With the increasing number of critical ailments like cancer and heart issues, having specialised heart and cancer health insurance has become crucial than ever.
However, purchasing such expensive health insurance requires proper budgeting and consideration on the part of the policy buyer. That is where the health insurance premium calculator comes in for help.
Using a health insurance premium calculator helps individuals make an informed and calculated decision before buying any heart or cancer policy.
How to Use a Health Insurance Premium Calculator for Heart and Cancer Policy?
Using a reliable health insurance premium calculator is highly recommended before you buy health insurance for critical health ailments like cancer and cardiac problems. Here is a simple process of using this useful tool:
Step 1: Visit the insurer’s website and navigate to the “Health Insurance Premium Calculator” page.
Step 2: Enter your information, such as age, location, contact number, and PIN code, into the calculator.
Step 3: Next, select the add-on covers you may need.
Step 4: The calculator will perform calculations based on your information and provide you with various premium and sum insured options.
Step 5: Select the premium and sum insured according to your coverage needs. Then, proceed with payment.
Step 6: Once the payment is completed, you will be insured and get all the policy documents.
Benefits of Using the Heart and Cancer Premium Calculator
Accurate Calculations
The health insurance premium calculator provides the most accurate premium estimates based on the information you provide. Thus, helps in making informed decisions for policy purchase.
Time Saving
Calculating premiums using a health insurance premium calculator is quicker than manual calculation, especially when you want accurate results in less time.
Option Comparison
Another benefit of using a health insurance premium calculator is that you get to compare premium quotes of multiple policies from various insurers. This way, you can compare the features and benefits of various plans and choose the one that best suits you.
Provides Transparency
Using a health insurance premium calculator provides you with transparency to understand which factors are affecting your insurance price.
Customisation
The health insurance premium calculator helps you in customising the policy based on your coverage needs. As you can check what factors are affecting your premiums, you can either remove or add covers based on your coverage needs.
Factors Affecting Heart and Cancer Policy Premium Calculation
Age
Age plays a crucial role when you buy health insurance plan; the younger you are when you get insured, the lower your premium will be. Because, as you age, the health risks like heart conditions and cancer become more persistent.
Sum Insured
Sum insured value is another factor that affects the policy premium calculation. If you choose a higher sum insured policy, then its premium price will also be higher. Therefore, it is essential to select an adequate sum insured that effectively meets your coverage needs. A higher sum insured that does not get utilised will only result in you paying higher premiums.
Family History
Your family’s health history also affects the results shown by the health insurance premium calculator. If your family has a medical history of heart conditions or cancer, then you need to buy a higher coverage policy. This means you would need a higher sum insured and have to pay higher premiums.
Lifestyle Choices
Lifestyle choices also affect how health insurance premiums are calculated. If you lead a healthy life, eat clean and exercise, then you are less susceptible to health conditions. This means fewer insurance claims, which may result in insurers offering you a discount on your premium for being a less risky case.
Policy Term
When you buy health insurance for a longer term, it lowers your premium amount. Thus, it is wise to choose a longer insurance policy to lower premiums and receive coverage protection for a longer period.
Pre-Existing Conditions
Having pre-existing conditions related to the heart or a previous history of cancer can increase your health insurance premium, as it makes you a higher risk individual who might make frequent insurance claims.
Geographical Location
Where you buy health insurance also affects the premium price. Policies purchased in suburban or rural areas have lower premiums due to lower medical costs in those regions. While buying insurance in cities might cost higher due to higher medical costs.
Summing Up
The health insurance premium calculator is an important tool when buying heart or cancer insurance. Using the tool, you can determine exactly what amount of coverage is appropriate and whether it fits within your budget.
You can also make informed choices about which insurer to choose, such as TATA AIG, which offers affordable critical illness cover for serious diseases like cancer, heart conditions, and more.
