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Determine the Rate per 1000
First, determine the rate per 1000 of sum insured based on the age of the policyholder and plan type. For example, if the policyholder is 30 years old and the plan type is individual, the rate per 1000 might be 5.5. You can find the rate per 1000 in the insurance company's premium chart or by consulting with an insurance agent.
Calculate the Base Premium
Next, calculate the base premium by multiplying the sum insured by the rate per 1000. For example, if the sum insured is 500,000 and the rate per 1000 is 5.5, the base premium would be: 500,000 x 5.5 / 1000 = 2,750
Add Add-ons (if any)
If you have add-ons like critical illness cover or accidental death benefit, calculate the additional premium by multiplying the add-on amount by the rate per 1000. For example, if the add-on amount is 100,000 and the rate per 1000 is 1.5, the additional premium would be: 100,000 x 1.5 / 1000 = 150
Calculate the Total Premium
Add the base premium and additional premium (if any) to get the total premium. For example: 2,750 (base premium) + 150 (additional premium) = 2,900
Apply Service Tax
Finally, apply the service tax to the total premium. For example, if the service tax is 15%, the total premium would be: 2,900 x 1.15 = 3,335
Using the Calculator for Convenience
While manual calculation is possible, using a health insurance premium calculator can save time and effort. Simply enter your details like age, sum insured, and plan type, and the calculator will provide an estimate of the premium amount. This is especially useful when comparing premiums from different insurance companies.
Introduction to Health Insurance Premium Calculator India
Health insurance is an essential aspect of financial planning in India. With rising medical costs, it's crucial to have a health insurance policy that covers unexpected medical expenses. The health insurance premium calculator is a tool that helps estimate the premium amount based on factors like age, sum insured, and plan type. In this guide, we'll show you how to calculate the health insurance premium manually and provide a step-by-step guide on using the calculator.
Understanding the Formula
The formula to calculate health insurance premium in India is: Premium = (Sum Insured x Rate per 1000) + (Add-ons x Rate per 1000) + (Service Tax x Premium) Where:
- Sum Insured is the maximum amount the insurer will pay in case of a claim
- Rate per 1000 is the premium rate per 1000 of sum insured
- Add-ons are additional features like critical illness cover or accidental death benefit
- Service Tax is the tax levied on the premium amount
Step-by-Step Calculation
Prerequisites
Before calculating the premium, make sure you have the following information:
- Age of the policyholder
- Sum insured
- Plan type (individual, family, or group)
- Add-ons (if any)