Benefits of using National Insurance Mediclaim Premium Calculator
The terms and conditions of a policy can confuse a policy buyer regarding the premium payment and claims. The premium needs to be calculated adequately based on the policy that the buyer is buying. Different policies have different premium amounts that are to be paid on a monthly or semi-annual basis for a fixed amount of time. The premium calculator has a predefined set of algorithms that are designed to calculate the payable premium based on the policy that you are buying. The premium calculator eases the process of purchasing an optimal policy based on user requirements.
There are many insurance companies such as the National Insurance Company Limited (NICL) that provide premium calculator services to help the policy buyer choose the perfect health insurance policy. NICL is a renowned general insurance company in existence from a long time. They have a long array of health insurance policies that are tailor-made to fit needs of the policyholder. Here is some basic information on how the policy premium is calculated by the National Insurance mediclaim premium calculator.
How is premium calculated?
Many factors are considered before calculating the premium of any policy. Each insurance providing company has their guidelines for calculating the policy premium that needs to be paid for the policy. Here are some factors based on which the premium is calculated.
Personal history – The personal history of the policyholder is the foremost thing that any insurance company looks for. They ask the policyholder to undergo a pre-policy checkup which will let them know any existing diseases. The companies also take account of the habits that the policyholder has such as smoking or drinking.
Mortality – The mortality of the policyholder is also considered before calculating the payable premium. The mortality of the individual depends on his/her age so it the premium rates also fluctuate based on age.
Occupation and income – The payable premium can also fluctuate based on the occupation of the individual and the income that the policyholder generates. The income is then factored during the calculation of the premium.
Physical health and disability – The physical health or any disability of the individual is considered while calculating the premium. This physical health check will allow the policy providers to know the current health state of the individual.
Additional policies – This is a significant factor that is looked by policy providers. Looking for additional policies helps them to know all the other vital details about the individual.
Benefits of the premium calculator
The premium calculator is a useful tool that can help understand the terms of a health insurance policy to some extent. The premium calculator estimates the amount of premium to be paid by considering the terms. Here are some more benefits of a premium calculator.
The payable premium during a single policy year can be estimated ahead of time. This calculation gives the policy buyer a chance to compare his/her income and the estimated premium. This will also allow you to manage any future payment deductions in advance.
With so many health insurance policies available in the market, the premium calculator allows the policy buyer to compare various policies and make an informed decision regarding the policy purchase.
The calculations when performed manually consumes an extensive amount of time. The premium calculator makes it easier for the policy buyer to save precious time in calculating the complete premium.
Consumers can avail attractive discounts when the policies are purchased from online methods. The premium calculator estimates the premium amount and also gives you a direct link to policy purchase.
The online premium calculators are reliable. The premium is calculated based on the terms of the policy and the details fed by the buyer. The estimated premium is reliable and can be considered before buying any policies.
How to calculate the premium?
Any standard insurance company will have a simple interface which allows all users to operate the calculator with ease. The premium calculator needs some necessary details which can be used to calculate an accurate premium amount based on your requirements.
Step 1 – The premium calculator needs some personal information, such as name, date of birth, gender, marital status, children, annual income, disability. The individual also has to specify whether they are smokers or non-smokers.
Step 2 – An individual has to specify the amount for insurance along with the annual income.
Step 3 – An individual also has to select additional benefits which he/she wants to integrate into the policy, such as the accidental cover, disability cover, or critical illness cover.
Step 4 – There are some premium calculators which tend to offer multiple estimates based on the premium payment and premium claim method which can be selected based on your requirements.
The premium calculator is a great tool to calculate and compare different policies which work for you. The premium calculator estimates are mostly accurate but are subject to change if there are any changes in the tax outcome. Hence a premium calculator is beneficial for buying an optimal policy.
Q1. Can the premium calculator calculate all health insurance policies?
Yes, the premium calculator can be used to calculate premiums for all the available policies.
Q2. Can you compare various plans with the premium calculator?
Yes, there are features in the premium calculator that allows you to compare various policies based on the premium amount.
Q3. Does the premium calculator show any tax benefits?
No, the premium calculator doesn’t show any tax benefits, but the health insurance plan does have tax benefit under section 80D of IT act if a premium contribution is made from the income.
Q4. Why is personal information such as smoking habit required to calculate premium on health insurance policy?
The smoking habits will allow the insurance company to judge the health of the individual. Hence, the smoking habit factors in the premium calculation of a health insurance policy.