What are the Benefits of Long-term Health Insurance and Why Get a Health Insurance Plan with Lifetime Renewability?
Accidents may happen anytime and ill-health may come unannounced, but “chance favours only the prepared mind” (Louis Pasteur). Health insurance is a long-term investment that secures the health-related finances of the insured and his family. Hence, it is very important to get covered and remain covered by a comprehensive medical insurance plan that offers lifetime benefits.
Why should you go for Long-term health insurance?
Health Insurance is an annual product, and so a typical health insurance plan covers permitted medical costs on a yearly basis. Quite a few insurance companies offer policies with a longer tenure. So, you can opt for a long-term health insurance plan, which usually remains valid for 2-3 years. Here’s why choosing long-term health insurance may make sense:
- You may get discounted on premiums for long term premium payment
- You will not be affected by any rate revision made during the 2-3-year tenure
- You get coverage for a longer time period without having to renew the health insurance policy every 12 months
- As a result, it would ensure that your policy would surely not lapse in the interim.
So, even if health insurance plans can be taken on an annual basis, there are quite a few benefits for opting for a long-term health insurance plan.
Why get a health insurance plan with lifetime renewability?
Health insurance companies have tweaked their policy features from time-to-time based on customer requirements. One such customer-friendly feature of a health insurance plan is lifetime renewability.
According to a mandate issued by the IRDAI, all general insurance companies offer lifetime renewability options to the insured except on grounds of fraud, moral hazard, etc. When a health insurance proposal is granted and the policy is issued, the policyholder qualifies to renew the plan throughout his life, provided the insured keeps renewing the policy without any break from issuance date.
There are multiple benefits of lifetime renewability of health insurance plans, such as:
- Constant coverage
Many insurers don’t provide health coverage after a particular entry age. However, the lifetime renewability option helps the insured get the benefits of the medical insurance policy during the course of their lifetime. Your policy does not lapse during the tenure of the coverage. Even when there’s a delay of up to 15 days (Grace Period to renew the plan), the insured is still considered “continuously covered” and enjoy related benefits such as waiting period and coverage of pre-existing diseases.
- Guaranteed cover
With lifelong renewability, you would still get coverage even if you happen to be diagnosed of any terminal/critical illnesses after the issuance of the policy. Insurers cannot decline renewal based on your illnesses.
- Long-term benefits
Many insurers offer No-claim Bonuses for claim-free years to the insured to encourage filing claims only when it is absolutely necessary. You may also qualify for Restoration Benefits, wherein the insurer restores the original insurance amount once it gets entirely utilized with multiple claims in the policy year.
- Easy renewal
It makes renewal easy. The insurer has no right to reject a renewal proposal based on the fact that you have made medical claims in the last few years.
- Enjoy discounts at renewal
When you renew your policy for a longer period of time, many insurers offer certain percentages of discounts on the premium on renewal.
- Relief for Senior Citizens
People can opt for a health insurance policy even at the age of 65 and keep renewing the policy hassle-free thereafter. Some insurance companies extend health insurance cover to senior citizens beyond the age of 90! This has proven to be a welcome benefit especially for retirees. It lessens the financial stress during old age.
SANA.Insure can help you choose the right option for health insurance with lifetime renewability benefits and long-term validity options as per your preference and budget. Log on to SANA.insure to select multiple options from over a hundred plans offered by 16 general and health insurers, compare over 45 policy features that have been color coded for easy visual reference, and purchase your perfect choice online. Need assistance? We are just a WhatsApp Chat (8278271818) or a phone call (18002028118) away! A Health Insurance Expert at SANA.Insure will explain policy terms in detail and offer you the right advice.
Wish you a healthy and happy life!