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Medical emergencies may dent one’s savings and impact their financial goals. Instead of liquidating savings to raise funds for such emergencies, securing one’s family’s future with health insurance is best.
Multi-year health insurance is the most economical and viable choice to stay prepared for any critical health situations that may arise in the future.
Here’s a look at the various advantages of purchasing a multi-year insurance policy:
1. Hassle-free renewal
With most health insurance plans, there is a need to renew the policy annually. However, by choosing multi-year health insurance, one doesn’t have to worry about annual renewals. A renewal period of two or three years is common in these plans.
Bajaj Finance offers a range of comprehensive health plans with a policy period of two to three years and a benefit of lifetime renewable option. This option allows one to renew the policy anytime in their life.
Some of these plans provide coverage against treatments ranging from modern to traditional methods. One can avail of mental illness coverage with the option to choose a second e-opinion on critical illnesses when needed. Therefore, an individual can stay covered for a longer period with a single plan.
2. Waiting period coverage
Multi-year health insurance plans between two and three years give the advantage of doing away with the waiting period on every renewal.
3. Minimal paperwork
Multi-year health plans reduce the amount of paperwork required drastically.
4. Extensive health coverage
Health emergencies can strike any time, and given the increasing healthcare costs, it’s better to have insurance that provides comprehensive coverage against all medical expenses. It also encourages one to seek the best treatment possible without having to worry about the costs.
One can also choose top-up health insurance plans to cover additional health needs from Bajaj Finance.
5. Tax exemptions
Multi-year health insurance plans also offer tax-saving benefits. One is entitled to a tax deduction on the premium paid towards the policy under the Income Tax Act. The policyholder can benefit from tax deduction up to Rs. 50,000 depending on the policy chosen.
6. Fixed premiums
With a multi-year health insurance plan, one can stay immune to any revision in premiums. The increasing healthcare expenses impact the premium value of the health plans, resulting in a hike every year. However, multi-year health insurance plans come with a fixed premium that secures one under an extensive plan for a few years.
Choosing the right health insurance plan offers protection from expenses incurred due to major diseases or personal accidents. Bajaj Finance offers health plans that suit individual requirements at reasonable costs. By opting for a health insurance plan by Bajaj Finance, one can stay financially equipped to handle any medical emergency.