How to Calculate Premium Using Health Insurance Premium Calculator

The two most important things for a happy and prosperous life are– good health and mental peace. If you have both of them, you can effortlessly tackle all the challenging situations in your life. Though, sometimes, despite maintaining an active lifestyle and exercising regularly, you might catch hold of life-threatening diseases unexpectedly. 

To secure your finances and health to deal with such diseases, it is essential to buy health insurance. You just need to pay out a fixed premium amount regularly to receive compensation whenever an emergency arises. However, since everyone has a different financial capacity, you can set the premium amount as per your budget and buy an insurance plan accordingly. You can evaluate the premium amount using the health insurance premium calculator available on third party or service provider’s websites. 

What is a Health Insurance Premium Calculator?

It is a tool available online to calculate the premium amount you will have to pay regularly during the tenure of the policy. It considers several factors before estimating the final amount. Find below a few of them:

  1. Age
  2. Pre-existing diseases/medical condition
  3. Family history
  4. Income
  5. Lifestyle (If you have smoking habits, etc.)
  6. Type of Coverage you require
  7. BMI

Apart from these factors, a few insurance providers might require you to provide some other information as well. It is advisable not to hide any information intentionally, as it might lead to the rejection of your claim. This helps in working out a feasible premium amount that you can easily manage to pay at regular intervals, thereby preventing policy lapse. 

How to Use the Health Insurance Premium Calculator?

You can easily calculate the premium amount using a health insurance premium calculator in India. Here are a few easy steps to follow:

  1. Visit a third-party website or an insurance provider’s website with a health insurance premium calculator facility.
  2. Open the health insurance premium calculator page and enter all the basic details, like your age, income, lifestyle, etc.
  3. Thereafter, the system usually asks for the details related to the sum insured and tenure to make calculations accordingly.
  4. Click on the calculate premium button, and you will get all the information.

After getting a fair idea about the payable amount, you can choose the insurance provider accordingly. Usually, people select one with a minimum premium amount while ignoring the terms, conditions and benefits. Before signing up for health insurance, go through the specifications of the policy carefully to avoid disappointment in the future. 

Benefits of Health Insurance Premium Calculator

The premium calculator available online has made it easy for us to calculate the approximate premium amount from anywhere and choose the appropriate insurance provider. Here are some of the benefits of using a health insurance premium calculator:

  1. You need not visit the offices of different insurance providers to get the final quote.
  2. With the estimated premium amount, you can easily calculate the amount that will fit your budget.
  3. This will prevent you from being involved in confusing calculations, hefty paperwork, etc., as the tool does that for you.
  4. As it is a simple process, you can easily do this without a broker’s help, thus saving cost.

Using a health insurance premium calculator helps you take an independent and unbiased decision based on your own research and analysis. Also, it ensures speedy transactions, thus, saving the time and efforts of the client as well as the insurance provider. 

Reputable insurance providers like TATA AIG offer a health insurance premium calculator, easily available on their official website. It gives near to accurate results after considering all your specifications. Also, they provide additional benefits and end-to-end assistance to their clients so that they can carry out the process smoothly.