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Here’s how a health insurance premium calculator can help you pick the right health insurance policy

Health insurance is an essential type of insurance that gives health safety through a health cover.

Health insurance is an essential type of insurance that gives health safety through a health cover. A policyholder can obtain a maturity amount in case of diseases or accidents. So, they won’t have to arrange a high amount of money usually associated with costly healthcare expenses. But there are several things regarding health insurance that you must know before purchasing. And the major one among them is the premium amount. A great method of choosing plans is through a health insurance premium calculator. Read on to know more about them in detail.

How Can a Health Insurance Premium Calculator Help Find the Best Policy?

There are several health insurance policies in India, so choosing a good one based on their premium is a bit tough. But the IRDAI Guidelines for Standardization in Health Insurance made all the insurance policies follow a certain pattern in policy terms. A health insurance premium calculator takes advantage of these common features of all the policies to compare plans across different insurers.

The health insurance premium calculator has several features for the benefit of the prospective policyholder. And the major one among them is the help it provides in finding the right health insurance policy. But to understand the specific advantages, one must go through each of the features in a health insurance premium calculator. Below are some ways these calculators can be beneficial to you, too.

Through Freedom of Plan Customization

Policy premium calculator provides freedom of customizing a policy. It allows the policyholder to select which payment frequency, premium amount, maturity amount, critical disease and other important things they want. Through this, the policyholder can customize the plan according to their financial position rather than the basic and common plans. This feature of the health insurance premium calculator also directly provides the customer with a plan that lies within their budget.


Through Personalization from Knowing the Personal Details Of The Customer

Personalized plans are one of the attractive features of a health insurance premium calculator. These calculators obtain the personal details of the customer before calculations from the documents required for health insurance. So, when the results come back, they don’t have any expensive premium amount or non-feasible payments terms. A benefit from this personalized feature is that the customer does not have to worry about getting a plan which adds a burden to their finances. Instead, their plans are well inside the budget, so much to the extent, they don’t need to worry about customizing it further.

Through Realtime Comparison of Plans

A common suggestion that every source gives to a new insurance policyholder is to compare plans before purchasing. But sometimes, it is tough to even compare plans from a single insurer, let alone different insurers. This can result from the high number of health insurance plans they have. Through a health insurance premium calculator, the customer can get the details of every plan from every insurer available in the database. This allows them to compare all the insurance products and purchase the best policy available in the market.

But some calculators have the flaw of not showing the health insurance claim settlement ratio. The health insurance claim settlement ratio is the ratio of claims settled to the claims raised. This directly shows the credibility of the insurer and the commitment they show towards their customers. If the calculator doesn’t have the means to compare this health insurance claim settlement ratio, it would be better to do it independently. Doing so can ensure that their insurance provider is trustworthy and of use when needed.

Through Visual Confirmation on Changes in Criteria as A Result of Modifications

Another benefit of these calculators is the slider or input box that changes with modifying another field. For example, moving the slider or changing the value of the premium amount from a lower amount to a higher amount results in a real-time change in the final maturity amount slider/box. This is also applicable vice versa when the entry of the desired maturity amount shows the change in the value of the premium amount. This instant result from a slight amount variation helps investors understand the effects on the maturity amount by modifying premium, payment frequency and other related input factors.

Through The Liberty of Removal and Addition of Cover

Health insurance premium calculator also benefits you from adding and removing covers. You can remove unwanted covers with the basic policy packs and add the necessary covers required for specific purposes through this feature. With this feature also, a policyholder can find the right policy by selecting a plan that doesn’t include any unnecessary charge-consuming covers and does include necessary and beneficial covers.

Knowing these methods of selecting the best policy with a health insurance premium calculator will help you next time you want to purchase one. Through these methods, you can ensure that the policy you select for you, or your close ones will be useful in time of need.


Author Bio: Vinod Gill is a writer who specializes in writing content on Finance and Banking subjects. He is a Digital Marketing Consultant, Blogger, and Co-Founder of Digital marketing course in Jaipur.