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Health Insurance Premium Calculator

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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.

Health Insurance Premium Calculator Reviews

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  • United India Health Insurance
    "Good Claim Experience"
    0.5 5.0/5 "Blown Away!"
    I got group insurance from company, on time I got policy. My father was not good at the time I have used the policy. I got the reimbursement around Rs. 23,000 the total value is Rs. 33,000. I went to shobha hospital they don't have tie up with United India, hence I got the reimbursement.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 18, 2019
  • Max Bupa Health Insurance
    "Good Claim Experience"
    0.5 5.0/5 "Blown Away!"
    I have medical cover with Max bupa, they gave me the coverage value of Rs. 5 lakhs its covers for entire family. One time I claimed for my mother for the eye surgery, I got the reimbursed within 30 days with 90% of amount, the total experience was good.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 18, 2019
  • New India Health Insurance
    "Yet to experience the policy"
    0.5 5.0/5 "Blown Away!"
    My company has provided me a health insurance policy from new India. As per company norms, they have given me a coverage value of Rs. 5 lakhs. My entire family has been covered in this policy. They are offering a cashless treatment facility.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 18, 2019
  • United India Health Insurance
    "Very Good Service"
    0.5 4.0/5 "Great!"
    I had taken this insurance policy in the year of 2018 and the the premium has been deducting from my salary. The premium amount has not been too high and there has been many hospitals collaborated within my locality. There has also been some cashless treatment available with this policy as well.
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 17, 2019
  • Star Health Health Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have my health insurance with Star health insurance, i had claim experience with it, my experience was good, they have good tie up with my hospital and they have mailed me about the location of it, and i am happy with there service, they have charged me premium amount on yearly basis, and the premium amount is nominal for me, and i use to pay through on line mode.
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 17, 2019
  • Max Bupa Health Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have taken my health insurance with Max BUPA , i have not opt there policy yet and i use to pay premium on monthly bases , and it use to get auto debit from my account and while i applied for health insurance customer service had explained me about all procedure , so far the process went smoothly and it good.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jan 17, 2019
  • Max Bupa Health Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I got the health insurance with Max bupa health insurance, there service is good, they have charged me premium nominal ,and the premium is on yearly basis, and they have tie up with many hospital , and had shared the details via mail, and i pay premium amount through on line mode.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jan 17, 2019
  • HDFC Ergo Health Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I got the health insurance with HDFC Ergo, they got tie up with many hospitals, and they have shared me location on those hospital in mail, and they have charged me nominal premium amount ,they have charged me up to 17000-18000 as premium, it is on yearly basis, and i use to pay the premium on an on line basis.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 17, 2019
  • SBI General Health Insurance
    "Bad experience"
    0.5 1.0/5 "Really Bad"
    I got the health insurance with SBI, they got tie up with many hospitals. I Felt the medical cover its less and i am not happy with there support team ,like if i want to call the customer care there number would not be reachable and they use to mail me PDF after paying premium amount,it would not get open, they have charged me premium amount on yearly basis,i have bad experience with this bank.
    Was this review helpful? 0
    , gurgaon
    Reviewed on Jan 16, 2019
  • HDFC Ergo Health Insurance
    "Very good benefits"
    0.5 5.0/5 "Blown Away!"
    I have a health insurance from HDFC ERGO which was purchased by me in the year of 2018 because the benefits are very good. The claim process was simple and they have more number of hospitals for cashless. I have paid 18,800 for one year and took 3 years policy for myself and my wife. The medical coverage is 10L for myself and 5L for wife.
    Was this review helpful? 2
    , bangalore
    Reviewed on Jan 14, 2019
  • HDFC Ergo Health Insurance
    "Good"
    0.5 3.0/5 "Satisfactory"
    I have taken health insurance from HDFC Ergo which was offered along my personal loan. I have received the insurance paper and its been couple of months. It covers critical illness and need to go through the policy benefits. Always the customer is good.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 14, 2019
  • Tata AIG Health Insurance
    "Great company"
    0.5 5.0/5 "Blown Away!"
    I have taken health insurance from tata aig. I did take health insurance from tata aig for my parents and The Process was so simple. Customer representative is good. The customer service and response was on time, never had any issues. Now I feel safe for my family Thank you tata aig.
    Was this review helpful? 0
    , solapur
    Reviewed on Jan 12, 2019
  • ICICI Lombard Health Insurance
    "Good Health insurance provider"
    0.5 3.5/5 "Pretty good"
    This policy was part of my employment, I took the medical coverage of Rs. 5 lakhs for the tenure of one year, this medical benefits for my entire. They have good networks of hospital with major disease cover. But I think it doesn't have no claim bonus.
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 11, 2019
  • Reliance General Health Insurance
    "On time approval with reliance"
    0.5 4.0/5 "Great!"
    For my spouse operation I used the health policy, I approached them for the claim through hospital. I submitted the form and they send the papers to the Reliance insurance company. I got the cash less treatment, but I paid some amount which was not covered. But they gave me the on time approval.
    Was this review helpful? 0
    , kolkata
    Reviewed on Jan 11, 2019
  • Cigna TTK Health Insurance
    "On time service"
    0.5 5.0/5 "Blown Away!"
    On time Cigna TTK have activated the policy which provided by the company, the policy which I hold it has the coverage of Rs. 4 lakhs its covers for me. They are providing coverage for the pre existing with the tax benefits but there is no claim.
    Was this review helpful? 1
    , dandeli
    Reviewed on Jan 10, 2019
  • Cigna TTK Health Insurance
    "Its Good"
    0.5 5.0/5 "Blown Away!"
    In Cigna TTK, they are providing pre existing disease cover, but they don't have no claim bonus features. The response is good they have good customer care working 24/7 , the medical coverage is good for me and entire family. They have many hospital which they got tie up in Mumbai.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jan 10, 2019
  • Apollo Munich Health Insurance
    "Excellent Service"
    0.5 5.0/5 "Blown Away!"
    I had taken this insurance policy a while back and i had been paying the premium amount on an annual basis. The premium method has been convenient and the premium amount has not been high. There has been many hospitals covered in my locality and their customer support has also been helpful.
    Was this review helpful? 2
    , pune
    Reviewed on Jan 09, 2019
  • ICICI Lombard Health Insurance
    "Good policy"
    0.5 4.0/5 "Great!"
    My organization has provided me a health insurance with ICICI Lombard. I have not claimed anything from this policy. My entire family has been covered in this policy. They have given me a coverage value of Rs. 3 lakhs. This is a cashless policy.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jan 09, 2019
  • Star Health Health Insurance
    "Good"
    0.5 4.0/5 "Great!"
    My company has offered a health insurance from Star Health with the coverage of 1L, its for the family, Still I have not used the policy and am gone utilize the policy within 15 days for my family.They covers a major disease. I have called the customer service and the response is good. I am planning to go for reimbursement, they do have minor network of hospitals for cashless. I can recommend after completing my claim.
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 09, 2019
  • National Insurance Health Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    My company has provided me a health policy from National insurance with the coverage of 2L. It is for the family members and no claim. I never contacted the customer service. Every year it was renewed by the company. They have limited networks of hospitals for cashless. It does not cover only eye problems, if we got admitted in hospital for 24hrs then applicable for claim.
    Was this review helpful? 0
    , pondicherry
    Reviewed on Jan 09, 2019
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