Selecting the coverage period for your health insurance is as important as choosing affordable premiums. Time is an important factor when comparing health insurance plans. Your policy coverage benefits and features change with the increase or decrease of the policy period.
Policy period in health insurance is an important aspect affecting premiums, coverage features, offering multiple benefits, and more. In this article, we explore how?
The policy period in health insurance is the period during which your health insurance provider will cover you against medical expenses. You are free to choose your policy term for:
Health Insurance policy period may vary from insurer to insurer. It entirely depends on you to select the policy period and after the completion of said period your health cover lapses until renewed.
Let us understand how choosing the right policy period affects health insurance premiums through an example.
Ankit purchased a health cover of INR 5 lakhs at annual premium price of INR 8,000
The minimum policy period in health insurance is 1 year. When purchasing a health insurance plan, you will have to purchase a health insurance plan for at least 1 year.
Whereas, the maximum policy period in health insurance may vary from insurer to insurer. The maximum policy period in India is up to 3 years.
Consider this as your checklist when selecting your ideal policy period in health insurance:
Selecting a policy period in health insurance is as necessary as selecting the sum insured, or premium prices of a health policy. It can save you big bucks and protect you from premium revisions done by your health insurance provider.
Confused still? Connect with our insurance experts to understand the ideal policy period in health insurance for you and your family.
The policy period in health insurance is the time duration during which a health insurance provider covers you and your family against planned and emergency hospitalization, along with other medical necessities.
Selecting a policy period is as essential as selecting the sum insured, and features. The policy period in health insurance varies as per individual needs. You can choose between 1 to 3 years of the policy period.
Policy period affects health insurance premiums as long-term policy periods offer policyholders long-term discounts in their overall premiums making it affordable for you.
The minimum policy period in health insurance is 1 year.
The maximum policy period in health insurance varies from insurer to insurer. Generally maximum policy period in health insurance goes up to 3 years.
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Simran is an insurance expert with more than 3 years of experience in the industry. She may have all the answers to your insurance queries. With a background in Banking, she proactively helps her readers to stay on par with all the latest Insurance industry developments.
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