It’s raining discounts in Health Insurance
‘Rain’ and ‘s’ are two words which lights up our face with a smile stretching from ear to ear. Yes, we always love a 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, s always urge us to go on a shopping spree and since almost every industry offers a , why should health insurance be left far behind. Health insurance plans also promise the customers on their premiums in multiple ways. These s 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 s in your Health Plan, so let’s Examine Each in Detail.
- for a two-year Premium Payment - Some health insurance plans offer s in premium rates if the premium of 2 years or more is paid at once. The may range from 5% to 15%. For instance, Max Bupa Heartbeat Health Insurance Policy offers 10% for paying the two-year premium at once.
- for Adding Family Members - If you add two or more family members in your health plan, the plan would offer you a ranging from 5% to 10% on the premium. One point to consider is that a flat is given on the premium. Addition of more members would not increase the . Bajaj Allianz’ Health Insurance Guard policy offers a 10% on adding two or members in the plan
- s for being Healthy - Yes, if you are healthy, you can reap its benefits through s in your health plan. Some plans offer you with vouchers which can be redeemed at various health centers and pharmacies while some plans 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 vouchers and so does Cigna TTK on being healthy.
- No Claim Bonus - It is a universal 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 s, increments in coverage levels at the same rate of premium or through offering 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.
- s in tie-up Outlets - Some plans provide you s if you buy medicines or avail health related services at partner outlets. For instance, CholaHealthline Plan offers a of 5% to 50% at select pharmacies, path labs, hospitals, etc. Even Cigna TTK’s plans offers s at several tied-up outlets.
- Age and Gender s - Rare but available, some health plans offer a 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 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% for a female policyholder.
The insurers are trying very hard to make buying the health plan an affordable experience. The s 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 s, the premium becomes cheap and pocket-friendly.
Disclaimer : *Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Written By: PolicyBazaar - Updated: 06 June 2020