For an individual, a ₹10 Lakh health insurance plan can provide comprehensive coverage for a wide range of medical emergencies. This coverage amount is also a good starting point for family floater plans. Now, whatever the case, choosing a policy that provides adequate coverage at affordable premiums ensures the best value for your money.
For that, you need to use a ₹10 lakh health insurance premium calculator and know the major factors that affect medical insurance premiums. Let’s dive deeper.
Factors Influencing Health Insurance Premiums
Health insurance providers generally use the following factors to determine the premium amount:
Age
Age is a critical factor that influences the premium. Typically, companies charge more premiums from older policy seekers as they are at a higher risk of suffering from health conditions. To tackle this, you should consider purchasing a health coverage plan while you are young.
Past Medical History
Next, your medical history acts as a vital determinant while deciding the premium. If the health insurance provider finds that you were previously diagnosed with certain illnesses, then the premium can go up. On the other hand, individuals who lead a healthy lifestyle and previously had no illnesses will be offered lower premiums.
Policy Duration
The duration for which you wish to stay covered under a medical insurance plan also plays a crucial role. For instance, if you select a higher policy term, the premium amounts are generally higher compared to policies with shorter durations. However, you stay protected for a longer duration, which can be highly beneficial in covering health risks that usually come with age.
Smoking Habits
As per a recent finding, almost 28.6% of adults in India currently consume tobacco, which includes 42.4% of men and 14.2% of women. This is a lifestyle choice that dramatically increases several health risks, and insurers perceive smokers as high-risk medical policy seekers. Thus, someone who smokes usually has to pay more premium.
No-Claim Bonus
Suppose you do not make any claim throughout the policy term after purchasing health insurance. To appreciate this, the respective insurance company can offer a discount when you renew your medical insurance. This is referred to as a no-claim bonus, which applies when you choose the same plan with the same coverage.
Alternatively, if you wish to get a greater coverage amount after renewing your health insurance without bearing any extra cost, consider buying Star Comprehensive Insurance Policy. This plan extends a cumulative coverage bonus of 5% after one claim-free year. Subsequently, you can get up to 25% more coverage if you do not make any claim for five consecutive years.
How to Calculate the Premium for a ₹10 Lakh Health Insurance Plan?
Following are the steps to use a ₹10 Lakh health insurance premium calculator:
Step 1: Search for the ₹10 Lakh health insurance calculator on your insurer’s website.
Step 2: Enter a few basic details and your phone number before clicking on ‘Get Quote’.
Step 3: Provide the OTP sent to your phone number and fill out the CAPTCHA.
Step 4: Mention your gender and select for whom you want to book a health insurance plan.
Step 5: Next, you will need to specify the date of birth of the insuree(s) before proceeding.
Step 6: Now, the insurance portal will ask whether the mentioned people have been previously diagnosed with certain health conditions. You must honestly reply to this query with a ‘Yes’ or ‘No’.
Step 7: Enter your email address and click on ‘Continue’.
Step 8: After this, select a particular health policy from the offered plans. It will allow you to view the premium and policy details before booking.
Step 9: After previewing, if you are satisfied with the offering, proceed to the payment gateway to confirm that you are buying the insurance plan.
As you now have an idea of the major factors, you can easily use a ₹10 lakh health insurance premium calculator to obtain an accurate estimate. However, getting the best value-for-money policy is not enough. You must also choose an insurer that provides reliable coverage and quick claim processing, ensuring you get adequate financial assistance at the time of need.
Star Health processes 90% of cashless claims in under 2 hours and 92% of reimbursement claims within 7 days.
Call us today and get a customized quote!
