Liberty Health Insurance Premium Calculator
If you are thinking of applying for a Liberty Health Insurance Policy, you are making a good choice. Liberty General Health Insurance boasts an 81.9% claim settlement ratio, a dedicated claim settlement team, a network of over 5000 hospitals and yes, Covid-19 hospitalisation is covered under their health insurance policies.
In order to calculate your premium before even approaching the insurer you can use the online Liberty Health Insurance Premium Calculator.
Step by step guide to using the Liberty Health Insurance Premium Calculator
Step 1: Either visit the IIFL website or visit the Liberty Health Insurance website directly to access the Liberty Health Insurance Premium Calculator.
Step 2: Key in the basic details that will be requested in an online form. You will need to:
- Select between individual or family cover
- Scroll and select a sum insured that is likely to be sufficient for you. Consider previous hospitalization bills
- Select gender as appropriate
- Choose the correct pincode
- Select adults and number of children
- Fill up your mobile number correctly as the premium estimate will be sent to you on your mobile number.
Step 3: Once you have filled up basic details you need to also be ready with more in-depth details such as
- Health status
- Medical history
- Lifestyle (which is a blanket term used for vices that affect your health)
Once you have filled up the online form you will receive an estimate for your Liberty Health Insurance premium amount. Always remember that when you use any premium calculator, (whether it is the Liberty Health Insurance Premium Calculator or another) you are only getting an estimate of what your premium will be.
The actual premium will be conveyed to you by an insurer, only after they have taken stock of your health status themselves. All insurance companies do not take the applicant’s word as the absolute truth – medical tests are conducted to get a thorough evaluation of your health condition.
Benefits of using the Liberty Health Insurance Premium Calculator
Indian buyers – whether they are purchasing smartphones, saris, cars or insurance – will always shop around. There is no shame in being a discerning buyer and trying to make your money go further. A premium calculator allows you to do this because it brings the following benefits to the table:
- Quick and indirect research
Speaking to a known insurance provider or salesperson who lives in your neighbourhood might make you feel compelled to buy in after he or she has spent time explaining the product to you and drawing up an offer. We’re only human and most of us are non-confrontational (especially when we don’t know any better) for most part – you’ll worry about feeling awkward around him or her the next time and might therefore sign up without shopping around even if you want to.
An online calculator is at the exact opposite end of the spectrum. You fill up your details with nothing but a screen before you and you’re under no compulsion to accept the offer you receive in terms of premium and benefits.
You can check with as many brands as you want, with no guilt or discomfort or pressure to sign up.
- Enables planning
Maybe you’re a big shopper who will need to curb your impulses in the run up to your premium payment. Or maybe you simply need to plan ahead because between home loan EMIs, paying off school and tuition fees and a grand summer holiday annually you may or may not have the bandwidth for yet another debit. Maybe you want your premium to be paid by a bonus or windfall that you are eagerly anticipating.
In all these cases, it might help to know exactly how much you need to put down as your premium so that you can plan ahead.
- Gives you hard data for negotiation
Liberty General Health Insurance premiums are highly competitive. In fact, you might notice that when you ship online you see more attractive offers. That’s because insurers are well aware of how easy it is for you to make precise comparisons online. In order to remain attractive to potential policy buyers, most insurers offer attractive pricing, freebies, add ons and riders.
You can use these for a negotiation and bring home the best deal possible. You’ll know exactly what you’re getting for what premium and you’ll also be able to adjust the sum insured to see for yourself how the premium gets correspondingly altered.
Factors that affect premium calculations when using the Liberty Health Insurance Premium Calculator
Seniors tend to pay higher premiums because of a higher claim risk on account of a higher risk of falling sick and ending up in the hospital. The basic rule of thumb at play is that age is directly proportional to your insurance premium.
- Health status
If you are already suffering from some sort of chronic illness that could land you in the hospital frequently, you represent a higher claim risk and as such your premium will be higher. If the illness develops after the policy has been purchased, however, your premium will not be increased – at least not until you need to renew your policy.
- Medical history
Even if you are young and healthy, a history of chronic illness in the family – or frequently being hospitalised in the past – could result in a higher premium being asked of you.
- Habitual smoking and alcohol consumption
Here’s another good reason to kick the butt. Smokers and habitually heavy drinkers do end up having to shell out more on health insurance.
My neighbour is the same age but received a slightly lower premium calculation than me. Why is that? Both of us used the Liberty Health Insurance Premium Calculator.
Your neighbour might have a better health status/ medical history or might be viceless, resulting in a lower premium.
Why do I have to pay higher premiums as a smoker/ habitual drinker?
Vices like consumption of tobacco and alcohol put you at risk for a whole bevy of health issues that could result in hospitalisation.