Reasons Why You Should Upgrade To A Multi-Year Health Insurance Policy

 

Financial hardship brought on by serious medical illnesses can have a significant impact on savings, making it imperative to maintain your health insurance plan at all times. Hence, it is time to upgrade to a multi-year health insurance plan if you are in the yearly routine of renewing your medical insurance policy or looking to apply for health insurance online. The main benefit is that you may avoid annual renewals without trouble, and it also increases your savings. The advantages of a multiyear health insurance policy are listed below. 

●       Spend Less On Long-Term Health Plans

Cost-effectiveness is a significant factor to consider when transitioning from a yearly health plan to a multi-year coverage. Given that the plans have a lifelong renewal option, choosing it can make policyholders save significantly over time. 

●       A Fixed Lock-In Fee

Age, coverage type and quantity, lifestyle are some of the factors that affect the premium when purchasing a health insurance plan. Additionally, the growing medical inflation has an effect on the cost of the insurance. Therefore, choosing a health insurance plan with a longer term allows you to secure a fixed sum that is decided at the time of policy purchase and remains the same until the conclusion of the period. 

●       Earn Tax Advantages Each Year

People always look for tax advantages when obtaining any form of insurance policy. Therefore, multi-year health insurance offers tax breaks under section 80D, just like a conventional health plan. While you can decide whether to claim the tax benefits annually or all at once, you should choose the option that would provide you with the biggest tax break possible.^ Therefore, one must be aware of the terms and conditions in advance.**

Claims are subject to terms and conditions set forth under general health insurance policy 

●       Continual Renewal Of The Policy

Renewing a health insurance policy on time is crucial because failing to do so will result in the cancellation of the coverage. Therefore, if a medical emergency arises during this time, the costs will need to be covered from your own pocket since there will be no time for filing claims. While many health plans offer the option of lifetime renewability, you can extend your coverage with multi-year health insurance.* 

●       Get EMI Benefits

According to the IRDAI order, the insured also has the choice to pay the premium in convenient EMI in addition to the concession provided by the multi-year health insurance policy. Additionally, you may decide the frequency of instalments based on your convenience. The multi-year health plan is affordable, reasonable, and accessible as a result of these benefits. 

A health insurance calculator is a simple and easy-to-use tool you may utilise online to check the amount of coverage required based on your needs. 

*Standard T&C Apply

**Tax benefits are subject to change in prevalent tax laws.

#Visit the official website of IRDAI for further details. 

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.