Benefits of Multi-Year Health Insurance Plans

Ever since COVID-19 entered our lives, health insurance has come to the top of our priority list. Most of us buy annual medical insurance that has to be renewed every year. But did you know that you can enjoy a lot of attractive benefits by buying a multi-year health insurance policy? Read on to know why you should upgrade to multi-year health insurance.

Read More

Policybazaar exclusive benefits
  • 30 minutes claim support*
  • 50,000 claims approved in last 15 months*
  • Schedule home visit with our advisors
  • Get a plan based on your medical needs

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

*Tax benefit is subject to changes in tax laws. Standard T&C Apply

All health plans cover Covid-19 treatment
  • 1
  • 2
  • 3
  • 4

Who would you like to insure?

  • Previous step
    By clicking on “CONTINUE”, you agree to our Privacy Policy and Terms of use
    Previous step

      Popular Cities

      Previous step
      Previous step

      Do you have an existing illness or medical history?

      This helps us find plans that cover your condition and avoid claim rejection

      Get updates on WhatsApp

      What is your existing illness?

      Select all that apply

      Previous step

      When did you recover from Covid-19?

      Some plans are available only after a certain time

      Previous step

      5 Advantages of Upgrading to a Multi-Year Health Insurance Plan

      Multi-year health plans are usually available for a policy term of 2 years or 3 years. Check out some amazing benefits of multi-year health insurance plans:

      • Avail Long-term Policy Discounts

        Buying a multi-year health plan allows you to take advantage of the long-term policy discount. Most insurance companies offer a discount of up to 10% on opting for a policy tenure of 2 years. Similarly, you can reduce your premium amount by up to 15% by choosing a 3-year health insurance policy.

        For example, if the premium of your annual health insurance policy is Rs 600, you can reduce it up to Rs 540 per annum by opting for a 2-year policy. Similarly, if you opt for a multi-year policy of 3 years, you can reduce your premium up to Rs 510 per annum.

      • No Hassle of Renewing the Policy Every Year

        If you have an annual health insurance plan, you need to renew the policy every year so that you get medical coverage at all times. If you fail to renew your policy on time, the coverage on your head will disappear and you will be left to fend for yourself in case of a medical emergency. Besides, you will also lose the continuity benefits like waiting periods and the cumulative benefit if there is a gap in your policy.

        But you don’t have to worry about remembering your policy due date every year if you have a multi-year policy. Also, you don’t have to worry about setting money aside to pay the premium every year. All you have to do is pay the premium for 3 years at the time of policy purchase and rest assured for the next couple of years.

      • No Risk of Premium Hike Every Year

        Health insurance premiums can rise without any warning, thanks to inflation. Besides, as your age increases, the possibility of a hike in premium also increases as you become more susceptible to age-related issues. Moreover, the constant threat of COVID-19 can also lead to the possibility of an increase in the premium.

        But if you have a multi-year policy of 3 years, your premium is locked in for those 3 years. No matter how the world changes around you, your insurance company cannot charge you a higher premium for those 3 years. As a result, you save yourself from annual premium revision and end up saving a lot of money.

      • Pay the Premium in Easy EMIs

        Just like an annual health policy, you can also pay the premium of your multi-year health insurance policy in instalments. This saves you from the trouble of arranging the premium amount for 3 years in one go. In fact, insurance companies allow the payment to be made at the frequency of your choice.

        This means you can choose to pay the premium of your multi-year policy in annual, semi-annual, quarterly as well as monthly instalments.

      • Enjoy Tax Benefits Every Year

        You can also avail tax benefits for a multi-year health insurance policy on the premium amount just like an annual policy. However, you cannot claim the entire 3-months premium in the same year. As per government guidelines, you can claim a proportionate amount of the total premium amount every financial year.

        For example, if the multi-year mediclaim premium paid for 3 years is Rs 54,000, you can claim a tax deduction of Rs 18,000 per financial year for 3 years under Section 80D of the IT Act.

        But do check the current tax policy to know about the terms and conditions before buying a multi-year health policy.

      Summing It Up

      A multi-year health insurance policy is beneficial in ways more than one. You not only end up saving a lot of money but also save yourself from the hassle of renewing the policy every year. So on your next renewal, ditch annual health insurance plans and instead, opt for a multi-year health insurance policy.

      Also, make sure to compare different health plans online on before renewal to get the best deal.

      Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

      Health insurance articles

      Recent Articles
      Popular Articles
      Monkeypox: Dos and Don’ts of the Disease That You Should Know

      15 Sep 2022

      Monkeypox has slowly and steadily spread to more than 85 countries...
      Read more
      Why is It Important to Disclose Pre-existing Diseases to Your Insurer?

      06 Sep 2022

      As we grow old, the chances of developing a disease or a medical...
      Read more
      Does Health Insurance Cover Monkeypox?

      25 Jul 2022

      Monkeypox is the latest disease to make its way to India while we...
      Read more
      List of Diseases Covered by Bajaj Allianz Health Insurance Plans

      05 Jul 2022

      Barely any person has remained unaffected due to rising health...
      Read more
      Annual Medical Check-ups in Health Insurance

      05 Jul 2022

      Regular health check-ups are important to keep a track of your...
      Read more
      PMJAY Scheme: Ayushman Bharat Yojana Eligibility & Registration Online
      Prime Minister Shri Narendra Modi announced the launch of (PMJAY) Ayushman Bharat Yojana in his Independence...
      Read more
      Best Health Insurance Plans in India 2022
      Finding the best health insurance plan from so many different health insurance companies can get confusing for many...
      Read more
      How to Apply for Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (PM-JAY)?
      Ayushman Bharat Yojana is a flagship health insurance scheme launched by the Government of India to offer universal...
      Read more
      Best Maternity Insurance Plans
      Maternity insurance offers comprehensive coverage for medical expenses incurred during pregnancy, including the cost...
      Read more
      Best Health Insurance Plans for Senior Citizens in 2022
      Senior citizens are the most prone to diseases. Considering the medical inflation in India, buying health insurance...
      Read more

      Download the Policybazaar app
      to manage all your insurance needs.