and they have given the policy for the entire family. They are providing a coverage amount of Rs. 3 lakhs for each person. From my salary, they are deducting the premium amount. I have not availed any claim till now. They have many hospital listed in their list.
    Was this review helpful? 0
    , vapi
    Reviewed on Jan 06, 2020
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