Know More About Health Insurance Premium Calculator

Over the last few years, there have been a lot of advancements in the domain of medicine and healthcare. However, it is also important to note that the prevalence of a plethora of ailments, including heart diseases, diabetes, and hypertension, among others, has skyrocketed. The costs of quality healthcare have shot up, too. In such a scenario, owning a comprehensive health insurance policy becomes quintessential. These plans help you shield your finances from the brunt of piling medical bills.

While you’re making the pick from a variety of health covers available in the market, it is advisable that you go for a substantial sum insured. Doing so will ensure that that plan has you fully covered during such times of turmoil. If the coverage amount is too small, it wouldn’t be enough to cover unforeseen medical expenses, which may escalate quickly to become exorbitant. Ultimately, this would defeat the very purpose of purchasing a health insurance plan.

What Are Health Insurance Premiums?

A health insurance premium is the amount that you need to pay to your insurance provider regularly, depending on the schedule of your payments, to obtain coverage. In exchange, the insurer issues the policy and promises to cover your medical expenses when required, during the tenure of the plan. After you make your first payment, the cover commences its term, and you’re eligible to raise claims post the waiting period.

The premiums that you may be required to pay for such health covers may vary, depending on the insurer itself, along with several other factors. Hence, if you want to get a basic idea about what this recurrent amount would look like for you, you can use the health insurance premium calculator available on Bajaj Markets.

What Is a Health Insurance Premium Calculator?

A health insurance premium calculator is an online tool designed to accurately calculate premium amounts specific to your use case. All you have to do is enter your coverage requirements and your applicant details, as prompted. Then, the health insurance calculator will display the medical insurance premium which you would be required to pay.

How Does It Work?

To get an accurate idea of how much your health insurance premium may be, simply open the Bajaj Markets webpage and open the health insurance premium calculator. Then, after following the steps mentioned below, you’ll get an approximate quote on your mediclaim premium.

Step 1: Type in your details into the calculator, along with the specifics of the people you wish to insure. This includes the PIN code, the age of the eldest member, your mobile number, and other relevant information.

Step 2: Tap on the ‘Get Quote’ button. Now, you’ll be able to view the different plans available on Bajaj Markets.

Step 3: Pick a policy that best suits your needs and proceed.

Step 4: Depending on the selection you make, the calculator will display the premium amount that you’ll be liable to pay, to benefit from the desired medical coverage.

Step 5: At this stage, you can choose to personalise your cover, too, You can do so by picking all the add-on riders, which will help you boost your plan’s coverage.

What Factors Are Taken Into Consideration?

The health insurance premium calculator analyses several factors before displaying a premium amount for the health insurance policy of your choice. This is exactly like the process followed by most insurance providers. These factors include:

Age –

The older you get, the more susceptible you may be, to contracting different kinds of ailments and other medical contingencies. Hence, premium amounts are likely to escalate with time, being higher for elderly applicants.

Pre-existing Medical Conditions –

If you already suffer from certain diseases or if your pre-existing illnesses are chronic in nature, your health insurance premiums may be more. This is because you are considered to be a high-risk client for the insurance company.

Plan Category–

If you choose to go for a comprehensive health plan that covers your family too, the premiums are likely to increase. In essence, when the number of members that are covered under the plan goes up, so do the premiums.

Ages of Covered Members –

If you want to get a lot of elderly members or senior citizens covered under your plan of choice, then this may result in higher premiums, due to an increase in the risk factor for the insurer.

Gender –

Females are believed to predominantly be healthier than their male counterparts, which is why the health insurance premiums are much lower for women when compared to men.

Benefits and Riders–

If your health insurance policy offers a multitude of benefits, the premiums are likely to be more expensive. Furthermore, if you opt for additional riders which enhance the coverage of your plan, your premium rate would be higher, too.

Additionally, your premium quotes may vary depending on certain insurer-specific factors, too. These may include:

Expenses incurred by your insurance provider–

Insurance firms incur different expenses for the distribution and marketing of their offerings. These expenditures are usually recovered from the customers. Hence, the higher the expenses, the higher your premium amounts are likely to be.

Underwriting practices –

Certain insurers recover the costs of underwriting activities from their clientele in your proposal. If the underwriter deems your proposal to pose a greater deal of risk, your premium amounts may escalate.

Insurer’s investments –

If your insurance provider has invested in several fixed-income investment instruments and they yield viable returns, the firm’s assets appreciate. In such cases, your premium quotes may be lower.