7 Thing To Know About Multi-Year Health Insurance Policy

Outlook Money

Multi-Year Plan

In a multi-year strategy, the policyholder can pay the premium for two to three years in one go. 


Customers don’t require remembering the renewal dates, allowing senior citizens convenience.


Many health insurers provide discounts on a multi-year health plan, ranging from five to 15 per cent on premiums.


Age Benefit

The customer can benefit from not having to pay the hike in premiums with the increasing age every year.


Tax Benefit

Senior citizens can claim tax benefits of up to Rs 50,000 for health insurance annual premiums under section 80D of the Income Tax Act.

Tax Benefits


Seniors must remember to check exclusions, expenses, list of hospitals, etc., before choosing a plan. 

Factors to consider before purchase

No Porting Option

After buying the plan, if you are dissatisfied with the policy, there is no option to port the plan to another insurer before its term ends. 

Compiled By Himani Verma

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