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Like other insurance policies, health plans have to be renewed at the end of every policy year to continue enjoying the coverage. Generally, most insurers offer attractive discounts on premiums to entice policyholders to continue the policy with them. You can check with your insurer to see if you're eligible for any discounts at the time of renewal.

Here are some of the discounts offered to policyholders when they renew their plan with the same insurer:

  • Discounts for longer tenures – The insurer offers premium discounts ranging from 5% to 20% for policyholders who renew the health plan for a longer-term, say 2 or 3 years.
  • Discounts for family members – Insurers offer discounts ranging from 5% to 10% when including family members under the same plan. For instance, the Reliance HealthGain Policy provides a 5% discount on the premium when you include 2 – 3 family members and a 10% discount when four or more family members are included in it.
  • Discounts for Women – Health insurers like Bajaj Allianz and Reliance General offer discounts on premiums ranging from 5% to 10% for women policyholders during renewal.
  • Free Health Check-ups – Though not a monetary discount, most insurers offer free health check-ups for policyholders during policy renewal.
  • No Claim Bonus – If you have not made any claims during the previous policy year, you can avail discounts on the premium on renewal. Note that NCB is cumulative and keeps on increasing for every subsequent claim-free year. NCB is applicable, even if you’re transferring the policy to another insurer.

Besides these, insurers also offer on-time renewal discounts to policyholders who renew the policy before the due date. Make sure to check the available discounts to enjoy a reduction in premiums during renewal.

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