Health Insurance Premium Calculator

Iiflinsurance07 Oct, 2021Business

The health insurance premium is a fixed amount of money you pay an insurer to ensure the continuity of medical coverage as part of your health insurance policy. It is a pre-determined sum of money that depends on various factors which you need to pay to your insurance provider to avail coverage and benefits offered under a health insurance plan. The policy buyer is required to disclose necessary information about themselves to the insurer which then determines the premium amount using the health insurance premium calculator and calculates the premium required to be paid. The information provided by the policy buyer acts as a parameter on the basis of which the amount of premium would be calculated. The factors that affect the premium are policy buyer such as sum insured, age, pre-existing illness (if any), number of members that need to be covered under the plan, etc., policy term, and policy options selected.