With a family health insurance premium calculator, you can precisely determine the premium of a particular policy. It is a free online tool that lets you compare and analyse different health insurance policies of top insurers.
It considers various factors like your and your family member’s age, gender, residence, sum insured etc., to arrive at an accurate estimate. You can also change various values to check how adding/removing family members will change the premium amount.
Many people end up settling for any insurance policy to avoid the hassles of research. This is why a premium calculator can be useful. With it, you can make a better buying decision for your family and get adequate coverage at affordable costs.
Follow the given steps to calculate the premium of a family health insurance policy:
The following factors are used to calculate the premium of a family health policy:
The premium of a family health insurance plan depends on the age of the oldest family member included in the policy. Note that the insurance premium could be more expensive if your family has more members in the highest age bracket.
As individuals with pre-existing medical conditions are more likely to file for a claim, insurers charge a higher premium for them.
The medical records of the eldest member determine the premium of such health policies. Insurers will check your medical history and may ask for a pre-medical screening to determine the premium.
Insurance providers may raise the premium if an individual has a high BMI. This is because individuals with high BMI are prone to certain medical conditions, such as high blood pressure, type 2 diabetes, and more.
Insurers charge extra premiums for regular smokers and drinkers.
If you choose a health plan with longer tenure, you will get discounts that lower the premium.
Insurance companies have certain guidelines when issuing policies, which affect the insurance premium. These are:
Health insurance companies have underwriters who consider all sorts of risk factors when underwriting a policy so that the risks are well-balanced. This plays an important role in determining the premiums of different health policies.
The mortality risk is a vital factor for insurance companies; it increases with the number of older customers.
Higher marketing expenses can increase the premium of an insurance policy as insurers may want to cover the costs. Other expenses that affect the premium include brokerage, commission etc.
A top-up health insurance policy will increase your health cover in a cost-effective manner. Make sure to go for a deductible equal to or less than the sum insured of your family floater plan.
At a younger age, insurance companies charge less premium amount as you are less vulnerable to diseases.
You can opt for higher co-payment and deductible to make your health plan more affordable.
Most insurers offer discounts on mediclaim policies with a tenure of more than a year.
Navi offers affordable health insurance policies for individuals and families with EMIs starting as low as Rs. 241 per month. Download the Navi App to get health insurance cover of up to Rs. 1 crore from over 10,000 network hospitals pan India.
You can use a family health insurance premium calculator to know how much premium you should pay to get certain insurance coverage and benefits. This tool will make your financial planning much easier and let you avoid tedious manual calculations.
Ans: When deciding on the size of your family floater cover, you should consider factors like age, medical condition, lifestyle, hereditary diseases etc. A family floater plan for people living in urban areas should be at least Rs. 7-10 lakhs.
Ans: A family floater health plan usually covers the husband, wife and dependent children (up to 23 to 25 years or till they are married). Some insurers provide coverage for the mother, father, grandfather, grandmother, mother-in-law, father-in-law etc.
Ans: Under Section 80D of the Income Tax Act, you can get a maximum tax deduction of Rs. 25,000 in a fiscal year. You can get a combined tax deduction of Rs. 55,000 in a fiscal year for paying the insurance premium for your family and parents.
Ans: A family health insurance policy covers all family members under a single policy and costs less than individual policies for all members. However, if you have too many senior citizens in your family, you may want to purchase separate individual policies for them.
Ans: A family health plan can come with several waiting periods such as:
• The initial waiting period of 30 days
• The pre-existing waiting period of 2 to 4 years
• A waiting period of 1-2 years for specific illnesses/treatments
How about an affordable health insurance policy 👨⚕️ starting at a monthly premium of just ₹235? Install the Navi app now and get your policy in under 2 minutes.
Disclaimer: This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
|Karunya Health Scheme||Niramaya Health Insurance Scheme||Best Health Insurance Repositories|
|Pradhan Mantri Suraksha Bima Yojana||Best Personal Accident Insurance Plans||Best Insurance Policy For New Born Baby|
|Third Party Administrator (TPA)||What is Super Top Up Health Insurance Plan||Deen Dayal Swasthya Seva Yojana (DDSY)|
|Best Health Insurance Plan For Parents||Incurred Claim Ratio In Health Insurance||Chief Minister Comprehensive Health Insurance Scheme|
|Best Health Insurance Policies In India||Best Health Insurance Policies In India||Best Family Floater Health Insurance Plans in India|
|No Claim Bonus in Health Insurance||IRDAI Guidelines For Health Insurance||OPD Cover in Health Insurance|
|Maternity Health Insurance Plans||Health Insurance Plans For Senior Citizens||What is Portability Of Health Insurance|
TPA in Health Insurance – Meaning, Full Form, Functions and RolesTPA (full form - Third Party Administrator) is a licensed intermediary between health insurance pol... Read More »
5 Best Cancer Insurance Policy in India 2023 – Types and BenefitsCancer insurance plans can give individuals and families financial protection from expensive cancer... Read More »
10 Best Cashless Health Insurance Policy in India 2023 – Taxation and CoverCashless health insurance plans are policies that provide medical coverage to policyholders without... Read More »
6 Best Critical Illness Insurance Companies in India 2023Critical illness insurance is a type of health insurance policy that protects against fatal illness... Read More »
10 Best Personal Accident Insurance Policy in India 2023Accident insurance plans provide financial assistance to the policyholder in the event of an unfort... Read More »
Best Health Insurance for Parents in India 2023 and How to Buy?Health insurance for parents offer several perks, including a higher insured sum and full coverage ... Read More »
Best Dental Insurance Plans in India 2023: Benefits, Types and How to Claim?Dental insurance plans are policies that provide cover for expenses arising out of standard dental ... Read More »
7 Best Health Insurance for Newborn in India 2023 – Benefits and CoverHealth insurance for newborns are crucial in today’s time. When you are a new parent, the safety ... Read More »
Yeshasvini Health Insurance Scheme: Apply for Yeshasvini Health Card OnlineEveryone should have access to quality, affordable healthcare. Yeshasvini Health Insurance Scheme i... Read More »
5 Best Diabetes Health Insurance in India 2023 – Top Plans, Cover and Benefits OfferedDiabetes Health Insurance plans are specifically designed insurance covers for people who have diab... Read More »
Best Family Floater Health Insurance Plans in India (2023)A family floater health insurance plan covers the medical expenses of the entire family. It is more... Read More »
10 Best Cashless Network Hospitals in India 2023 – Benefits and Claim ProcessCashless Network hospitals are accredited hospitals that have partnered with a health insurance com... Read More »
Top 10 Chit Fund Schemes in India in 2023Chit funds are one of the most popular return-generating saving schemes in India. It is a financial... Read More »
10 Best Gold ETFs in India to Invest in April 2023Gold ETFs or Gold Exchange Traded Funds are passively managed funds that track the price of physica... Read More »
10 Best Demat Accounts in India for Beginners in 2023Creation of Demat accounts revolutionised the way trades were conducted at the stock exchanges. It... Read More »
20 Best Index Funds to Invest in India in April 2023What is an Index Fund? An index fund is a type of mutual fund or exchange-traded fund (ETF) that... Read More »
Best Arbitrage Mutual Funds to Invest in India in April 2023Arbitrage funds are hybrid mutual fund schemes that aim to make low-risk profits by buying and sell... Read More »
10 Best SIP Plans in India to Invest in April 2023What is SIP? SIP or Systematic Investment Plan is a method of investing a fixed amount in ... Read More »
10 Best Corporate Bond Funds in India to Invest in April 2023Corporate bond funds are debt funds that invest at least 80% of the investment corpus in companies ... Read More »
10 Best Bank for Savings Account in India [Highest Interest Rate 2023]Savings account is a type of financial instrument offered by several banks. It lets you safely depo... Read More »