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Before purchasing a health insurance plan offered by Apollo Munich, customers need to consider the amount of premium to be paid for the plan. The premium calculator available on the company website can be used to check and compare the premiums for different health plans. The premium calculator is an online tool that enables customers to decide upon a particular plan after calculating the amount of premium to be paid for various Apollo Munich health insurance plans.
Table of Contents:
Details Required for Using Apollo Munich Premium Calculator
Apollo Munich Health Insurance Premium Calculator can be used for three different categories-Standard, Exclusive and Premium. Some details required to get the best estimate of the premium to be paid towards a policy are:
- Mobile number
- City name
- Individual’s age
- Amount of cover needed
Note: Individuals can also choose other members from family to get insured like – wife, husband, son, daughter, mother-in-law and father-in-law.
Factors Affecting Health Insurance Premium Amount
The amount of premium to be paid on a plan is an important factor that needs to be considered before zeroing in on a particular plan. The premium amount to be paid depends on various factors. Let us look at some of the factors that affect the premium of various health insurance plans offered by Apollo Munich:
Individual’s Age: Age directly affects the amount of premium to be paid towards a health insurance plan. Premium amount increases with age. This is because an older person is more prone to fall ill and make claims compared to a younger applicant.
Sum Insured: Sum insured or the coverage opted for by an individual directly affects the premium amount. Higher the sum insured, higher the premium and vice-versa.
Location: The geographical location of a person also affects the premium amount. People residing in urban industrial towns with greater risk of illnesses and diseases are likely to pay a higher premium than their rural counterparts.
Number of Members to be Included: An individual health insurance plan is likely to cost less than a family floater plan. However, if you want a plan for each member of the family, a family floater plan would prove to be cost effective compared to an individual plan for each member.
How to Use Premium Calculator
A step-by-step guide to using Apollo Munich Health Insurance premium calculator is given below:
- Visit the official website of Apollo Munich
- Choose the plan that you wish to purchase and click on the same
- You will be directed to a page where you need to fill in details like your age, amount of coverage required, etc.
- Click on ‘Calculate Premium’
An approximate premium amount will be generated
Apollo Munich Health Insurance Premium Calculation
To understand how Apollo Munich premium calculator works, consider the following examples for individual and family floater health plans.
Note: For these plans, applicant’s gender fetches the same value and location has been kept the same.
Plan: Optima Restore (Individual)
| Sum Insured | Age of Applicant | Annual Premium (inclusive of tax) |
| Rs. 5 lakh | 30 | Rs. 8,431.1 |
| Rs. 10 lakh | 30 | Rs. 11,023.56 |
| Rs. 5 lakh | 40 | Rs. 9,540.3 |
| Rs. 10 lakh | 40 | Rs. 12,723.94 |
Plan: Optima Restore (Family Floater)
Case 1: Sum Insured = Rs. 5 lakh
| Members Covered | Age of Eldest Member | Annual Premium (inclusive of tax) |
| 1 Adult + 1 Child | 30 | Rs. 10,874.88 |
| 1 Adult + 1 Child | 40 | Rs. 11,787.02 |
| 2 Adults + 2 Children | 30 | Rs. 17,390.84 |
| 2 Adults + 2 Children | 40 | Rs. 19,225.74 |
Case 2: Sum Insured = Rs. 10 lakh
| Members Covered | Age of Eldest Member | Annual Premium (inclusive of tax) |
| 1 Adult + 1 Child | 30 | Rs. 13, 791.84 |
| 1 Adult + 1 Child | 40 | Rs. 15,266.84 |
| 2 Adults + 2 Children | 30 | Rs. 21,759.2 |
| 2 Adults + 2 Children | 40 | Rs. 24,559.34 |
Important Aspects
Certain points should be kept in mind when using Apollo Munich premium calculator. They are as follows:
- Authentic information must be provided to get the closest approximation of premium
- It is advisable to use different combinations, especially different amounts of sum insured, when calculating the premium
- The calculator generates indicative values. The final value will be different as it is calculated after analysing the risks by an underwriter
Advantages of Using Premium Calculator
A premium calculator enables customers to know the cost of different insurance policies (premium) and to check and compare different plans. This helps in taking an informed decision. Besides, it also offers several other advantages:
- Apollo Munich health insurance premium calculator enables customers to get an idea of the amount of premium to be paid for a specific plan before purchasing it. This helps in knowing the affordability of a plan and better planning of the finances
- Premium calculator enables customers to compare different plans and shortlist the one that meets their needs and fits into their budget at the same time
- Premium calculator enables customers to know if an additional benefit or add-on riders can be included or not
- By including or excluding riders on the basis of the amount of premium to be paid, the premium calculator helps in customizing the plan according to the needs of the customers
FAQs
Q1. Is it viable to buy health insurance at a young age?
Looking at the gradual rise in health risks and increasing medical costs, purchasing a health insurance at an early age is advisable.
Q2. Are all the health care expenses covered?
No, there are certain exclusions depending upon the plan that you go for. It is advised to go through the inclusions and exclusions properly before you make a purchase.
Q3. Are the premiums of health insurance plans fixed?
No, the medical insurance premiums are directly affected by medical inflation and can change with changes in the same.
Q4. Should the prevailing medical issues be stated at the time of purchase?
Yes, all the prevailing medical issues have to be well stated at the time of purchasing the policy.
Q5. Is premium paid on health insurance plans exempted from income tax?
Yes, premium paid on health insurance plans is exempt from tax under Section 80D of the Income Tax Act.
Q6. Can one calculate the cost of all health insurance plans with the premium calculator?
Yes, one can calculate the premium for all the available policies with the premium calculator.
Q7. Why is a person’s geographical location required to calculate premium on health insurance plans?
The geographical location of a person affects the amount of premium that he/she pays.
People residing in urban industrial towns with greater risk of illnesses and diseases are likely to pay a higher premium than their rural counterparts.