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Have you thought about upgrading to a multi-year health insurance? Do you think it is beneficial than the yearly insurance plans? Let’s talk about multi-year insurance meaning and its benefits in this post.
Health insurance played a considerable role in our lives even before Covid19. However, the recent episode of the pandemic has made health insurance an inevitable part and a top priority of most households. People generally buy yearly health insurance plans that need renewal on a per year basis. But do you know that you can gain striking benefits by upgrading your health plan to a multi-year policy. Let’s discuss the key points why it is beneficial to upgrade your health policy in this post.
As compared to the regular yearly health insurance plans that need annual renewal, multi-year insurance plans can be generally bought for 2 to 3 years. Here are some of the benefits of buying multi-year health plans:
So, if the premium of your multi-year health insurance plan is Rs 45,000, you can claim per year deduction in tax of Rs 15,000 for 3 years as per Section 80D of Income Tax. However, you need to check with the insurer to get further details before buying a multi-year policy.
As discussed above, there are many benefits of a multi-year health insurance policy. Along with saving tax, you can also avoid the hassle of yearly health insurance policy renewal. Hence, we recommend you to ditch the yearly health insurance plans and rather go for the multi-year health policies. Further, ensure that you compare health insurance plans online before renewing/buying the best policy.
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