IFFCO Tokio Health Insurance Premium Calculator
IFFCO Tokio Health Insurance comes with one of the best claim settlement ratios in the market. The insurer boasts a 96.33% claim settlement ratio.
If you are considering getting an IFFCO Tokio health insurance policy, you should definitely use their premium calculator to get a sense of how much you will be paying and why benefits you will be getting in return.
The bottomline is that getting health insurance is imperative even if you feel the pinch when you need to pay your premium. What you can do however, is do your best to try and get the most affordable premium amount possible, so that you can pay up without any discomfort.
That’s where the premium calculator comes into the picture.
How the IFFCO Tokio Health Insurance Premium Calculator can help you get the best deal on your health insurance premium:
A premium calculator gathers relevant data to provide you with an estimate of your insurance premium. You can also toggle some fields in the online form that captures your data to calculate your premium such as the number of family members, the sum insured and the add ons.
- When you use the IFFCO Tokio Health Insurance Premium Calculator you can adjust these factors in order to arrive at a more comfortable premium amount.
- Using the estimate churned out by the IFFCO Tokio Health Insurance Premium Calculator, you can easily compare rates from other brands. You can evaluate the best deal with no challenge and in very little time.
- Alternatively, you can use this amount to negotiate a better deal from your neighbourhood or family insurance provider.
Other benefits of using the IFFCO Tokio Health Insurance Premium Calculator
Plan ahead: Once you have a premium estimate in hand, you can plan your finances in such a way that you are able to pay your premium amount with ease.
Clarity: When you use the IFFCO Tokio Health Insurance Premium Calculator and toggle various fields you get a good level of clarity on how various factors increase or decrease your health insurance premium.
Factors that affect your health insurance premium:
There are two sets of factors that affect your premium. We touched upon some of these factors above – the factors that can be adjusted in order to arrive at a lower premium. These might also be referred to as the benefits of the health insurance policy. They are
Sum insured – this is the amount that the insurance company will be willing to pay in case you end up with a health emergency. The amount you select becomes the upper limit of the amount payable to the medical in a cashless hospitalization, or reimbursed to you if you pay upfront.
Family members covered – an individual policy will fall cheaper than a family policy, although a family policy offers more value than purchasing individual policies for each family member. The premium will escalate for every family member added.
Add ons – there is a basic policy, to which you can add components like critical illness cover. You get a very good deal when you bundle this in with your health insurance versus buying it separately, but it does escalate your premium.
The other set of factors cannot be adjusted per se; they are:
Health status – this refers to your current health, which is determined by medical tests.
Pre-existing medical conditions – if you have any chronic illnesses at the time of opting for the policy, you do typically need to pay a higher premium.
Lifestyle – this is where your weight and your vices start to make you pay! And we mean literally. People with a high BMI; regular smokers and people who consume alcohol regularly are considered high risk for various illnesses and that has an impact on their health insurance premium.
Family’s medical history – even if you do not presently display any pre-existing medical conditions, you could end up with a higher premium if your family members have had any critical illnesses.
Factors to consider when using a premium calculator:
Shopping around is a must: simply using the premium calculator will not magically get you the best deal. You must compare rates – on a website like IIFL Insurance for instance – and toggle benefits in order to zero in on the best possible deal
Keep a buffer: a premium calculator can only give you an estimate of your premium amount. The actual amount is arrived at once your medical tests are complete. It is advisable to keep aside a slightly extra sum.
Be honest: to get as close an estimate as possible you should try to be as honest and as accurate as possible when filling out the online form.
Network of hospitals: if you are going to be depending very heavily on the cashless facility you should check the insurer’s hospital network. You should also check if they have a hospital that is in proximity. It should be close enough for you to reach, in case of a health emergency.