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How Much Does A Health Insurance Cost?

Written by : Knowledge centre

2024-08-02

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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.

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The Pradhan Mantri Surakshit Matritva Abhiyan was launched by the Indian Ministry of Health & Family Welfare (MoHFW). On the ninth of every month, the programme seeks to provide all pregnant mothers with comprehensive, guaranteed, and high-quality prenatal care at no cost.

The amount guaranteed should be three to five times the husband's yearly income. You can, however, increase the amount if you believe the amount assured is insufficient to cover your costs.

A minimum of 30 days is required. The time between the conclusion of the first waiting period and the beginning of the coverage for maternal expenses is known as the ‘maternity cover waiting period.’ The typical duration of this phase is 6 years to 9 months.

A married man may acquire a term insurance policy and designate his wife as a nominee under the MWP Act. The wife is the only beneficiary listed in the policy if the insurance plan is obtained following this act.

For a widow, whole life insurance might be the best option. This kind of coverage provides the beneficiaries with a guaranteed death benefit and a level premium.