With the recent update from the Insurance Regulatory and Development Authority of India (IRDAI), you now have the option to secure your health insurance premium for up to five years. This long-term plan shields you from the impact of annual premium hikes due to inflation and rising healthcare costs.
Imagine not having to worry about renewing your health insurance every year or dealing with increased premiums. Multi-year health insurance policies make it easier to stay covered and save money. Available now for up to five years (previously capped at three), these policies offer peace of mind and significant savings.
How Multi-Year Plans Save You Money
One of the key benefits of choosing a multi-year policy is the potential for discounts. The longer the policy, the greater the savings. For example, a 30-year-old in Delhi opting for a Rs 10 lakh sum insured would typically pay around Rs 9,000 annually. However, with a multi-year policy, the cost drops significantly:
- 3-Year Plan: Pay Rs 24,000, saving 12%.
- 5-Year Plan: Pay Rs 38,000, saving up to 19%.
These savings, ranging from 12-19%, can add up quickly, making long-term policies a smart choice for anyone looking to secure their health insurance without the hassle of yearly renewals.
Is a Multi-Year Health Insurance Plan Right for You?
With healthcare costs climbing each year, locking in a multi-year policy guarantees you continuous coverage at a predictable rate. This not only simplifies the renewal process but also helps you save on premiums. Whether you’re seeking affordable coverage or long-term security, a multi-year policy can provide both.
