Until a few years ago, buying a health insurance policy was a long-drawn process. One would have to visit branches or rely on agent recommendations to understand health plans and select the right one. But today, we can get a premium quote for our health insurance in the comfort of our home using a health insurance premium calculator online and even buy a policy online. You can opt for the best health insurance for yourself and your family at an affordable premium without any hassles.
But how do insurance companies calculate their premium? What factors do they consider when calculating your premium? This article sheds light on everything you need to know about health insurance premium calculations and how you can benefit from it.
What is Health Insurance Premium?
Health Insurance Premium is the pre-decided amount of money a policyholder is required to pay periodically to avail the benefits of a health insurance policy. A health insurance premium calculator facilitates in determining the exact medical insurance premium based on a number of factors. Some parameters include age, the number of people covered in the policy (in the case of family floater plans), sum-insured, Policy Tenure etc. Like if you buy a 2-3 year policy in one go, your premium can get lesser as Reliance Health Insurance offers a 10% discount.
Significant Benefits of Health Insurance Premium Calculator Online
Insurance policies may not be easily comprehensible by a layman. They require a detailed understanding of the fine print, to avoid missing important terms and conditions that might pose hassle in the future. Thus, Reliance Health Insurance makes it easier by explaining every detail in these quick videos #AskSwara. This is where a health insurance premium calculator online that can help in making your life easier. It lets you know in advance the premium you need to pay for your insurance policy.
In addition, there are several other benefits in using a health insurance premium calculator:
- You can look at your health plan coverage at different sum-insured/covers to choose which one is optimum. Thus, you can efficiently choose a policy that best suits your needs after discussing it with your family members.
- You can include or exclude add-ons/benefits on your coverage. Like with Reliance Health Insurance you can opt for free benefits like MoreCover, MoreTime and MoreGlobal while you calculate your quote online.
- The online purchase takes away the bother of dealing with an aggressive agent who could force you to buy a health insurance policy. In the past, most agents would compel people to purchase plans to meet their target. Through the online medium, you can proceed to buy the policy only if you have thoroughly vetted your health policy and even avail a 10% discount when you buy it directly from reliancehealthinsurance.com
How to Calculate Policy Premium Using Health Insurance Premium Calculator Online?
It’s simple, just log on to reliancehealthinsurance.com, choose the policy type you want Individual or Family, then add your DOB or of the highest member in the policy and GO, you are ready to see the premium quote. We show you the most recommended plan based on your profile, however you can customise your health plan premium quote based on benefits you wish to opt and also weigh their impact on the real-time calculator.
You may want to consider the following to help you choose the right policy:
- Choose the coverage type you need – individual or family floater plans.
- If Individual – Enter your Date of Birth
- Select the sum assured of the health insurance policy as per your requirement.
- For a family floater plan, provide details of the family members for the health plan.
- Mention the date of birth of the most senior member of the family
- Provide other personal details like your mobile number if any.
As a policyholder, you must know that any health insurance premium calculator functions based on regulatory specifications issued by the IRDA.
So, gone are the days when you have to visit a branch and avail guidance to buy insurance you can simply select the best health insurance policy for yourself using the health insurance premium calculator online on reliancehealthinsurance.com. Through this, you can conclusively know your premiums in advance and get your health insured.