search icon
linner
back arrow Back

Should pay insurance premium on yearly or consolidated for 2-3 years? ly

reply Share
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?

like
0
Purchase

2 Answer

Post
connect with advisor

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.

like
0
icon-comment 0 Comments
icon-reply Reply
connect with advisor
28 Oct, 2022
connect with advisor

Hello Neeraj,


There are many benefits of Paying the Premium for Multiple Years.

  1. Discount offered by Insurance Companies on all the Premiums. We get discount on the 1st Year Premium as well.
  2. The Discount varies from 5 - 10%.
  3. You save on the revision of Premium by the Insurance Companies. usually they keep on revising every 3 - 4 years
  4. Benefits u/s 80D of the Income Tax


Thank You

like
0
icon-comment 0 Comments
icon-reply Reply
connect with advisor

Tired of dealing with call centers!

Get a professional advisor for life!

LIFETIME FREE

Rs. 1799

or