Long-term Health Insurance and Their Benefits

A long-term health insurance policy helps reduce the cost of hospitalization, an assisted living facility or home assistance, especially when one is no longer able to take care of them. As we grow older, one question that comes to the mind is, “Who is going to take care of us when we no longer care for ourselves?”

Read More

Get ₹5 Lac Health Insurance starts @ ₹200/month*
Get ₹5 Lac Health Insurance starts @ ₹200/month*
250+ Plans 18 Insurance Companies
₹ 5 Lakh Coverage @ ₹ 10/day
7 Lakh+ Happy Customers

*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

Get insured from the comfort of your home No medicals required
I am a

My name is

My number is

By clicking on 'View Plans' you, agreed to our Privacy Policy and Terms of use
Close
Back
I am a

My name is

My number is

Select Age

City Living in

    Popular Cities

    Do you take any daily medication? Apart from vitamins & supplements
    Get updates on WhatsApp

    Health care has become a significant expense with inflation in health care going to 15% in India. At this rate, health care might become a costlier affair. Health insurance is the best, and therefore, highly recommended option to eliminate the odds of a financial disaster in the absence of a backup plan in particular. However, medical institutions or insurance companies consider senior citizens as customers at a high risk.

    There are a few exclusions along with some terms and conditions that need to be considered before buying a plan.

     

    What is Long-term Health Insurance?

    Long-term health insurance plans, typically, have tenure of 2-3 years. Therefore, as an alternative to health insurance plans that is valid for a year, you can lock up your coverage for 2-3 years. It is an alternative to the regular 1-year health insurance policies that will continue to be available.

    Why Should You Consider a Long-term Health Insurance Plan?

    The biggest advantage for you as an insurance seeker, when you opt for a long-term health insurance plan, is that you will no longer have to renew your policy every year. These plans are also likely to come with a discounted premium as compared to the 1-year health insurance plans.

    When you lock your insurance plan for 3 years, you make yourself immune to rate revisions of the premiums that might happen during the period. Insurance companies are expected to work out and offer discounts for NCB (no-claim bonus) to long-term health insurance policyholders. As the NCB slabs are fixed by the Insurance Regulatory and Development Authority of India (IRDAI), the benefits can be paid in the form of claim-related concessions.

    For Instance, the insurance company might offer a bonus to a policyholder for each claim-free year.

    You May Like: Worried About Long Term Diabetes Complication? Buy Health Insurance

    Long-Term General Insurance in India

    The chairperson of IRDAI revealed that the regulatory body is working on the details of long-term health insurance. It followed the encouraging feedback received for the long-term two-wheeler insurance plans launched last year.

    Why is a Long-term Plan Necessary?

    In recent times, there is a growing alertness among Indians of the necessity for health insurance. The increasing healthcare costs and the regular promotion of health insurance by insurance companies are convincing more and more people to consider health insurance as part of their investments. The revised tax rebates on such plans are also promoting the product.

    More insurers also mean more paperwork for the companies. This, together with the rising medical costs, is forcing health insurance companies to surge the premiums of long-term health insurance plans. While companies are helpless about the increasing medical expenses, they can only minimize their costs by reducing the paperwork, and then pass on these benefits to their customers.

    What about Pre-existing Diseases?

    Long-term health insurance plans are likely to cover the existing conditions with a waiting period as per the traditional norms (usually change from one insurer to another). For example, suppose that your policy has a 3-year waiting period, and you have already completed 2 years. Now, if you take a long-term policy during the 3rd year, then you can start claiming for expenses incurred for hospitalization expenses against pre-existing diseases, starting from the 4th year.

    Is This Plan Available for Senior Citizens Too?

    Unfortunately, health insurance companies consider senior citizens at high risk, and therefore, long-term plans may not be offered to them. However, more details are expected to emerge only after the IRDAI approves such plans. Hopefully, this will happen very soon in the near future.

    Written By: PolicyBazaar - Updated: 23 July 2021
    Search
    Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

    You May Also Want to Know About

    Top Maternity Insurance Plans

    Top Maternity Insurance Plans

    Top Maternity Insurance Plans Maternity or pregnancy is an important phase of life, and one needs to prepare in advance to embrace parenthood. Though rearing a child is an expensive affair and may require good financial backup to meet the requiremen...
    Health Insurance Claims Ratio- Things You Should Look Before Buying Health Insurance

    Health Insurance Claims Ratio- Things You Should Look Before Buying Health Insurance

    There has always been a doubt in customers mind about whether the private company will keep its side of the bargain i.e. it will settle the claim or not. A customer spends premium annually which will cover his medical expenses but there’s always ...
    Best Health Insurance Plans for Senior Citizens in 2021

    Best Health Insurance Plans for Senior Citizens in 2021

    Best Health Insurance Plans for Senior Citizens in 2021 Considering the increasing percentage of medical inflation in India, it has become an absolute necessity to buy adequate health insurance for your loved ones. And if they are your elderly pare...
    Covaxin vs. Covishield vs. Sputnik vs. Pfizer: Which one should you get?

    Covaxin vs. Covishield vs. Sputnik vs. Pfizer: Which one should you get?

    Covaxin vs. Covishield vs. Sputnik vs. Pfizer: Which one should you get? Covaxin vs. Covishield vs. Sputnik vs. Pfizer, the speculation continues regarding the difference between the efficacies of these COVID-19 Vaccines against the Coronavirus. If...
    Here’s the Difference between Health Insurance and Mediclaim

    Here’s the Difference between Health Insurance and Mediclaim

    Here’s the Difference between Health Insurance and Mediclaim Imagine you’re looking for a job change. You get an interview call for a job. What will be your plan of action? Will you get your resume ready and prepare for the interview or you wi...
    Close
    Download the Policybazaar app
    to manage all your insurance needs.
    INSTALL