You need health cover regardless of what you take two at a time - pills or stairs.

Various Discounts Offered in a Health Insurance Policy

Health insurance policies come with many discounts. Some of these discounts include no-claim bonus, cumulative discounts on premiums, reward points to those who have a good lifestyle, exclusive discounts for women, vouchers, etc.

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

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  • review Health Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have taken my health insurance with Adiyta birla insurance, there service is good, there agent had explain me about the policy which is covered in this insurance and they have tie up with many hospital and they have shared me there location , and the premium amount they have charged me was nominal, i use to pay through on line.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 23, 2019
  • Religare Health Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been using my health insurance with Religare insurance from long time,their service is good, they have tie up with many hospital , and they have shared me an excel with there location, and the agent had explained me clearly about the policy benefit,overall service is good.
    Was this review helpful? 0
    , jaipur
    Reviewed on Jan 23, 2019
  • ICICI Lombard Health Insurance
    "Satisfactory"
    0.5 4.0/5 "Great!"
    I took my health insurance with ICICI Lombard. The customer service is good. I got the insurance paper on time. I have no claims. I have taken the policy for myself and wife. The medical coverage is 5L for both. I think have paid hardly 8K for one year.
    Was this review helpful? 0
    , pune
    Reviewed on Jan 23, 2019
  • United India Health Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    My company has given me a health insurance from united India. My entire family has been covered in this policy. I had no claim experience so far and i have not checked about the list of hospitals. I'm happy about the coverage amount they have given to me.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 22, 2019
  • Apollo Munich Health Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have taken my health insurance with Apollo Munich, there service is good, there agent had explain me about the policy which is covered in this insurance and they have tie up with many hospital and they have shared me there location , and the premium amount they have charged me up to 13,000, i use to pay through on line.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jan 22, 2019
  • United India Health Insurance
    "Best Policy"
    0.5 3.0/5 "Satisfactory"
    I have chosen the United India health insurance policy without any reason. I got this policy for my entire family. I pay the premium amount of Rs. 16000 nearly. I have a claim experience with them and they have processed the claim in 3 days. They have given a claim upto 80%
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 22, 2019
  • review Health Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have a health insurance policy with BHARATHI AXA , this policy cover accident claim and there customer support team have explain me about this policy . And the premium i pay per year it nominal, i pay through on line. Till now i have no claim experience with them, i have took the policy like in every five years they will reduces 5 % if i do not claim it, till now there service was good.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jan 22, 2019
  • United India Health Insurance
    "Good Policy to take"
    0.5 5.0/5 "Blown Away!"
    I have purchased my United India health insurance in the year of 2002. I pay the premium amount of Rs. 12000. This is a primary plan. Me, my wife and my son has been covered in this policy. I have received the covered amount of Rs. 10 lakhs. I have not faced any issue in this policy.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Jan 22, 2019
  • HDFC Ergo Health Insurance
    "Average service"
    0.5 3.0/5 "Satisfactory"
    I have been using my health insurance with HDFC ERGO, they have charged me premium amount up to 500 rupees , this health insurance is a complimentary insurance issued my bank as i took this bank credit card, the premium amount it was to get deducted on yearly basis, and it use to get deducted from this bank credit card, and after that it converted in to Emi option, and till now i had no experience with this insurance, there is cash less treatment option available.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 22, 2019
  • Bajaj Allianz Health Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I took my Health insurance with Bajaj allianz general insurance, they have tie up with many hospital, and they have shared me location regarding this, so far there was no claim experience with them . There is cashless treatment option available , the premium amount they have charged me previously on monthly basis, it was nominal premium charges, i have been paid for 4-5 years continuously, now maturity period got completed.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jan 22, 2019
  • HDFC Ergo Health Insurance
    "Not satisfied with the service"
    0.5 1.0/5 "Really Bad"
    It was not quite a good experience i had with them where i had started this insurance policy in the year of 2009 and i had been paying the premium amount of 50,000 annually. There was not any single claim which i had made so far, until last year i had tried for a claim and the bill was around 40,000 and they had provided me with only 12,000 which was really a bad experience.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 21, 2019
  • HDFC Ergo Health Insurance
    "Its Good"
    0.5 1.0/5 "Really Bad"
    Before four month my health policy got expired I don't have interest to renew it again. HDFC Ergo representative called me for the renewal. I don't have claim experience but I believe they provide ac room hospitalization for per day Rs. 3000 will be charged from the insured value and they do have no bonus feature.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 21, 2019
  • Star Health Health Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been using my health insurance with Star health insurance, there service is good,i have applied two health loan , one for me and one for my parents, i had claim experience with it , as one year ago,i avail this insurance for my parents, there was cashless option available , and the premium amount they have charged me was nominal, for my parents i use to pay up to 27,000 as yearly basis, and for me 12,000 as yearly basis.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 21, 2019
  • HDFC Ergo Health Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been using my health insurance with HDFC ERGO , the agent that explain me clearly about the policy, and there benefits,and they have tie up with many hospital and they have shared me excel regarding this, i had claim experience on 2016 , my claim experience with this bank was good, the premium amount they have been charged on yearly basis,they have charged premium nominal.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 21, 2019
  • Universal Sompo Health Insurance
    "Speedy claim recovery"
    0.5 4.0/5 "Great!"
    Holding my health insurance from Universal sompo. I'm not getting any mails or messages from Universal Sompo regarding the updates. The policy is really good. This is a 100% covered policy. They have processed the claim immediately with the cashless treatment. The hospital list is really good.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 20, 2019
  • ICICI Lombard Health Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have taken my health insurance with ICICI Lombard general insurance, there service is good, there agent had explain me about the policy which is covered in this insurance and they have tie up with many hospital and they have shared me there location , and the premium amount they have charged me was nominal,i use to pay on yearly basis.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 20, 2019
  • HDFC Ergo Health Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I took my medi claim with HDFC ERGO, they have tie up with many hospital,and they have shared me the location regarding this,they have mention the location on excel,and the premium amount they have charged me is nominal,they have charged me on yearly basis.overall service is good.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 20, 2019
  • Apollo Munich Health Insurance
    "Average Policy"
    0.5 3.0/5 "Satisfactory"
    My organization has given me a health insurance from Apollo Munich. I have not gone through about the documents and hospital list. My entire family has been covered in this policy. They have given me a satisfied coverage value. I have not contact the customer care so far.
    Was this review helpful? 0
    , gurgaon
    Reviewed on Jan 20, 2019
  • HDFC Ergo Health Insurance
    "Average Policy"
    0.5 3.0/5 "Satisfactory"
    I have purchased the health insurance from HDFC Ergo. For some enquiry, i have called the customer care service and they have resolved my query immediately. I have not made any claim experience so far. I pay the premium amount of Rs. 37000 and myself has been covered in this policy.
    Was this review helpful? 0
    , gurgaon
    Reviewed on Jan 20, 2019
  • Star Health Health Insurance
    "Less premium with Extra benefits"
    0.5 3.0/5 "Satisfactory"
    Taken my health insurance policy recently from Star. Till now i have not spoke with the customer care. Since my age is above 50, i made the premium amount of Rs. 17000. Myself, my wife and child has been covered in this policy. They have given me a coverage value of Rs. 4 lakhs. Almost major hospital has been covered in this list.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 20, 2019
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