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Health insurance is undoubtedly one of the most vital investments that you can make to deal with medical emergencies effectively. However, before you buy a health insurance, you may be curious to find out the estimated premium you would have to pay, to ensure it matches your budget and to make a well-informed decision.
Insurance premium calculation involves complex mathematical formulas, making manual calculation complicated. But with insurance premium calculators, you can find out the premium instantly.
Similarly, there are many other benefits of health insurance premium calculators, which are mentioned below. Before we dive into the benefits, let us see what insurance premium calculators are.
What is the Health Insurance calculator?
A health insurance calculator is an online tool for calculating insurance premiums. The tool is based on a mathematical formula that calculates the premium amount after considering various factors, such as age, coverage, add-ons, location and so on.
The calculator simplifies the calculation and assists you to find out the premium for various plans and different coverage options. Thus, you can choose an insurance plan as per your requirements and financial situation.
Benefits of Using Health Premium Calculator
Helps in Financial Planning and Decision
By estimating the premium amount, the calculator helps you to do better financial planning and make the right decisions. It allows you to anticipate how much financial resources are needed to be allocated towards the insurance premium monthly and annually. Thus, you can increase or decrease your budget to accommodate the insurance premium.
No Calculation Error
Since the calculation is an automated one, involving a mathematical formula, there are no chances of any error. The premium amount that you get is highly accurate based on the inputs that you provide.
Allows Customisation
The calculator is a versatile tool which also allows you to customise the plan and arrive at the premium accordingly. It allows you to include different add-ons, such as maternity benefit or critical illness cover, and different sum insured, to find out how the premium changes.
For example, Ram selects insurance with a sum insured of ₹5 lakhs and sees a premium amount of ₹7500 per annum. But when he increases the sum insured to ₹10 lakhs, the premium increases to ₹11,000 per annum. Thus, you can customise the plan as needed and find out the exact premium.
Free of Cost
Many insurance companies provide a free calculator on their website, so you may find out an accurate premium without paying a fee or purchasing a policy. Thus, instead of approaching any third party for calculating the insurance premium, you can use the calculator and find out the premium free of cost. Being a free tool, it is accessible to everyone without any conditions.
Facilitates Comparison and Purchase
By finding out the premiums for different health insurance plans, you can compare them in terms of cost, benefits, coverage, etc. For instance, you can find out the cost of an insurance plan provided by company A, company B and company C simultaneously and select the most affordable one. You can also compare the premiums of different plans offered by the same insurer to have an idea of the difference in the cost.
Saves Time and Effort
By using the insurance calculator tool, you can save considerable time and effort. You can calculate premiums for multiple plans in one place instead of visiting multiple insurance company websites or approaching different agents for the same.
Get Accurate Premium Estimation with the TATA AIG Calculator
The role of health insurance plans during medical emergencies cannot be emphasised enough. Thus, when looking for a health insurance policy, it is crucial to do thorough research about the essential aspects, such as the premium.
You can get accurate insurance premium estimates by using the online calculator tool provided by TATA AIG. It is easy to use and accessible to all without any charges. Using the tool you can find out the exact premium amount and decide whether or not the plan will fit into your budget.
TATA AIG also offers some of the most affordable health insurance plans to safeguard you during medical emergencies. Their plans feature premium discounts, 24/7 assistance, a quick and easy purchase process, a high claim settlement ratio and much more.
They offer many types of insurance plans to cover you and your loved ones. Their plans offer extensive coverage and multiple benefits, ensuring your health is never neglected.
