⁠Maximum Health Insurance Coverage with Minimum Premium: Pro Tips

How to Keep Your Insurance Premium Low?

Here is a list of some tips that can help you keep your insurance premium on the lower end:

1.Buy Early

You may have heard the term "more candles on your birthday cake equals higher premiums." This means if you are young and reasonably healthy, you can get much lower premium rates. Think of lower base rates, shorter waiting periods, and minimal medical tests. So, the earlier you start, you avoid age-based loading and the longer you can enjoy the same plan at a lower price.

2.Choose Family-floater Plans

Instead of buying individual policies for every member of your family, you can go for a family floater. Think of it like a buffet. Everyone shares the same big plate of coverage, which usually works out cheaper than paying for individual meals. This tip can be especially important if you have a big family with young members, where the chances of making a health insurance claim are lower.

3.Maintain a Good Lifestyle

The healthier you are, the less risk you present to insurers. That translates to lower premiums. It also reduces your chances of making frequent claims, which helps keep your no-claim bonus intact and your premium steady. So, eat better, walk more, sleep earlier and avoid living like a caffeine-fuelled zombie. This also includes skipping that third plate of biryani might actually save you money in more ways than one.

4.Stop Smoking

If you need another reason to quit, this is it. Smokers usually pay more for health insurance because of the increased risk of critical illnesses. Even if you manage to get a policy, your health insurance claim could become complicated if your medical history shows consistent smoking habits. So, if you are thinking about quitting, your wallet will thank you right along with your lungs.

5.Start With a Basic Policy

This may sound counterintuitive, but it is a smart move when you are young and looking to get coverage for yourself only. A basic policy with a smaller sum insured costs less and gives you coverage for emergencies. Once your income grows and your family gets bigger, you can add top-up coverages or switch to a more comprehensive policy. You can think of it as starting with a simple gym routine before attempting handstands on a yoga mat.

6.Avoid Minor Health Insurance Claims

We understand it might be tempting to file a health insurance claim for every small expense. But you need to understand that each health insurance claim you make affects your no-claim bonus. These bonuses add up over time and often lead to a higher sum insured at no extra cost. Therefore, if you can manage a minor expense, try paying it out of pocket. Save your policy for the big stuff. That way, your rewards keep growing, and your future premiums may stay in check.

7.Select a Co-pay Amount

Most health insurance policies offer a co-pay option, where you agree to pay a portion of the total bill before your coverage kicks in. In return, your premium drops. This is a fair trade if you are healthy and confident about managing small bills. Just make sure you understand how much you will need to pay when the time comes. 

8.Compare and Buy Insurance Online

Gone are the days when you had to meet agents in person and listen to hour-long pitches with confusing charts. Now, you can compare policies online, check benefits side by side, and read reviews before making a decision. With online platforms like Paybima allowing policy comparison, this whole process gets a lot easier.
Apart from this, buying online often gets you better deals, lower premiums, and proper information on policy inclusions and exclusions. Some insurance companies even offer exclusive discounts or cashback, when purchased online. Plus, you can do all this in a few clicks, while sipping coffee in your pyjamas from the comfort of your living room.