Reasons why you should consider upgrading to a multi-year health insurance policy

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With the rise of health emergencies in India, the health insurance market has recently grown significantly. There has been speculation by the Swiss Re institute that in the coming decade, the insurance market will grow exponentially, making India the sixth-largest market in the world. Health insurance is a foundation and crucial pillar of the insurance sector that contributes generously to its growth.

The 2022 report given by the Health Insurance Market in India suggested that the value of the Indian Health insurance market was INR 1886.25 Bn in Fy 2021, which will expand at a CAGR of 5.12%. This exponential growth represents the fear of people after the Covid pandemic. Although the Covid cases have declined, the fear of life remains.

The financial stress that arises because of health conditions haunts the people’s budget, making them aware of the necessity of having health insurance for themselves and their families. So, if you are looking to make health insurance for your family or upgrade your existing plan, then you should choose the multi-year health insurance plan. The main feature of the multi-year health insurance plan is the fact that it will help you to save more and save you from the hassle of doing yearly renewals. But there is more to it. Here are some benefits of a multi-year health insurance plan.


Saves money

The multi-year health insurance plan is cost-efficient. You will get a 10 percent discount on two-year premium policies and a 15 percent discount for a three-year plan. Since the program offers lifelong renewal, it is beneficial in the long run. The value of premiums has increased with time which will also help to save more.

No variables in premium

When you are doing a health insurance policy, the factors that affect the cost of the premium amount are your age, type of policy, lifestyle, amount of coverage, and the possibility of change in the premium amount by the insurance company. But a multi-year health insurance plan guarantees the same premium value for an extended period. The value of the premium is decided at the time of purchase itself.


The feature of lifetime renewability of the policy or during the time of medical emergency is included in a multi-year health plan that makes it stand out from other plans.

EMI and Tax Benefits

The premium can be paid easily through EMI, which makes it user-friendly and accessible to a larger domain of people. Also, if you employ a proper plan, you can get maximum tax benefits, or you can also choose to claim it every year.

So, you should always decide after thorough research and opt for a multi-year health insurance plan.

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The Financial Blaze Team

The Financial Blaze is hub of your all financial requirements. Stay connected to the blog to get the latest information about Mutual Funds, Stock Market, Insurance, Loan and Banking. For any query you can mail us at [email protected].

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