The primary role of a health insurance policy is to protect the insured against different kinds of medical threats and the financial issues associated with them. Choosing a health insurance policy can be a daunting task especially when there are about 30 players operating in the market. The cost of health insurance plays a major role when it comes to narrowing down policies from the long list of health covers available in the market. Using a health insurance premium calculator, it is possible to determine the premium amount for a policy before making a decision. Before we look at the significance of a premium calculator, let’s take a look at the factors influencing health insurance premiums.
Health insurance does not always charge a fixed amount for all policyholders. The price of a health insurance policy may vary based on multiple factors. Some of these factors can be listed as follows:
Health insurance companies have their own mechanism for determining the premium amount for their different policies. Some of the common factors that every company takes into account while determining premium for a specific policy can be given as follows:
Now that we know how the premium is calculated for a health insurance policy, it is essential to know the benefits of using a health insurance premium calculator. Most of the top insurance companies in the market have online health insurance premium calculators on their official websites. Once you key in the required details, these calculators will determine the cost of a specific health insurance policy. Some of the key benefits are listed as follows:
The premium amount paid for health insurance is eligible for income tax relief as per Section 80D of the Income Tax Act. Tax relief can be claimed for individual policies as well as family floater policies. Some of the key tax benefits available with health insurance can be given as follows:
Tax benefit is one of the added advantages of investing in a comprehensive health insurance plan.
When it comes to determining the premium amount, it is better to use a third party aggregator like Bankbazaar to check out the different types of policies available in the market. Using the health insurance premium calculator at bankbazaarinsurance.com is very simple and straightforward. The process can be given as follows:
This will list out the best policies available for you. Based on the premium amount listed in this section, you can select a policy and get access to affordable health insurance plans within your budget.
GST rate of 18% applicable for all financial services effective July 1, 2017.
Disclaimer: Premiums may vary depending upon factors like age, location and prevailing taxes/GST.
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