Health insurance premium is the amount paid towards health insurance policy. The health insurance premium is paid across the tenure of the policy. The premiums paid ensure that the policy doesn’t lapse and you continue to enjoy the benefits. If you want to calculate the monthly premiums, then you can use the health insurance premium calculator online.
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SEE ALSO: How To Choose Health Insurance Plans For Parents?
Choosing a good health insurance for your family/ self is a time consuming task. The policy document may have hidden charges and terms. Sometimes, people end up paying more than the estimated amount of premium. In this scenario, the health insurance premium calculator comes to the rescue. Following are the benefits provided by the health insurance premium calculator:
A policyholder not only gets medical cover for hospitalization, he is also eligible for tax deductions. The premiums policyholders pay towards health insurance policies are eligible for tax benefits under Section 80D of the Income Tax Act, 1961. The policyholder receives a tax exemption under this Section; up to Rs 25,000 a year on premiums paid if he is below the age of 60 years. The senior citizens (who are above 60 years of age) receive a tax exemption of up to Rs 50,000 in a financial year on health insurance premiums under this Section.
A policyholder availing the family floater health insurance policy is eligible for combined tax exemptions of up to Rs 75,000 annually under section 80D. You can also get additional tax benefits of up to Rs 5,000 on yearly health check-ups. The applicable tax exemptions can also be calculated on the health insurance premium calculator. Keep in mind that payments made towards your policy in cash are not eligible for tax benefits as stated by the income tax act.
SEE ALSO: How To Choose The Right Health Insurance Plan?
The health insurance premium calculator is an online tool that requires inputs like personal details, yearly income and the kind of policy you want to purchase to show the expected output. Follow these steps to use the health insurance premium calculator online:
Selecting the best health insurance policy for family is quite a tough task. There are a wide range of insurers that offer health insurance policies in India. If you want to avoid the hassles of going through the policies one by one, then visit IndianMoney.com. Our experts offer you end to end guidance and unbiased financial advice and help select the policy based on financial goals and family needs. Visit IndianMoney and enter your contact details and get the best advice on health insurance plan.
The insurers take certain factors into consideration while calculating the insurance premiums of a policy. Listed below are a few of them:
SEE ALSO: Why should you Review your Health Insurance Policy Every Year
The premiums are paid each month towards your health insurance policy through EMIs. The monthly EMIs can be paid either online or offline through cash payments.
There are various ways to pay the monthly premiums. You can either pay online or through cash. The online modes of payment available are as follows:
Yes, as per Section 80D of the income tax act, the policyholder receives a tax exemption, up to Rs 25,000 a year if he/she is below the age of 60 years. This includes self, spouse and dependent children. The policyholder gets tax exemption of Rs 50,000 a year on health insurance premiums under Section 80D if he/she is over 60 years.
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