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In the recent pandemic that crumbled the world, we witnessed the importance of healthcare like never before. The ever-rising cost of health services that has always existed, became more prominent during the pandemic and showed us the significance of having Health Insurance.
Health Insurance is the “kavach” that should always be around us, and we should be well prepared for every renewal. Another option is, instead of renewing it the usual way, i.e., annually, we can look at the long-term plans that are valid for more than one year.
Apart from the benefit of being carefree from the renewal tension for a long while, long-term plans have a few other benefits over and above the annual plans.
Long Term Health Insurance, as the name implies, has a longer tenure than the standard one-year tenure of health insurance. Its tenure usually ranges between 2-3 years. Hence you have a financial cushion against any health care requirements for a longer period.
Given the forgetful nature of the human species, the first and foremost benefit is this! A policy lapse not just ceases the health cover but also gets us into other hassles like resetting the waiting period. With Long Term Insurance plans, the frequency of premium payments is reduced which further reduces the chances of missing out on premium payments.
Another significant advantage of buying a long-term plan is the discounted premium that the company offers. Most of the time, the premium paid for a long-term policy is much lesser than the total premium paid on a yearly basis for a short-term policy.
Paperwork for once, and you are done for 2-3 years. Less frequency of renewals means lesser paperwork as compared to renewing your health insurance every year.
As with most financial products, the price and terms of the health insurance policy may keep changing as per the changes in the market and regulations. When you buy a long-term policy, the terms and conditions become fixed for the selected tenure. And the premium? Well! You’ve already paid it after completing the evaluation.
Yes, the method is the same as in the annual health plan. Long-term Health insurance also covers pre-existing diseases but with the required waiting period.
Yes, the method is the same as in the annual health plan. Long-term Health insurance also covers pre-existing diseases but with the required waiting period.
Senior Citizens are considered a high-risk group, and hence the insurance companies usually do not offer long-term plans for senior citizens. However, you can always check up with your insurance provider since the rules and conditions differ from one company to the other.
Senior Citizens are considered a high-risk group, and hence the insurance companies usually do not offer long-term plans for senior citizens. However, you can always check up with your insurance provider since the rules and conditions differ from one company to the other.
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Disclaimer #1: *Customer can choose options at the time of availing insurance. Premium amount may vary accordingly. Insured is required to disclose any pre-existing condition or on going treatment before policy issuance in the proposal form.
Disclaimer #2: This information is added only for informative purposes and collected from different sources across the Internet. Digit Insurance is not promoting or recommending anything here. Please verify the information before making any decisions.
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Author: Team Digit
Last updated: 23-09-2024
CIN: U66010PN2016PLC167410, IRDAI Reg. No. 158.
Go Digit General Insurance Limited (formerly known as Oben General Insurance Ltd.) - Registered Office Address - 1 to 6 floors, Ananta One (AR One), Pride Hotel Lane, Narveer Tanaji Wadi, City Survey No.1579, Shivaji Nagar, Pune-411005, Maharashtra | Corporate Office Address - Atlantis, 95, 4th B Cross Road, Koramangala Industrial Layout, 5th Block, Bengaluru-560095, Karnataka | Trade logo of Go Digit General Insurance Ltd. displayed above belongs to Go Digit lnfoworks Services Private Limited and is provided and used by Go Digit General Insurance Ltd. under license.