A mediclaim policy premium calculator is an online calculator which calculates the premiums of health insurance plans before the policyholder buys them. Thus, the calculator helps in determining the premium which is payable under a specified plan.
The calculator uses the following details to calculate the premium –
- The age of the members to be insured under the plan. In case of individual policies, the age of the insured would be mentioned. In case of family floater policies the age of all the members would have to be mentioned. Premium is calculated on the age of the eldest member of the family
- The number of members to be covered
- The sum insured
- The term of the policy selected
- Any pre-existing illnesses
- Any add-ons if selected with the health plan
- Available discounts which are applicable
- Contact details of the policyholder.
After all these details are fed into the calculator, the premium is calculated and displayed.
Benefits of using mediclaim premium calculator
The mediclaim policy premium calculator is a beneficial tool because of the following reasons –
- The tool is simple and easy to use. It just requires some common information which can be easily provided by the policyholder. Thus, the calculator allows ease of use for all policyholders.
- The calculator helps the policyholder ascertain the premium before the plan is actually bought. Thus, affordability of the premium can be ascertained using the calculator
- If the policyholder uses the calculator of an online broker or an online insurance aggregator, the facility of comparison is available. The policyholder can view similar health insurance plans and compare the plans before buying the best plan. The plans can be compared on both their coverage features and their premium rates. Comparison helps policyholders to zero in on the best policy
- The calculator is flexible in nature. It means that the policyholder can modify the details entered into the calculator and the premium rate changes according to that. Similarly, the policyholder can choose add-ons, opt for available discounts and make other choices available on the calculator. These changes are incorporated in the calculated premium and the premium changes accordingly.
- The calculators also allow policyholders to buy the plan online. After the premium is calculated, the policyholder can buy the plan from the calculator itself. The calculator would then be redirected to the application page where the policyholder can enter the relevant details and buy the plan instantly. Thus, the calculator provides dual use.