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 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 6443 users
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Health Insurance Premium Calculator Reviews

Page 1 of 50 1 2 3 4 5
  • review Health Insurance
    "Good"
    0.5 3.0/5 "Satisfactory"
    I have taken a health insurance in IFFCO TOKIO GENERAL INSURANCE on 3 years before. I am paying premium in the yearly package. It covers my whole family for this insurance. They have tied up with many hospitals and cashless treatment also applicable.
    Was this review helpful? 0
    , erode
    Reviewed on Oct 14, 2019
  • Star Health
    Star Health Health Insurance
    "Good"
    0.5 4.0/5 "Great!"
    Currently my health policy is in Star Health because the claim process was very good for cash less. They are doing instant help whenever I approach them. The customer service is also good. So far, I haven't claimed anything. The medical coverage is 5L and the premium is around 20 to 25K for 3members.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Oct 11, 2019
  • National Insurance Health Insurance
    "Better Policy"
    0.5 3.0/5 "Satisfactory"
    I am having a health insurance from National. Actually the policy has provided by my office. They gave me a policy only for me and i included my son also. They gave me a coverage value is not very much because it was 2.5 lakhs hence i am planning to go for other policy for my entire family members.
    Was this review helpful? 0
    , new delhi
    Reviewed on Oct 11, 2019
  • Star Health Health Insurance
    "Good Insurance Policy"
    0.5 5.0/5 "Blown Away!"
    From my working place, they gave me a health insurance policy from Star Company. I got the coverage value of Rs. 5 lakhs. From my salary, they are deducting the premium amount of Rs. 8000. I have not applied for any claim till now. Most of the hospitals has been covered on this policy.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Oct 10, 2019
  • United India Health Insurance
    "Better"
    0.5 5.0/5 "Blown Away!"
    I got a health insurance in United India Insurance which was given my company so, I am not sure about the premium. Its been 10 years and till now, there is no claim experience. I did not interact with the customer care. I got the insurance paper and e-cards. The medical coverage is 2L.
    Was this review helpful? 0
    , bangalore
    Reviewed on Oct 10, 2019
  • Bajaj Allianz Health Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    Since the premium amount is less and the benefits are high hence i have chosen the health insurance from Bajaj Finsev. I have been paying the premium amount of Rs. 14500 for the coverage value of Rs. 5 lakhs. Nearly 6000 hospitals has been covered all over India. My entire family has been covered in this policy. I do not have any claim experience as of now.
    Was this review helpful? 0
    , thane
    Reviewed on Oct 09, 2019
  • Star Health Health Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I hold a health insurance from Star Health and it was referred by friend. The claim process was very simple and I just done a call to the customer care, to check how I can utilize this policy for my daughter treatment. They were responsible and paid more attention which was useful for me. I got the amount without doing any work from my side and I felt, they are good compared to others. The premium is 12K yearly, am paying through cheque. Its been 5years and e-cards are sent on time.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Oct 09, 2019
  • Royal Sundaram Health Insurance
    "Really Superb policy"
    0.5 5.0/5 "Blown Away!"
    For each person, they have provided a Rs. 2 lakhs. From my husband, they have given this policy. Last 3 months back, my husband admitted in a hospitals. In that single penny, i have not taken it from my pocket. It was cashless treatment policy.
    Was this review helpful? 0
    , bangalore
    Reviewed on Oct 08, 2019
  • Star Health Health Insurance
    "Good Health Insurance"
    0.5 3.0/5 "Satisfactory"
    Actually star insurance has included many hospitals and most of the health insurance office is not available in our area and only star office was available. They pay for per day charges in our regular hospitals and claim get sanctioned. If i go for their hospitals list, it will be a cashless facility. Their claim process is convenient. They gave me a 100% claim.
    Was this review helpful? 0
    , ahmednagar
    Reviewed on Oct 08, 2019
  • ManipalCigna Health Insurance
    "Good"
    0.5 3.5/5 "Pretty good"
    I have a health insurance policy with Cigna TTK because of medical coverage, no TPA but I know they have TPA and the second thing they have no room cap during hospitalization. They are charing 8K to 9K per family and it includes 2people. One time, I done a claim and got the amount.
    Was this review helpful? 0
    , kolkata
    Reviewed on Oct 08, 2019
  • Oriental Insurance Health Insurance
    "Good benefit to the customer"
    0.5 4.0/5 "Great!"
    When i purchased my credit card, they have offered me a health insurance from Oriental. They are providing a cashless facility. The day i have taken the policy, from that day the policy gets covered. Only myself covered on this policy. I pay the premium amount of Rs. 5000 and the coverage amount Rs. 3 lakhs. I make the premium through credit card.
    Was this review helpful? 0
    , nalbari
    Reviewed on Oct 06, 2019
  • review Health Insurance
    "Excellent Service"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in LIBERTY GENERAL INSURANCE on 2 years before. The policy is for yearly basis renewable and I use to pay for 18 thousands. I am paying premium in the yearly package.They have tied up with many hospitals and cashless treatment also applicable.
    Was this review helpful? 0
    , erode
    Reviewed on Oct 06, 2019
  • Max Bupa Health Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    My health insurance was selected from Health Insurance because they have given me a proper support which helps me a lot. I have paid the premium amount of Rs. 1000 per year and only myself covered on this card. They have provided me a coverage amount of Rs. 8 lakhs. I used to renew the policy through online.
    Was this review helpful? 0
    , new delhi
    Reviewed on Oct 06, 2019
  • review Health Insurance
    "Average Policy"
    0.5 3.0/5 "Satisfactory"
    From my employer side, they have provided me a health insurance policy from Kotak. They are deducting the premium amount from my salary. The premium amount of Rs. 300 for every month. They have given me a coverage amount of Rs. 5 lakhs. My whole family has been covered in this policy but i have not approached them for any claim till now.
    Was this review helpful? 0
    , tiruchirapalli
    Reviewed on Oct 06, 2019
  • Bajaj Allianz Health Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    I have taken a health insurance in BAJAJ ALLIANZ GENERAL INSURANCE on 2 years before. The policy is based on yearly basis. I am paying premium in 2 installments. While getting a policy my agent has given an information about the policy details. For the payment auto debit from my account. It covers up to myself.
    Was this review helpful? 0
    , erode
    Reviewed on Oct 05, 2019
  • Bajaj Allianz Health Insurance
    "Average Policy"
    0.5 3.0/5 "Satisfactory"
    8 years before, i had taken the health insurance from Bajaj Allianz. Total premium amount is Rs. 5000. Only once i paid the money after that i had no money to pay the premium hence my policy got lapsed. On that time, they used to proper reminder regarding the policy renewal. I had no claim experience till now.
    Was this review helpful? 0
    , bellary
    Reviewed on Oct 05, 2019
  • Star Health Health Insurance
    "Yet to explore the policy"
    0.5 3.0/5 "Satisfactory"
    From my company, they have provided me a health insurance from star company. The premium amount is paid by the company hence I'm not sure about the details. They have given me a coverage amount of Rs. 20 lakhs which covers only for myself. Till now i have not made any claim from the policy.
    Was this review helpful? 0
    , dindigul
    Reviewed on Oct 05, 2019
  • Bajaj Allianz Health Insurance
    "Easy to get the health insurance policy"
    0.5 5.0/5 "Blown Away!"
    From Bajaj Allianz best policies are available for the health insurance. My entire family has been covered on this policy but i do not have any claim experience. I bought the policy 1.5 years back but they haven't provide any claim bonus.
    Was this review helpful? 0
    , balangir
    Reviewed on Oct 04, 2019
  • Max Bupa Health Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    From Max Bupa I have group health medi claim of certain amount its covers myself only. So far there is no claim but still this policy is good for the medical emergency which got tied up with more hospitals for cash less treatment. On yearly basis get renewable.
    Was this review helpful? 0
    , jaipur
    Reviewed on Oct 03, 2019
  • Religare Health Insurance
    "Good"
    0.5 4.0/5 "Great!"
    I have taken a health insurance with RELIGARE HEALTH on 2 years before. The policy is yearly basis renewable. I am paying premium in the yearly package. While getting a policy my agent has given an information about the policy details. They have tied up with many hospitals. The total amount of 3 lakhs is applicable for this insurance.
    Was this review helpful? 0
    , new delhi
    Reviewed on Oct 01, 2019
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