The cost of health insurance depends on the number of members you have included in the insurance policy, eldest member, sum assured and the type of plan selected. You can calculate through an online health insurance cost calculator. The cost of a health insurance plan varies according to the Insurance company. Most of the health insurance premium calculators provide approximate results.
The private health insurance cost varies according to the sum assured, chosen policy and type of policy (mediclaim for any specific ailment). Generally, the cost of a simple mediclaim of Rs 1 crore is Rs 10,000 to Rs 20,000 per year for 30 years.
A health insurance premium calculator acts as a tool that calculates a policyholder's premium to be paid to the insurance company on buying a new mediclaim or renewing the existing health insurance policy. However, estimating the premium manually is a tedious job, and there are chances of mistakes. Therefore, insurance companies motivate health insurance cost calculators to avoid mistakes and gain timely results.