A health insurance policy with a high sum insured is one of the smartest financial decisions you can make. With rising medical costs, hospital bills for major illnesses or surgeries can run into several lakhs or even crores. Being uninsured in such cases can wipe out your life savings. This is where a 1 crore health insurance policy can provide complete financial protection.
But how much would such a high-cover policy cost? This is where a health insurance premium calculator comes in handy. This blog discusses a 1 crore health plan and its importance and benefits. We also look at how to use a premium calculator to determine the cost of such policies so you can make an informed purchase decision.
What is a 1 Crore Health Insurance Policy?
A 1 crore health insurance policy provides a sum insured or coverage amount of Rs. 1 crore. This means the policy will pay up to Rs. 1 crore for hospitalisation and treatment costs if the insured falls ill. The high sum insured ensures even expensive treatments like cancer, organ transplants, etc., can be covered without financial hardship.
So, the insurance company will cover your entire treatment cost in case of an unfortunate major illness. You do not have to pay anything out of your pocket, nor do you need to run around arranging finances at the last minute through loans, etc.
Key Benefits of a 1 crore health insurance include:
- Full coverage for critical illnesses like cancer, heart disease, stroke, etc. Treatment costs for these run into lakhs and crores
- Cashless hospitalisation by simply producing your health card
- Coverage for modern treatment procedures like robotic surgeries
- No co-payments or deductions. 100% of hospital bills reimbursed
- Cover for pre and post-hospitalisation expenses
- Restoration of the sum insured in case it gets exhausted during a policy year
How Much Does a 1 Crore Health Insurance Policy Cost?
The premium payable for a 1 crore health policy depends on many factors. These include:
- Age of the person insured
- Location – Premiums are higher in metro cities
- Coverage opted – Individual or family floater plan
- Add-ons selected – Premium protect, critical illness rider, etc.
You can use a health insurance premium calculator to determine the exact premium you will have to pay.
What is a Health Insurance Premium Calculator?
A health insurance premium calculator is an online tool offered by insurance providers like ACKO. It helps you calculate the precise premium payable for a health insurance policy based on your selected parameters.
It provides the total premium payable based on details you input, such as age, location, sum insured, and add-ons. Some key inputs for the calculator include:
- Age: The premium payable depends on the age of the persons covered. Premiums are higher for older adults because they are at a higher risk of falling ill.
- Location: Premiums may vary across locations. They are highest for metro cities and lowest for rural areas.
- Sum Insured: The higher the coverage opted, the higher the premium.
- Add-ons: Additional riders, like critical illness coverage, also increase premiums.
Using the premium calculator is quite simple:
- Visit the insurance provider’s website
- Look for the health insurance section or premium calculator link
- Input details like name, age, location, sum insured opted
- Select any optional covers or add-ons you want
- Click on calculate, and the premium payable will be displayed
Conclusion
So use the above tips and a premium calculator to determine the most competitive premium for your 1 crore health policy. This will ensure you get adequate coverage at costs you can comfortably afford. You can use the health insurance premium calculators ACKO offers to determine accurate premiums.
