Does health insurance premium change every year or is it constant for entire duration of the policy?
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Does health insurance premium change every year or is it constant for entire duration of the policy?
Health insurance policy is annual policy. So every year you have to buy it. Premium depend on Age, medical health, Sum Insured, Claim Experience etc of the proposer. So premium will very every year.
Some companies have now launched 2 year health insurance plan like ICICI Lombard. So you can purchase upto 2 years now. ;)
Premium may change by various ways-Quote:
Originally Posted by zippy
- Health Insurance Premium is normally change on the basis or age of he proposer.
- But there may be service tax change introduced by govt. which will effect premium change eigher upward/down wards.
- There may also be premium change with the approval of the IRDA.
Quote:
Originally Posted by zippy
Health insurance premium is yearly renewable contract and premium is Dependant on the age at the start of policy period. The premium is also Dependant on claim. In case of no claim the insurance companies offer discount on premium for the subsequent year. Therefore, the premium for health insurance is not constant and varies from year to year.