‘Rain’ and ‘Discounts’ are two words which lights up our face with a smile stretching from ear to ear. Yes, we always love a discount which is why we don’t mind the endless queue at the billing counter at the time of the sale season because we are getting branded items at such an affordable rate. The last sale season has just passed and we have stocked up our storage rooms, with essentials and also with the non-essentials.

Yes, discounts always urge us to go on a shopping spree and since almost every industry offers a discount, why should health insurance be left far behind. Health insurance plans also promise the customers discount on their premiums in multiple ways. These discounts offer three benefits. They push the plan to appear attractive to the customer, allay competition and reduce the incidence of premium making it affordable.

As stated above, there are multiple discounts in your health plan, so let’s examine each discount in detail.

• Discount for a two-year premium payment – Some health insurance plans offer discounts in premium rates if the premium of 2 years or more is paid at once. The discount may range from 5% to 15%. For instance, Max Bupa’s Heartbeat plan offers 10% discount for paying the two-year premium at once.

• Discount for adding family members – If you add two or more family members in your health plan, the plan would offer you a discount ranging from 5% to 10% on the premium. One point to consider is that a flat discount is given on the premium. Addition of more members would not increase the discount. Bajaj Allianz’ Health Insurance Guard policy offers a 10% discount on adding two or members in the plan

• Discounts for being healthy – Yes, if you are healthy, you can reap its benefits through discounts in your health plan. Some plans offer you with discount vouchers which can be redeemed at various health centers and pharmacies while some plans discount the premium payable next year if you are found to be healthy in a policy year. This practice is generally seen in the Apollo Munich’s Energy Plan which is a plan for diabetics. The plan has two health check-ups in a year and if the results show a positive improvement in health, the company reduces the premium payable. Max Bupa allows discount vouchers and so does Cigna TTK on being healthy.

• No Claim Bonus – It is a universal discount which allows policyholders to share the benefit of a claim-free year. For every year where no claim is raised by the policyholder, the company allows a No Claim Bonus. This bonus can be paid through premium discounts, increments in coverage levels at the same rate of premium or through offering discount vouchers which can be redeemed on medicines and health check-ups.

• Free medical check-ups – The company sponsors a free check-up of your health after a block of continuous policy years. This urges the customer to continue the coverage uninterrupted with the company. These check-ups are conducted once every 2-4 continuous policy years.

• Discounts in tie-up outlets – Some plans provide you discounts if you buy medicines or avail health related services at partner outlets. For instance, CholaHealthline Plan offers a discount of 5% to 50% at select pharmacies, path labs, hospitals, etc. Even Cigna TTK’s plans offers discounts at several tied-up outlets.

• Age and gender discounts – Rare but available, some health plans offer a discount in premium if the policyholder’s age lies within a predefined criteria or if the policyholder is a female. National Insurance Company’s MediclaimPlus Policy offers a youth discount of 10% if the policyholder and the spouse is aged between 18 years to 25 years. Similarly, Reliance General’s health plans offer a 5% discount for a female policyholder.

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The insurers are trying very hard to make buying the health plan an affordable experience. The discounts offered lower the premium while at the same time providing extensive benefits. So the next time you consider a health insurance plan, don’t make the affordability excuse as you would know agree that with the application of the above-mentioned discounts, the premium becomes cheap and pocket-friendly.

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