What is a 10 lakh Health Insurance Premium Calculator?

Health insurance has become an essential aspect of financial planning. With rising medical costs, having a robust health insurance policy ensures financial security during medical emergencies. If you are considering a policy with a sum insured of 10 lakh, understanding the health insurance premium is crucial. This is where a 10 lakh health insurance premium calculator comes into play.

Understanding a 10 Lakh Health Insurance Premium Calculator

A health insurance premium calculator is an online tool that helps you estimate the premium for a health insurance policy. A 10 lakh health insurance premium calculator specifically provides an estimate for policies with a sum insured of INR 10 lakh.

It considers various factors, including age, location, medical history, number of family members, add-on covers, and more, to calculate the premium amount. This tool eliminates guesswork, allowing individuals to plan their finances better before purchasing a policy.

How Does a 10 Lakh Health Insurance Premium Calculator Work?

Using a health insurance premium calculator is simple. Most insurance providers offer this tool on their websites. Here is how it works:

Step 1: Enter Personal Details

• Age of the insured person(s)
• Gender
• Residential location (some states/cities may have different premium rates)

Step 2: Choose Policy Type

• Individual plan
• Family floater plan

Step 3: Select Sum Insured

• Choose INR 10 lakh as the sum insured amount.

Step 4: Provide Medical Details

• Pre-existing diseases, if any
• Lifestyle habits (smoking, alcohol consumption, etc.)
• Medical history of family members (for family plans)

Step 5: Choose Add-ons and Riders

• Critical illness cover
• Maternity benefits
• OPD cover
• Room rent waiver, etc.

Step 6: Get an Estimated Premium

Once you input the necessary details, the calculator will provide an estimated premium amount instantly. You can modify inputs to compare different plans and choose the best fit.

Related Article: What is a 5 Lakh Health Insurance Premium Calculator?

Benefits of Using a 10 Lakh Health Insurance Premium Calculator

A health insurance premium calculator offers several advantages, making it a valuable tool for individuals and families. Here are some key benefits:

1. Instant & Accurate Estimates

Instead of manually researching different policies, you get an instant premium estimate, helping you make quick and informed decisions.

2. Cost Comparison

You can compare different health insurance plans, check add-on benefits, and analyse costs before finalising a policy.

3. Budget Planning

Knowing the premium amount in advance helps you plan your budget effectively without any financial surprises.

4. Customisation Options

You can tweak factors like sum insured, riders, and add-ons to see how they impact the premium, enabling you to personalise your health coverage.

5. No Agent Involvement

The calculator provides unbiased results, allowing you to make an informed decision without external influence.

6. Time-Saving

Instead of manually requesting premium quotes from multiple insurers, you can get quick results within minutes.

Factors Affecting the Premium of a 10 Lakh Health Insurance Plan

Several factors influence the cost of your health insurance premium. Here are some key aspects to consider:

1. Age of the Insured

• Younger individuals pay lower premiums as they pose a lower risk.
• Premiums increase with age due to higher chances of medical conditions.

2. Number of Members Covered

• Individual plans have lower premiums.
• Family floater plans cost more but offer collective coverage.

3. Pre-Existing Medical Conditions

• Pre-existing diseases can lead to higher premiums.
• Some insurers may impose a waiting period before coverage kicks in.

4. Lifestyle Habits

• Smoking, alcohol consumption, and an unhealthy lifestyle can lead to increased premium costs.

5. Policy Add-ons and Riders

• Additional benefits like critical illness cover, maternity cover, and OPD cover increase the premium.

6. Location

• Health insurance premiums can vary depending on your city or state due to differences in medical costs.

How to Choose the Best 10 Lakh Health Insurance Plan?

When selecting a health insurance policy, it is essential to look beyond just the premium cost. Here are some tips to choose the best plan:

1. Coverage Benefits

Check what medical expenses are covered, including hospitalisation, daycare procedures, ambulance charges, and pre-and post-hospitalisation expenses.

2. Network Hospitals

Ensure the insurer has a vast network of cashless hospitals for easy access to healthcare facilities.

3. Claim Settlement Ratio

Opt for insurers with a high claim settlement ratio, indicating their reliability in processing claims.

4. Waiting Period for Pre-existing Conditions

If you have pre-existing conditions, check the waiting period before coverage begins.

5. Sub-limits and Co-payment Clause

Review any room rent limits, co-payment clauses, and sub-limits that may affect claim payouts.

Final Thoughts

A 10 lakh health insurance premium calculator is a handy tool that simplifies the process of selecting the right health plan. It helps you compare premiums, customise coverage, and choose a policy that fits your budget and healthcare needs.

If you are looking for a comprehensive and affordable health insurance plan, consider Niva Bupa Health Insurance for its extensive coverage, wide hospital network, and seamless claim process.

People Also Ask

1. Is a 10 lakh health insurance plan enough?

A 10 lakh sum insured is sufficient for most individuals and families, covering major hospitalisation expenses. However, for critical illnesses or multiple dependents, a higher sum insured may be advisable.

2. Can I buy a 10 lakh health insurance policy for my family?

Yes, you can opt for a family floater plan, which covers all family members under a single sum insured of 10 lakh.

3. How accurate is a health insurance premium calculator?

A premium calculator provides a fairly accurate estimate based on the information entered. However, the final premium may vary based on underwriting and additional factors assessed by the insurer.

4. Does the premium remain the same every year?

No, premiums can change due to factors such as age progression, medical inflation, claim history, and policy renewals.

5. What happens if I do not declare pre-existing diseases?

Non-disclosure of pre-existing diseases can lead to claim rejection. It is essential to provide accurate medical history while purchasing a policy.

6. Can I reduce my premium for a 10 lakh health insurance policy?

Yes, you can lower your premium by opting for a higher deductible, removing unnecessary add-ons, or maintaining a healthy lifestyle.

7. How can I use a 10 lakh health insurance premium calculator?

Visit the insurer’s website, enter your details, select INR 10 lakh sum insured, choose riders, and get an estimated premium instantly.