Types of Discounts on Health Insurance Policy
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Various discounts are offered on health insurance plans such as cumulative discounts on premiums, no-claim bonuses, and reward points to individuals who follow healthy lifestyle habits. There are various offers and discounts in the market from different health insurance companies to compete against one another in the insurance industry. Although people are now investing more than ever in the insurance market owing to the increased awareness and importance of insurance, insurance companies offer discounts to give an additional push.
Discounts Offered by Insurance Companies
Given below are some of the discounts offered by the health insurance companies in the market:
1. Cumulative Discounts on Premium
In case a policyholder makes payment of premium for a few years together during entry, at that time they can avail discounts on premium provided by the general insurance companies. These premium payments are also significant for the insurance companies as they get a lump sum during the sale. Typically, insurance providers provide 5%-10% discounts on the yearly premium amount.
2. No Claim Bonus
During the health plan duration in case the policyholder does not make claims, then they will be eligible to get a bonus in the form of a reward every year. NCB adds up until the insured person files for a claim or till the time maximum allowable limit is reached. The NCB benefit can get transferred at the time of moving towards a similar insurance plan of different medical insurance companies.
3. Family Discount
In this kind of insurance discount, wherein other family members get covered alongside the policyholder. However, this kind of discount is applicable just one time by including a member. The discount does not remain applicable by adding some other member. For instance, in case an insured person avails a discount by the way of including his partner, then they may not be eligible to obtain discounts any further in case they decide to add children and parents to the same health insurance policy.
4. Discounts for Women
Insurance providers such as Bajaj Allianz and Reliance General provide lower premium rates to female policyholders. To empower the women, this initiative has been taken by the insurers. Also, the discount is eligible if the plan is proposed by a female. Discounts on health insurance for women range between 5%-10% of the overall policy premium.
5. Vouchers and Rewards
Various insurance providers provide wellness discounts to their customers. Specific health policy offers discount vouchers. These vouchers can be redeemed at many pharmacies and health centers. Apart from this, certain health insurance vouchers can also be payable next year if you stay healthy during a policy tenure.
6. Free Health Check-Ups
Although this is not a monetary reward or discount, after certain policy years, the policyholders can avail of free health checks. It helps in encouraging the policyholders to continue renewing the health plan without breaking the term.
6. Company Profits
Various insurance companies in India offer the policyholders many discounts, vouchers, etc as they reach a specific profit margin. These vouchers can be used by the insured members at the time of getting treatment in a network hospital or at the time of buying the medicines.
Conclusion
Although some people even today are apprehensive about purchasing a health insurance policy today many people understand the significance of having health insurance for long-term protection and other benefits associated with the policy. Selecting a good insurance plan that provides maximum benefits will safeguard you from unforeseen financial crises that could arise due to any sickness. Discounts offered by the insurance companies can help you in saving your money, hence it is wise to compare various plans offered by different insurance companies before purchasing a health insurance plan.
Also Read:
10 Exclusive Discounts That Reduce Health Insurance Premiums
A Guide For Paying Health Insurance Premiums In Instalments
Disclaimer: This article is issued in the general public interest and is meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive and should research further or consult an expert in this regard.
