Why Choose Multi-Year Health Insurance

What is Multi-Year Health Insurance?

A multi-year health plan is a type of insurance that covers you for several years, so you don’t have to renew your plan every year. This plan usually lasts for three to four years, giving you the convenience of continuous coverage without needing to go through the renewal process each year.

Benefits of Multi-Year Health Insurance

1. Lower Premiums

One of the best benefits of a multi-year health insurance plan is that it can help you to save on premiums. For instance, if the one-year premium is ?30,000, you may get a 10% discount for the two-year plan and a 15% discount for the three-year plan. It's like you get a sale on something you were already going to buy! With time, this can create a cumulative effect, in which you can use the unused amount of money for other medical needs that you might have.

2. The Lock-in Advantage

With age, the cost of health insurance will increase. For instance, a 40-year-old could pay 30-40% more than a 30-year-old. If you buy a long?term health plan in advance, you can "lock in" that same premium price for 2?3 more years. This prevents you from any price fluctuations if the insurer increases the premium after a while.

3. Easy EMI Options

Many people are concerned about the big payment when choosing a multi-year plan. The good news is that many insurance companies offer easy EMI options. With the easy EMI option, you can split this cost into smaller and easier installments so you are not burdened when seeking to pay for the best health insurance coverage for you or your parents.

4. Tax Advantage

Under Section 80D of the Income Tax Act, you can get tax benefits of up to Rs 25,000 for health insurance premiums paid for yourself, your spouse, and your children. With a multi-year health insurance plan, the total premium you pay at once can be divided across the years to help you get tax benefits every year. For example, if you paid Rs 36,000 for a three-year plan that covers you, your spouse, and a child, you can get a tax benefit of Rs 12,000 each year.

5. Continuity in Coverage

One big problem with annual policies is that it's easy to forget to renew them. Life can get busy, and missing a renewal means you may not have insurance when you need it most. A multi-year health insurance plan for your parents ensures they have continuous coverage for a longer period, without the worry of missing renewals.

Conclusion

Choosing a multi-year health insurance policy is a great way to secure continuous protection for you and your family while saving some money. It will come with several benefits like lesser premiums, tax benefits, and lock-in benefits to provide relief and peace of mind. Secure your health today with a plan that takes care of tomorrow!