Health Insurance Premium: Health insurance has become very important in today’s time, but even after this only very few people and families in India have it. This is because of the premium…
Health insurance is not only important for health but also for financial condition. The pandemic has further increased its importance. Although very few people and families in India have health insurance, which has a direct connection with the premium. Actually there is a direct relation between fitness and health insurance premium. Paying attention to this, the premium can be reduced.
Premium Reduction Formula
Insurance companies decide the premium on the basis of many things like age, old medical history, BMI ie body mass index, smoking. If you exercise to stay fit, take a healthy diet, then the chances of getting sick are reduced. In such a situation, the possibility of claiming health insurance decreases. Let us see how fitness can bring down the premium…
BMI is an important factor
Body mass index ie BMI is the most popular method to check obesity. It tells whether the weight of the body is right in proportion to its length or not. If BMI is between 18.5 to 24.9 then the weight is normal. A BMI less than 18.5 means underweight. BMI being between 25 to 29.9 means over weight. If your BMI is above 30 then you are obese. With the help of BMI calculator, you can check BMI score online.
These people feel more premium
Insurance companies are very careful about people who are overweight or obese. This is because people with high BMI are at a higher risk of diseases like diabetes, heart problems and hypertension. In such a situation, there is a high possibility of claiming their health insurance in the future. This is the reason why insurance companies charge higher premiums from people with high BMI than those with normal BMI.
IRDA has given these instructions
The Insurance Regulatory and Development Authority of India (IRDAI) had issued guidelines to promote wellness and fitness in the health insurance sector. According to this, insurance companies can give reward points to such policy holders, who adopt healthy behavior or do physical exercise. Apart from this, other offers including discount coupons, health checkup and diagnosis can also be made.
Companies are adding new features
To promote fitness, insurance companies are gradually adding new features to their health policies so that people stay connected with fitness activities. The more fit you are, the more rewards you will get. Like more discount on premium, gym membership, discount on premium at the time of renewal or facility to increase the amount of sum assured.
Get such rewards
Some insurance companies are offering up to 100 per cent discount on the next year’s premium if the policy holder fulfills prescribed standards like walking 10,000 steps daily during the year. Records of physical activities can be kept through smart wear devices such as fit bands or mobile apps. Remember that different insurance companies have different reward policies and criteria. It also depends on the risk profile of the policy holder.
