Before finalising a Star Health insurance plan, an important factor to be considered is the premium to be paid for each plan. To check and compare the premiums for different health plans, a Star Health premium calculator can be used. The premium calculator is an online tool that helps customers zero in on a particular plan after calculating the premium to be paid for various Star Health insurance plans.
Details Required for Using Star Health Premium Calculator
To get the best estimate of the premium to be paid towards a policy, Star Health premium calculator asks for few simple details.
- Sum Insured
- Date of Birth (to determine the age of the applicant)
- Email ID
- Number of members to be included in the policy
Note: Details may vary for different plans.
Factors Affecting Star Health Premium Amount
A premium is an important factor considered before deciding the type of insurance to be taken. This amount is influenced by many other factors. Let us look at the factors that affect the premium of various health insurance plans provided by Star Health Insurance.
Pre-existing medical conditions: For buying a health insurance, the present health condition of the person matters a lot. People with pre-existing medical conditions pay higher premium as their chance of making claims will be higher compared to someone with no such significant medical history.
Number of members to be included: An individual health plan would cost less than a family floater plan. But if you want a plan for each family member, a family floater would be cost effective compared to an individual plan. Thus, a proper analysis on the basis of the need is very important. A family plan includes all the family members in one health insurance.
Gender: Gender of the applicant is an important factor in a health insurance plan. Unlike the case in a life insurance, females pay higher premium than males in case of a health insurance. This is because females tend to visit doctors more often than men due to basic health conditions like menstruation and pregnancy which may in turn lead to medical issues in some cases. This increases chances of claims, thus, a higher premium.
Age: The age of the applicant and other members in a floater plan plays a vital role when it comes to health insurance. This is because an older person is more prone to fall ill and make claims compared to a younger applicant. Frequent claims are not favourable for any insurance company and thus they charge you more if you are older.
Sum Insured: This factor has a direct impact on the premium to be paid. A higher sum insured will fetch a higher premium and vice versa.
Lifestyle (Smoker/Non-smoker): Your lifestyle is an important factor in deciding the premium to be paid for the health insurance.
A person who does not smoke has a less chance of getting ill and eventually getting hospitalised. This is turn reduces the scope of making a claim. On the other hand, an unhealthy lifestyle (smoking) involves higher chance of falling ill, thus, a higher premium.
How to Use Star Health Premium Calculator
A step-by-step guide to using the Star Health premium calculator is given below. It will help in using this tool effectively. The simple way of using the tool is goes a long way in helping people understand its importance.
- Visit the official website of Star Health Insurance
- Choose the plan you wish to buy and click on the same
- You will receive an option
- On clicking the plan, you will be directed to the plan page where a form will appear
- Enter the details (sum insured, date of birth, etc.)
- Click on ‘Proceed to Buy’
- An approximate premium value will be generated
Star Health Insurance Premium Calculation
In order to understand how Star Health premium calculator works, you can consider following examples for individual and family floater health plans.
Note: For these plans, gender of the applicant fetches the same value.
Plan: Star Comprehensive Insurance Policy (Individual)
|Sum Insured||Age of Applicant||Annual Premium (excludes GST)|
|Rs. 5 lakh||27 years||Rs. 7,015|
|Rs. 10 lakh||27 years||Rs. 13,200|
|Rs. 5 lakh||47 years||Rs. 9,725|
|Rs. 10 lakh||47 years||Rs. 19,865|
Plan: Star Comprehensive Insurance Policy (Family Floater)
|Sum Insured = Rs. 5 lakh|
|Members Covered||Age of Eldest Member||Annual Premium (excludes GST)|
|1 Adult + 1 Child||27 years||Rs. 9,179|
|1 Adult + 1 Child||47 years||Rs. 14,240|
|2 Adults + 2 Children||27 years||Rs. 13,170|
|2 Adults + 2 Children||47 years||Rs. 23,539|
|Sum Insured = Rs. 10 lakh|
|Members Covered||Age of Eldest Member||Annual Premium (excludes GST)|
|1 Adult + 1 Child||27 years||Rs. 13,250|
|1 Adult + 1 Child||47 years||Rs. 20,710|
|2 Adults + 2 Children||27 years||Rs. 19,110|
|2 Adults + 2 Children||47 years||Rs. 34,910|
When using Star Health premium calculator, it is good to keep certain points in mind so as to avoid problems later. These are as follows:
- Make sure to provide only the authentic information so as to get the closest approximation of premium
- When calculating premium, it is advisable to use various combinations, especially different amount of sum insured
- The values generated by the calculator are indicative. The final value will be different as it is calculated after analysing the risks by an underwriter
Advantages of Using Premium Calculator
A health insurance plan is an important part of the financial portfolio, thus, the premium to be paid for a plan helps to compare and finalise the plans. Let us look at some other advantages of the premium calculator.
- By using the Star Health premium calculator, a policyholder can get an idea of the premium to be paid for a particular plan before purchasing it. This helps to know whether the plan is affordable or not, along with planning the finances better
- By calculating the premiums for all different plans, you have a chance to compare and narrow down on one health insurance plan that fits into your budget, along with meeting all your needs
- With the help of a premium calculator, a policyholder gets to know whether an additional benefit or add-on riders can be included or not
- The premium calculator can essentially help in customising the plan by including or excluding riders on the basis of the premium amount to be paid
Q1. What is the maximum count of people one can include under one health insurance policy?
The maximum count of individuals covered under a single family floater policy is 6, i.e. 2 adults and 4 children.
Q2. What are different types of health insurance policies provided by Star Health Insurance?
Star Health Insurance covers plans that include overseas mediclaim policies, individual health policies and personal accident policies. Apart from health plans, they also provide in travel insurance plans and health plans for senior citizens.
Q3. How will registering on the Star Health Insurance website help?
By registering on the Star Health Insurance website, you can avail various types of discounts and bonuses. You can also check the renewal notice of your policy periodically, and make easy mediclaim payments for the plan.