• Various Discounts Offered in a Health Insurance Policy

    The insurance market is overabundant with offers and discounts from various insurers, who are competing each other to make a strong foothold in the industry. In this web of financial intricacies where inflation has swelled the hardships of earning hands, the term discount has a special significance. People are opting for various insurance plans because of increased financial literacy and awareness, but still discounts can give that extra push in the direction of making investment decisions. Here are some of the best discounts offered by companies operating in the insurance segment.

    Discounts for Family Members:

    Most insurance companies offer discounts on health policies if additional members of the family are covered along with the policyholder. However, these discounts do not increase with the number of members insured. For example, if a policyholder avails a discount on adding his spouse, he may not be eligible for further discounts if he includes his parents and children to the same family floater plan. Companies like Cigna TTK offer 10% family discount for 2 members but the rate of discount remains unchanged with more members added to the plan.

    Cumulative Discounts on Premiums:

    If customers pay premiums for a couple of years together at the time of entry, then they can avail premium discounts offered by the insurer. Such premium payments are also beneficial for the companies as they receive lump sums at the time of sale. Generally, companies offer 5% to 10% discounts on the annual premium amount.

    No-claim Bonus:

    During the term of the health policy if an insured person does not make any claims, he/she will be eligible for bonuses in the form of rewards each year. No-claim bonuses continue to add up till the time the insurer makes a claim or its maximum allowable limit is reached. Companies give a progressive increment in the sum assured by a minimum of 5 % and this can be accumulated for a maximum period of 10 years. The no-claim bonus of one company can also be transferred while migrating to a similar policy of different company.

    Participation in Company Profits:

    Some companies provide discounts, vouchers and offers to the insured members as their figures touch a certain value on the profit scale. These vouchers can be used for buying medicines or for receiving treatments in the network hospitals and outlets.

    Reward Points for Maintaining a Healthy Lifestyle:

    In a move to attract more customers, most of the insurance companies have started offering wellness rewards to their members who lead a healthy lifestyle. For example, one of the leading insurers in India provides a discount of 25% on premiums, if medical reports of two consecutive tests in a year shows stable health condition.

    Value Added Services:

    These discounts come mostly in the form of free health checkups, OPD packages and other attractive health offers that focus on changing the traditional system of healthcare insurance. One such example is of Religare, that offers a free yearly health checkup to its insured members.

    Discounts for Women:

    Companies LIKE Bajaj Allianz and Reliance General provide reduced premium rates to their female members as part of woman empowerment. These plans come with discounts from 5% to 10% of the total policy premium. Some companies also give out discounts in family floater plans based on the number of female participants.

    Network Discounts:

    Insurance companies create an arrangement of preferred provider organizations where members can get discounts on each treatment received. These discounts are negotiated between healthcare provider and the insurance company. The rates charged by the network hospital can be based on a percentage discount on each of the services offered. Receiving health care treatments through network organization helps the insurer to keep his medical expenses low.

    Bottom Line:

    Health insurance may still sound as a complicated subject to many, but now a large percentage of people understand the long term protection and benefits that come along with health insurance policies. Choosing a good plan that offers maximum benefits will protect you from needless financial commitments and will definitely prove useful at the time of unexpected sickness. Provider discounts are one way of saving your hard earned money, and therefore comparing various plans underscoring their offers and discounts is a good practice.

    GST rate of 18% applicable for all financial services effective July 1, 2017.

    Disclaimer: Premiums may vary depending upon factors like age, location and prevailing taxes/GST.

    Discounts in Health Insurance Policy Reviews

  • Page 1 of 50 1 2 3 4 5
    • ICICI Lombard Health Insurance
      "Average Policy"
      0.5 3.0/5 "Satisfactory"
      I have my health insured with ICICI lombard from last 2 years, the coverage value of this insurance policy is very less which is Rs 1 lakh. I am not aware of the premium amount as my company pays it. I do not have claim experience so far with this insurance policy.
      Was this review helpful? 0
      , pune
      Reviewed on Apr 24, 2018
    • Star Health Health Insurance
      "Health insurance with STAR"
      0.5 3.0/5 "Satisfactory"
      I have taken health insurance from STAR HEALTH & ALLIED INSURANCE. and the premium amount is 2500 for 2.5 lakhs of policy coverage.They dont provide any cashless faculty but provide reimbursement. There is no claim experience till now. Its an individual policy.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 24, 2018
    • Religare Health Insurance
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      Religare Health Insurance service is good. The payments are through Ecs. The offers of Religare covers the top hospitals,it was very much helpful for me. The benefits is for the whole family. It was an good experience with Religare Health Insurance service.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 23, 2018
    • Bajaj Allianz Health Insurance
      "Good policy for health"
      0.5 5.0/5 "Blown Away!"
      I have taken a health insurance with BAJAJ ALLIANZ GENERAL INSURANCE and the premium i am paying was 13600 annually. The provide cashless facility and the claim experience was good. The have cashless facility almost 99% of coverage done through the insurance.
      Was this review helpful? 0
      , kolkata
      Reviewed on Apr 21, 2018
    • Star Health Health Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I hold a health insurance with Star health from last 2 years, i pay an insurance premium of Rs 11000 every year. I get a good coverage value of Rs 5 lakhs for this health insurance policy. I have not claimed anything so far with this insurance policy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 20, 2018
    • Apollo Munich Health Insurance
      "best experience"
      0.5 3.0/5 "Satisfactory"
      I had taken a Health insurance policy from the top most private sector insurance company APOLLO MUNICH. Most of all benefits are covered under one policy, so no need to top up my insurance plan. I had received my health card and my policy document by mail. They have a good network with a best corporate hospitals.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 20, 2018
    • Religare Health Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have my health insured with Religare health 4 months back, i am happy with the coverage value of this insurance policy. A premium of Rs 8000 has to be paid every year for this health insurance. I do not have claim experience so far with this insurance and they cover Rs 5 lakhs for this insurance.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Apr 20, 2018
    • Max Bupa Health Insurance
      "very good policy"
      0.5 5.0/5 "Blown Away!"
      I had taken a Health insurance policy from the top most private sector insurance company MAX BUPA. Most of all benefits are covered under one policy, so no need to top up my insurance plan. I had received my health card and my policy document by mail. They have a good network with a best corporate hospitals.
      Was this review helpful? 0
      , mumbai
      Reviewed on Apr 20, 2018
    • Religare Health Insurance
      "Good policy"
      0.5 4.0/5 "Great!"
      From RELIGARE Health i have taken the health insurance. They provide cashless facility. There is no claim experience with them. There is health check up available on the insurance policy. Its an individual policy.The customer service and response is good.
      Was this review helpful? 0
      , mumbai
      Reviewed on Apr 20, 2018
    • Bajaj Allianz Health Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      I am having the BAJAJ ALLIANZ health insurance policy around a year ago. The customer support service is good with the BAJAJ ALLIANZ GENERAL INSURANCE company. I need to pay the premium amount of Rs,13,000 every year once. This policy covers 3 members in my family. This policy has the medical coverage of Rs,3,00,000 which can be used be all three members.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 19, 2018
    • United India Health Insurance
      "Average Policy"
      0.5 3.0/5 "Satisfactory"
      I have a health insurance policy with United India Insurance from last 5-6 years, my claim experience was not up to the mark as they covered only 40% of the billed amount. I have a coverage value of Rs 3 lakhs and i pay a premium of Rs 3200 for this insurance.
      Was this review helpful? 0
      , surat
      Reviewed on Apr 19, 2018
    • HDFC Ergo Health Insurance
      "best policy"
      0.5 4.0/5 "Great!"
      I had taken a health insurance policy from the public sector insurance company HDFC ERGO GENERAL INSURANCE. My annual premium amount is reasonable by comparing with other premiums. I did not received my policy document by mail and hard copy too. I contacted the customer care to courier my health card to my registered communication address.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 18, 2018
    • Apollo Munich Health Insurance
      "extra ordinary experience"
      0.5 5.0/5 "Blown Away!"
      I had taken a health insurance policy from the top most private sector insurance company APOLLO MUNICH. They couriered my health card to my registered communication address. They have a good network with corporate hospitals. I had a good positive claim experience and i claimed nearly 95% of billed amount.extra ordinary experience
      Was this review helpful? 0
      , coimbatore
      Reviewed on Apr 18, 2018
    • New India Health Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have no claim experience so far with the health insurance, i am using this insurance from last 1-2 years and i am not aware of the premium amount as my company pays it. The coverage value of this insurance policy is 3-4 lakhs and i am satisfied with it.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 18, 2018
    • Star Health Health Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      Holding the health insurance policy from the STAR HEALTH & ALLIED INSURANCE company and I have got this policy on 2013. I pay Rs,16,000 every year to renew the policy. This policy covers 4members in my family . Star health insurance policy has the medical coverage up to Rs,10,00,000,.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 18, 2018
    • Bajaj Allianz Health Insurance
      "Good health insurance policy"
      0.5 3.0/5 "Satisfactory"
      I have got the health insurance policy from the bajaj and this policy covers only one member which is myself actually it is a self policy . I pay the premium amount in every month on month . I pay Rs,15000 to this policy. This policy has the medical coverage up to 5lakhs and I am satisfied with it.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 18, 2018
    • HDFC Ergo Health Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a health insurance policy with HDFC ERGO from last 1month, i have not claimed anything so far with this insurance. The coverage value of this insurance policy is 3 lakhs and i am satisfied with it. I pay a insurance premium of Rs 11000 every year.
      Was this review helpful? 0
      , mumbai
      Reviewed on Apr 17, 2018
    • Star Health Health Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my health insured with Star health from last 3 years, i am not aware of the premium amount as my company pays for the health insurance. I am happy with the coverage value of Rs 2 lakhs for this health insurance. I do not have claim experience so far with this insurance.
      Was this review helpful? 0
      , mumbai
      Reviewed on Apr 17, 2018
    • HDFC Ergo Health Insurance
      "best policy"
      0.5 5.0/5 "Blown Away!"
      I had taken a health insurance policy from the HDFC ERGO GENERAL INSURANCE. My annual premium is very reasonable by comparing with other premiums. I had a positive claim experience. The claim procedure is very easy and simple. The costumer support is good and well responsive.
      Was this review helpful? 0
      , mumbai
      Reviewed on Apr 17, 2018
    • New India Health Insurance
      "good experience"
      0.5 5.0/5 "Blown Away!"
      I had taken a health insurance policy from the NEW INDIA ASSURANCE. I had received health card. My annual premium is Rs. 12,000/- which is very reasonable by comparing with other insurance polices. They had a good network with top most corporate hospitals.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 17, 2018
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