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Kotak Mahindra Health Insurance Premium Calculator

The larger portion of young and suave health insurance seekers are wising up and using premium calculators to get an estimate of what their premium amount will be, beforehand. They do this because they want to shop around sufficiently, to negotiate, to understand and to differentiate between different products and to get the best deal by the end of the process. 

A trend of shopping around 

Today’s youngsters are used to conducting online research (and swiping through countless options) before they commit to holiday destinations, smartphones, clothing and accessories, home appliances, homes, jobs and even lovers or spouses! It is only logical that they will do the same with health insurance. 

A premium calculator allows people to zero in on the right health insurance policy for them in the same way that they zero in on the right smartphone, second home or spouse. 

The significance of health insurance and the rise of the premium calculator

In today’s context, getting health insurance is non negotiable. Life is far too unpredictable – as demonstrated by the pandemic. Healthcare is increasingly expensive, sometimes bordering on unaffordable. The hours of work that we put in and unfavorable posture, eating habits and vices that stem from a high pressure jobs scenario come together to make us sitting ducks for a whole buffet of lifestyle illnesses, more serious chronic illnesses and in some cases, critical illnesses. The least we can do for ourselves and our families is to be financially prepared for any health emergencies. 

Bottomline – there is no negotiating the need and significance of health insurance. 

What is negotiable, however, is your health insurance premium amount. But negotiation is only possible if you have done sufficient research, can make apples to apples comparisons, have a clear idea on what is begotten for what price and most importantly, if you already have an offer in hand. 

In this article we will tell you exactly how to use the Kotak Mahindra Health Insurance Premium Calculator to your advantage. But first let’s find out how it works and the factors that go into premium calculation, so that you get a thorough understanding and can go about your process with maximum efficiency. 

How the Kotak Mahindra Health Insurance Premium Calculator works: 

The Kotak Mahindra Health Insurance Premium Calculator uses data that you enter in the online form to ascertain and offer an estimate of what your health insurance premium will be. 

All the fields in the online form are linked to factors 

Factors that contribute to premium calculation

The Kotak Mahindra Health Insurance Premium Calculator will ask for details such as your age, health status, body mass index and pre-existing medical conditions. 

  • Age is a huge cost determiner because health complications tend to escalate as you get older. An insurance company is concerned with the likelihood of the health insurance policy holder making a claim. Higher age corresponds to a higher claim likelihood and therefore a higher premium. 
  • Health status means your current health condition. If you already display a lean towards some chronic illness, you represent a higher claim potential and as such your premium could be higher. 
  • Medical history comes into play not just with regards to you but also your family members. If you or any members of your family suffer or have suffered from critical illnesses, the unfortunate fact is that you would need to pay a higher premium. 
  • Body mass index or BMI has a role to play in cholesterol, blood pressure and cardiac issues to name a few. People with a higher BMI are more likely to have fi pay higher premiums.

In addition, the following factors come into play 

  • Sum assured/ sum insured or the amount up to which the insurance company will support you financially should a health emergency strike during the policy term. 
  • Policy term or the duration of policy validity, beyond which time the insurance company will not entertain a claim. 
  • Add/ ons or riders such as critical illness cover or accident cover.  
  • The number of family members covered by the policy and their health status.

Step by step guide to using the Kotak Mahindra Health Insurance Premium Calculator

Step 1 – visit https://iiflinsurance.com/

Step 2 – fill up the online form; it shouldn’t take you more than a minute 

Don’t forget to type your mobile number correctly as the tailor-made offer will come to you on your mobile number. 

Step 3 – view the offer and toggle sum insured to get a premium amount that you can afford. A word of caution here: keep in mind the costs of hospitalization and surgeries today and do not go so low that you defeat the very purpose of getting health insurance.

Step 4 (Optional) – now you can compare the offer to that of other insurers because being on a third party website, you can compare the premium offered by various insurance companies. 

Alternatively you can use the offer you have found online to negotiate with your insurance consultant or neighborhood insurance salesperson who comes around, calls you or texts you once a year for renewal.


Can I avoid health insurance if I get a health EMI card?

Health insurance covers your hospitalization and surgical expenses provided they occur during the policy term and are covered under your policy.

On the other hand, in the case of a health EMI card, you pay off your own expenses, but you get more time to pay them off because you do not pay upfront but over subsequent months.

So no, it is better to keep both matters separate. Both product propositions are entirely different. Health insurance covers you whereas EMI cards are a credit facility or a loan.

Why is my sister's insurance premium amount lower than mine? She is older.

Besides age, your current health status and lifestyle habits could affect your premium as could your sum insured and other benefits. Perhaps you selected a higher sum insured or additional benefits. Alternatively if you are overweight/ obsese or have a higher BMI or if you are a smoker or regularly consume alcohol, it could have resulted in your premium amount being higher than your sister's.

Why did my insurance premium amount change when I came to Mumbai? In Chennai it showed a lower rate.

Hospitalization/healthcare charges in your city of residence could have an impact on your health insurance premium amount.

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