Health care has become a significant expense, with medical inflation going as high as 15% in India. In this situation, health insurance is highly recommended to prevent your hard-earned savings from getting exhausted. In fact, the insurance market is full of long-term health insurance plans at competitive prices. If you are new to this concept, read on to know everything about long-term health insurance.
*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
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Long-term health insurance is a type of health insurance plan that has a tenure of 2-3 years. It is an alternative to regular 1-year health insurance plans as you can lock up your coverage and premium for 2-3 years. However, long-term health insurance plans involve paying the premiums for 2-3 years at the time of policy purchase.
Long-term health insurance plans are ideal for people who want uninterrupted medical coverage without the hassle of renewing their policy every year. Besides, these plans are available for a discounted premium compared to the total premium paid for a 1-year health insurance plan renewed annually.
The following are the benefits of investing in long-term health insurance:
The following table highlights the differences between short-term, regular and long-term health insurance plans:
|Factors||Short-Term Health Insurance||Regular Health Insurance||Long-Term Health Insurance|
|Policy Tenure||The policy is available for a duration of 3 months to 1 year.||The policy tenure is 1 year.||The policy is applicable for a duration of 2/ 3 years.|
|Pre-Existing Disease Coverage||Pre-existing health conditions may not be covered.||Pre-existing conditions are covered after 2 to 5 renewals.||Pre-existing conditions are covered from 2nd or 3rd renewal.|
|Premium||Affordable premiums||Regular premiums that can be reduced with discounts||Discounted premiums due to long-term policy discount|
|Add-Ons||No add-ons are provided||Add-ons are provided to increase the scope of policy coverage||Add-on covers are available|
Long-Term Health Insurance plans are always a good idea if you want discounted premiums and continued coverage for more than a year. However, you will have to pay 2-3 years of premiums in one go to buy long-term plans, which may be difficult to arrange for several people.
If you decide to buy this mediclaim policy, remember to compare plans from different insurers to choose the best long-term health insurance policy that matches your needs and requirements. Alternatively, you can contact health insurance experts at Policybazaar to learn about the most suitable long-term health insurance for your lifestyle and requirements.
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