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Should pay insurance premium on yearly or consolidated for 2-3 years? ly
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26 Oct, 2022
by neeraj goenka
My health insurance premium is due next month. Just need to know, that should pay premium on yearly basis or pay for 2-3 year in one go consolidated amount for 2-3 years premium?
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28 Oct, 2022
Hello Neeraj,
There are many benefits of Paying the Premium for Multiple Years.
- Discount offered by Insurance Companies on all the Premiums. We get discount on the 1st Year Premium as well.
- The Discount varies from 5 - 10%.
- You save on the revision of Premium by the Insurance Companies. usually they keep on revising every 3 - 4 years
- Benefits u/s 80D of the Income Tax
Thank You
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Pay as per your convenient , paying in advance premium allow you to enjoy discount offered by companies up to 10 % as per structure of the company. If you are satisfied with your insurance company paying in advance is good. But in case if you are frequently chaser of new benefit or not satisfied with your current company then considering portability its better to pay yearly premium.