5 Ways To Help Reduce Your Health Insurance Premium Amount

Health insurance is necessary today due to lifestyle disorders, stress, and increasing medical costs. The pandemic has heightened awareness of life’s uncertainties, emphasising the importance of health insurance. As people seek ways to protect their families while managing costs, here are some innovative strategies to reduce health insurance premiums:

1. Purchase Early: Your age is one factor that significantly impacts your health insurance cost. Many plans even give you a concession for purchasing in advance. In addition, those with pre-existing conditions pay a higher premium for a health insurance plan. It is ideal for locking in a low premium rate for the health protection plan when you are healthy and in the prime of your life because as you get older, your vulnerability and likelihood of developing conditions like diabetes and hypertension increase. Therefore, making the choice now is the first step to obtaining a lower premium. ##

2. Select Family Floater Plans: Although each person’s health insurance needs differ, family floater policies are frequently made to accommodate all the members of a single family. A family-floater plan covers all of the family’s medical costs instead of an individual cover, which only protects one person. The price is considerably less than if you were to purchase a separate plan for each family member, though. Any family member who needs it because of a medical emergency may use the sum assured under the plan. Claims are subject to terms and conditions set forth under the health insurance policy. *

3. Go For a Multi-Year Plan: Instead of choosing a one-year policy and then a renewal, many insurers now offer two or three-year health policies where you can save money on the premium. You are also guarded against a potential premium increase the following year, along with the concession. If a long-term plan is an option, it is always wise to choose it. Claims are subject to terms and conditions set forth under the health insurance policy.  ##

4. Use Cumulative Bonus: A cumulative bonus in health insurance is a great way to get a higher sum insured for a lower cost. Suppose you don’t file an insurance claim during your policy term. In that case, you can get an additional sum insured in your policy for the following year without paying an additional premium. Most insurers now provide a cumulative bonus that can almost match the amount of insurance you choose for your base policy. For instance, if you buy a policy with a Rs. 10 lakh sum insured and don’t file any claims for several years, you might be eligible for an additional Rs. 8–10 lakh in sum insured on top of the base policy. Naturally, this varies from policy to policy, so it’s a good idea to research the kinds of cumulative bonus benefits your policy provides in advance. ## *

5. Purchase Online: Buying your health insurance plan online is another underutilised way to get more for your money. Compared to offline channels, the online distribution model is typically more cost-effective. As a result, the policyholders receive a portion of this benefit, which lowers their annual premium obligation. ##

*Standard T&C Apply

##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.