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Pros and Cons of Multi year renewal of Health Insurance
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10 Apr, 2022
by ashis
Niva Bupa is offering an option to renew my Reassure plan for 2 and 3 years? What are the pros and cons of the same apart from cost savings vis a vis 1 year renewal?
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12 Apr, 2022
ashis
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12 Apr, 2022
One of the major benefit is, You save on any inflation linked premium increase if that ever happens over the next two to three years.
Apart from this there really isn't much as a benefit that a advance premium brings alongwith.
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12 Apr, 2022
ashis
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13 Apr, 2022
CEO, Insurance Samadhan
Dear Ashish
I would recommend yearly renewal . Percentage discount is less than returns on mutual fund .
You can invest money , redeem and pay premoim . You will make more money .
Beside inflation linked pricing , I don't see any other benefit rather company may take such customers for granted .
Ypu are keeping them on toes when you are seeking annual renewal .
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13 Apr, 2022
ashis
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Pros
Discount on premium
Save yourself from potential increase in premium in next 3 yrs
Cons
No option to move out if you are not happy with the service before completion of the tenure.