Health Insurance Policy-The importance of health insurance is increasing. Along with taking care of health, people have now started buying health insurance on priority.
Expenditure on treatment has increased a lot. Because of this, every person has started considering health insurance as important. Insurance companies are also launching policies with new features to attract customers. These provide facilities like cashless treatment and day-care procedures.
If you also want to take a health insurance policy, then you should also think about taking a multi-year health insurance policy. This is such a policy which does not have to be renewed every year and at the same time there is a discount in premium.
The duration of a normal health insurance policy is 1 year and it has to be renewed on completion of the term. Many times, due to delay in renewal after the policy expires, the policy holder does not get health coverage and in case of a medical emergency, he has to pay the hospital expenses himself. If you want to avoid this problem then you can take a multi-year policy.
What is multi-year policy?
This policy is usually for 2-3 years and the insured has to pay the premium for it at one time. That means freedom from the hassle of renewal every year. In a one year policy, there is a possibility of premium increasing at the time of renewal. In a multi-year health policy, you lock the premium amount for three years or the duration of the policy. With this, you do not need to worry that you will have to pay more for the premium next year.
A low premium
multi-year health insurance policy not only provides freedom from policy renewal every year but also keeps the premium low. Insurance companies give a discount of 10-15% on the premium of this policy. If no claim is made during the policy term, the insured gets the benefit of no-claim bonus on policy renewal.
Multi year health insurance policy is available in both individual and family floater options. In individual plans where only the policyholder gets protection. Whereas, in family floater the entire family gets insurance protection.
You can pay the money in installments also.
If you feel that you cannot pay the premium amount in lump sum, then you can pay the premium in installments also. Therefore, if you are planning to buy a new health insurance policy, then multi year health insurance policy will prove to be a good option for you in terms of better health coverage and benefits.
