Bajaj Allianz Health Insurance Premium Calculator
Health insurance is witnessing a huge spike in demand not just in light of the uncertainty displayed by the pandemic, but also in prior years because of the increasing incidence of lifestyle illnesses and stress-linked malaise causing hospitalisation. The result is that people are increasingly cognisant of the fact that their health is unpredictable. Moreover, healthcare expenses have increased dramatically over the past decade, compounding the problem – people are left with not only self preservation worries but the stress of how their finances will play out in case of a health emergency.
Fortunately, one part of the problem is easily solvable. Health insurance – chosen right – can keep financial stress at bay in a health emergency.
Young, globally exposed Indians are acutely aware of this value proposition and are driving an overall positive attitude towards health insurance. People are also more aware of health insurance as more and more companies include it in employee compensation packages.
If you plan to opt for a health insurance policy, you should use a premium calculator like the Bajaj Allianz Health Insurance Premium Calculator.
What does a premium calculator do?
A premium calculator is an online resource to help calculate and compare insurance premiums before deciding on a policy.
Why use a premium calculator
A premium calculator allows you to:
- Save up for your premium
It is natural that some people might have a lot of expenses and would need to start putting aside small chunks of savings towards a health insurance premium to be paid a few months down the line. You can use the Bajaj Allianz Health Insurance Premium Calculator to get an approximate idea of how much you need to save up.
- Make an apples to apples comparison
When you use a premium calculator you can compare different health insurance plans and policies across various websites or even negotiate with your offline insurance provider. In other words you can zero in on the best deal.
You can add or subtract inclusions and fiddle with the sum assured till you arrive at a premium comparison between two policies giving you the same benefits. This is possible because premium calculators are online, free to use as many times as you want (so you can make several comparisons) and give you the ability to adjust benefits.
How to use the the Bajaj Allianz Health Insurance Premium Calculator
Step 1: Visit https://products.iiflinsurance.com/mediclaim/input/
Step 2: Fill up the quick and easy form:
- Decide which is applicable and select either individual or family cover
- Choose a sum insured
- Select gender as appropriate
- Select the right pincode
- Select adults and number of children
- Enter your mobile number
The calculator will send an insurance premium estimate to your mobile number.
You will also be prompted to answer yes/ no or option-based questions linked to the health status of all individuals to be covered by the insurance policy.
Tip: Do ensure that you offer the most accurate version of details requested so that you get the closest estimate possible from the Bajaj Allianz calculator. Nonetheless, it is important to understand that any insurance premium calculator will only give you an estimate, not the final amount. The final amount is calculated once the actual medical evaluation is completed and the insurance company is completely clear on your health status.
Key factors that affect health insurance premium calculation
The fact that there exists a premium calculator has probably clued you in to the fact that insurance premiums are highly fluid. That’s right, there is no such thing as a fixed premium. Various factors affect your health insurance premium and you can also adjust the amount by adjusting the sum assured.
Let’s look at some of these factors
- Age – older applicants, or the inclusion of older family members in the policy, typically correspond to higher health insurance premium amounts.
- Health status – coverage for people suffering from chronic ailments or illnesses is always much higher because of the higher claim potential.
- Lifestyle – smokers and alcoholics, for example, usually attract higher insurance premium amounts.
- Medical history – a poor medical history too could escalate the premium amount
- Number of family members covered – although a family policy is more value-for-money that getting individual policies for all members, a family health insurance policy is going to typically cost more than a health insurance policy for an individual.
- Sum insured – the sum insured has a huge bearing on what your premium will be. You can play around with this field in the calculator form to arrive at a comfortable premium. Of course, you must ensure that you have sufficient cover to avoid forgoing the whole purpose of getting insurance in the first place.
Overall, use a health insurance calculator because it helps you to arrive at the best deal.
What is the lowest life cover that I can obtain?
The lowest life cover offered for health insurance policies usually Rs 1 lakh but the lowest that you would or should get is linked to various factors like your age, health status and medical condition.
I have life insurance. Do I need to get health insurance?
Life insurance safeguards your family's future in case fate snatches you away from them/ in case you meet with an early demise. Some life insurance policies pay out a sum if you survive the policy term. But life insurance cannot be used to pay for hospitalization in a health emergency. That's exactly why one needs health insurance.
Health insurance provides you with reimbursement of your hospitalization expenses or cashless hospitalization in partner hospitals.
How can I definitely get cashless hospitalization with my Bajaj Allianz Health Insurance and will it affect my insurance premium?
Cashless hospitalization is possible atBajaj Allianz Health Insurance partner hospitals. We can offer you one tip which could sometimes work. You can go through the list of hospitals as soon as you get your policy and look for one that is sufficiently close to you. Get yourself and your family members acquainted with the hospital so that you can use their services in a health emergency.