Easy methods to cut down in your medical insurance premium

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In a world with the rising trend of lifestyle disorders, high amount of stress and inflating medical costs, having a medical insurance is imperative for everybody. It’s maybe even more vital within the post-pandemic world where the realisation of the uncertainty of life is loads more profound than ever before. That’s the rationale that awareness in regards to the importance of medical insurance has been on an increase over the previous few years. Furthermore, there has also been a trend of increase within the variety of policies bought in addition to the quantity of sum assured.

While many need to go for a medical insurance policy to guard themselves and their families, amid rising inflation, they seek ways to save lots of more on their premium cost. Listed below are a couple of smart ways you’ll be able to cut down on premium in your medical insurance policy to make it cheaper:

Buy Early: One factor that has the most important bearing in your medical insurance premium is your age. A variety of plans even give you a reduction on buying early. For instance, Young Star plan from Star Health Insurance offers a lifelong 5% discount on early purchase. Furthermore, the premium of the medical insurance policy is higher for those with pre-existing diseases. Since with age, your vulnerability and probabilities of having ailments like diabetes and hypertension increases, it’s best to lock in a low premium rate for the health protection plan if you end up healthy and in prime of your life. So the primary decision you will need to take to get a lower premium is to take it now.

Select Family Floater plans: While medical insurance needs differ for every individual, but often, family floater plans are designed to slot in the members of 1 family. Versus a person cover that protects only a single person, a family-floater plan covers the medical expenses of your complete family. Nonetheless, it is far lower in comparison with a situation where you purchase a person plan for every member of the family. The sum assured under the plan could be utilized by any member of the family who needs it as a result of a medical emergency.

Go For Multi-Yr Plan: Many insurers as of late offer two to a few 12 months health policies where you get a reduction on premium versus going for a one 12 months policy, followed by a renewal. Aside from the discount, you’re also shielded from the hike in premium that will come next 12 months. It’s all the time smart to go for a long-term plan, if the choice is out there. You may rise up to 10 per cent discount by choosing a two-year medical insurance policy and as much as 15 per cent discount on a three-year policy. You stand to save lots of loads more in your premium.

Use No Claim Bonus: NCB, or No Claim Bonus, is an incredible option to get a better sum insured for a reduced amount. For those who make no insurance claim during a policy term, you’ll be able to avail an extra sum insured as a part of your policy for the subsequent policy 12 months without paying any extra premium. Today, most insurers offer NCB which may go almost as high because the sum insured you opted on your base policy. For example, for those who purchase a policy with Rs 10 lakh sum insured and don’t make claims for consecutive years, it’s possible you’ll give you the option to get an extra sum insured of Rs 8-10 lakh over and above the bottom policy. In fact, this varies from policy to policy, and it’s advisable to examine beforehand what form of NCB advantages your policy offers.

Buy Online: One other underrated option to get more value on your money is to buy your policy online. Online distribution model will likely be more cost effective than the offline channels. So, a component of this profit is passed on to the policyholders, thus reducing their annual premium liability.

By following the following pointers, you’ll be able to easily save more in your premium while ensuring a sufficient coverage for yourself and your loved ones. Use them smartly and make most of your medical insurance policy.

(By Amit Chhabra, Head-Health & Travel Insurance, Policybazaar.com)

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