5 Lakh Health Insurance Premium Calculator: What Inputs Matter Most?

If you are considering buying the best health insurance in India, you are in the right place! With so many options available, the first step is to set a clear financial budget. If budgeting feels confusing, keep reading to find the clarity you need.

In this article, we will take the example of a 5 lakh health insurance premium calculator to understand the process of such a calculation.

What is a 5 Lakh Health Insurance Premium Calculator?

A 5-lakh health insurance premium calculator helps you calculate health insurance premiums for Rs. 5 lakh insurance coverage. Usage of this calculator ensures that you do not have to settle for any insurance policies that do not benefit you.

This calculator requires you to enter a few of your details and then gives you an estimate of the premiums you have to pay at different insurers.

Factors That Directly Impact Premium Cost Calculation

The factors that directly affect your premium calculation in a 5-lakh health insurance premium calculator are:

1. Pre-Existing Health Conditions

This is a very critical factor that directly influences the premium calculation of a health insurance premium calculator. Having any pre-existing disease or illnesses leads to an increased premium as this deems the individual as ‘high-risk’ for insurers.

2. Geographical Location

People residing in metropolitan cities are more prone to having higher risks of illnesses due to various lifestyle factors, such as pollution. Hence, if you are from a metropolitan city like Mumbai, you will have a higher premium.

3. Type of Health Insurance Plan

The type of health insurance plan, whether individual or family floater, also plays a critical role. For instance, if you are using the best 5 lakh health insurance premium calculator India for an individual plan, then the resulting premiums will be less.

4. Age and Gender

The younger you are, the lower the premium. While the older people have to face higher premiums. It is because, as people age, they become more prone to getting illnesses.

Furthermore, gender also plays a role in influencing health insurance premiums. Insurers consider men to be more likely to be affected by pre-existing diseases than women. This is because men are more likely to have habits like smoking and drinking.

5. Lifestyle Choices

If you have habits like smoking and drinking, the premiums that you have to pay will be much higher.

Make sure to enter all of the above-mentioned details carefully. It is necessary to do so for an accurate calculation.

Why Use a 5 Lakh Health Insurance Premium Calculator?

A mediclaim premium calculator can help you compare the same policies at different insurers to determine the one that benefits you the most. It saves you the hassle of having to visit the insurer’s branch to get an estimate of your premium.

For instance, if you use a 5-lakh health insurance premium calculator, it will help you compare the premiums you need to pay and the extent of benefits you can get.

Note: The health insurance premium calculators can only give you an estimate. However, the exact premiums that you need to pay may vary among insurers.

Steps to Use a 5 Lakh Health Insurance Premium Calculator

1. Visit the site of your preferred health insurance provider.
2. The ‘health insurance premium calculator’ option will be located in the ‘products’ or ‘tools’ section.
3. Now, enter your basic details like age, gender, and location.
4. Select the type of policy that you want to apply for.
5. If you want to add family members, then enter their basic details as well.
6. Select the total sum insurance coverage of Rs. 5 lakhs.
7. Now select an appropriate tenure of the policy.
8. Finally, click on the calculate button to get your results.

Final Words

By getting an understanding of how to use a 5-lakh health insurance premium calculator, you can plan your budget accordingly. Make sure to provide your required details honestly to get an accurate estimation of the premium that you need to pay.

No Techcircle journalist was involved in the creation/production of this content.