Tips to Cut down your Premiums on Health Insurance Plans by Players, like National Insurance

As far as your savior after a medical emergency followed by financial crisis is concerned, it can be none other than your health insurance plan. Here are some easy tips given below that would help you cut down the rate of your premiums up to a certain extent. Let’s check them out!

Buy your health insurance from a bank

There are a number of public sector banking organizations that have co-branded with health insurance products available with general insurance providers, mainly belonging to the public sector. These plans are there to offer amazing benefits at affordable rates. So, one can call them customer-centric plans.

For example – a mediclaim policy with a sum insured of Rs. 5 Lakhs purchased for a family from a insurance provider like, National Insurance, demands an annual expenditure of Rs 17,972/-. On comparing the same policy taken from a bank that has a joint association with insurance provider mentioned above, you will find that the yearly expense’s figure to stands at Rs. 7,079/. So, you are smart enough to understand how you would be able to save on your premiums.

These health insurance policies are the best options for the elderly people. However, there is a shortcoming with the same. It’s the restricted age of renew ability, that’s not more than 80 years.

Go for smaller coverage and add top-up plans

There are some people, especially those who are capable of investing a huge amount of insurance policies, go for the highest cover possible. However, such policies can charge you a fortune, as far as premium payouts are concerned. One of the best things you can do for saving a considerable amount of money on your premium is – buying a basic protection plan and add a top-up plan to it.

For example – you have purchased a basic indemnity policy from a good insurance provider, like National Insurance. The value of sum insured for the same is Rs. 5 Lakhs. Thereafter, you have added a super top-up of 5 Lakhs to it. So, your total coverage happens to be 10 Lakhs. While calculating the premiums you will find that you are saving more with your plan (basic + top-up) in comparison to a plan with huge sum insured. Isn’t it worthwhile?

Buy separate plans for your parents

If you add your parents to the family floater health insurance policy you intend to buy, you might not be doing the right thing. So, buy them a separate policy.

For example – a family floater plan with sum insured of Rs. 5 Lakhs costs about Rs. 13,000 per year. In case, you add your parents (senior citizens) to the same, the cost of the premium might go up to Rs, 45, 000 per year. You can clearly see the difference of Rs. 32, 000/-. If you buy your parents a separate health insurance plan from a company, like National Insurance, you would not only be able to cut down the premiums, but your parents would also be able to enjoy comprehensive health cover.

These are two of the best ways to save your hard earned money, when it comes to paying off your yearly premiums. If you want to know more about the same, you can visit the websites of the insurance broking companies. They not only allow you compare different policies and get instant quotes, but also provide you with useful suggestions.