While protecting us from unforeseen and expensive medical expenses, health insurance pays for medical care and provides a wide range of other significant benefits. Most of us have annual medical insurance, which needs to be renewed every year, and for some of us, remembering to do so can be challenging. Investing in a health insurance plan that has coverage for multiple years can be helpful if you are one of these people.
Coverage under multi-year health insurance policies extends your protection beyond a single year. When you purchase the policy on a health insurance app, you must make a single payment of the premium.
What are the Advantages of Doing So?
Protection Against Any Changes in the Premium
A health insurance plan with multi-year coverage is the ideal method to protect oneself against rising premiums and costs of medical care. The benefit of cost-effectiveness is made available to the policyholder who chooses this plan since they can lock in the premium for longer.*
A health insurance policy that covers multiple years often provides coverage for a longer period which you may find suitable as per your requirement. The fact that the premium can be paid in one lump sum for several years helps to protect the insured from any future increases in the premium.*
Premiums Have Been Reduced
In addition to the above, policyholders have the opportunity to save money by paying premiums for multiple years at a concessional rate.
For instance, if one purchases a policy from the Bajaj Health insurance app with a term of two years, they may be eligible for a concession of up to ten per cent. On the other hand, if they purchase a policy with a term length of three years, they may qualify for a concession of up to 15 per cent.
Protect Yourself from the Possibility of Claim Denial
If a family’s claim for health insurance benefits is denied, it might be a catastrophe for the household because it will require them to pay for high out-of-pocket medical costs. In this regard, numerous initiatives have enormously beneficial effects. Another insurer can accept a health insurance claim after it has been denied by the original insurer, meaning that the total amount of the claim will not be forfeited. As a result, having various health insurance policies can serve as a hedge against the rejection of claims.*
How Do You Choose?
The premium for this coverage can be paid entirely at once or in manageable instalments and the policyholders can do so. It is highly recommended that policyholders go for an all-inclusive plan with a sufficient sum insured to free themselves from the annual inconvenience of renewing the policy. Some health insurance apps can even use tax benefits while maintaining their level of protection.**
Want your own multi-year health protection? Get it with Caringly Yours, Bajaj Allianz Policy. Download it now.
Get insured anytime, anywhere! Check out the Bajaj Allianz General Insurance website to learn more and download the app now.
* Standard T&C Apply
** Tax benefits are subject to change in prevalent tax laws.
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply.
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.