In today’s health-conscious era, those dedicated to their well-being can find more than just physical and mental wellness. Insurance companies like Star Health, Aditya Birla Health Insurance, Niva Bupa, and Care Health are paving the way for individuals committed to their fitness journey. These companies offer unique wellness benefits and reward points, which, when accumulated, can be exchanged for substantial discounts on renewal premiums.
As per the reports Dr. Bhabatosh Mishra, Director of Underwriting and Claims at Niva Bupa, emphasizes the underlying philosophy, stating, “The goal is to instill the importance of good health and healthy habits. By being aware of the available discounts, individuals are motivated to take better care of their well-being. The impact on claims comes second; the primary focus is to sensitize people to the advantages of maintaining a healthy lifestyle.”
These discounts play a pivotal role as they act as incentives, encouraging people to adopt a healthier way of life and ward off potential diseases. Ajay Shah, Head of Distribution at Care Health Insurance, explains, “Renewal discounts motivate individuals to monitor crucial health parameters like body mass index (BMI), cholesterol levels, blood pressure, smoking, and drinking habits. Moreover, it urges them to undergo regular health screenings and maintain meticulous records of their health-related activities.”
By embracing this proactive approach, individuals not only safeguard their health but also secure significant financial benefits. Renewal discounts serve as a powerful tool, motivating people to stay committed to their fitness routines and overall well-being. It’s not just about staying fit; it’s about embracing a lifestyle that ensures both physical vitality and financial prudence. Unlock the door to a healthier tomorrow while enjoying substantial savings on your insurance premiums.
Many of these incentive schemes revolve around the quantity of steps you accumulate daily, as tracked by the company’s application over a specific duration. For instance, Niva Bupa and Care Health provide renewal premium discounts of up to 30 percent if you achieve a daily step count of 10,000 over a year.
In addition to earning reward points for maintaining an active lifestyle, Aditya Birla Health provides a 10 percent discount to policyholders who undergo annual health risk assessment medical check-ups (refer to the illustration).
Decoding Health Insurance: A Guide for Young Adults
The global pandemic stirred the world in numerous ways, leaving behind a lasting impact: a heightened awareness and transformed perspective among the younger generation regarding their health.
Recognizing that good health is indeed synonymous with wealth, young individuals are taking proactive measures to safeguard themselves. This includes opting for comprehensive health insurance plans that offer a financial safety net in times of medical crises. The early emergence of lifestyle and chronic diseases post-pandemic has underscored the reality that no age group is immune to health issues.
As medical costs soar due to inflation, the significance of health insurance has never been more prominent.
India boasts one of the youngest populations globally, with over 52 percent of its populace below the age of 30, as per the National Family Health Survey-5. Unsurprisingly, the forward-thinking insurance industry is tailoring products to meet the specific needs of young consumers, ensuring affordability is at the core. If you belong to this demographic and are considering health insurance, here’s what you need to keep in mind.
Young adults often underestimate the importance of health until it becomes a pressing concern. Waiting until a health issue arises can result in mandatory waiting periods, ranging from months to years, before you can file a claim. Purchasing a policy while young allows you to bypass these waiting periods, offering higher coverage at a lower premium due to your higher immunity and lower risk of severe medical conditions. It’s a wise move to buy health insurance early, leveraging these benefits and securing a lower premium.
Health insurance has evolved beyond hospitalization-only coverage. It now caters to young consumers’ needs, extending to doctor visits, lab tests, regular health check-ups, and tele-medical consultations. Plans with Out-Patient Department (OPD) coverage efficiently handle these expenses throughout the year. This feature acts as a catalyst for young consumers to opt for health insurance, providing end-to-end protection even without anticipating hospitalization.
Choosing an appropriate sum assured is crucial when purchasing health insurance. However, unforeseen critical ailments or multiple claims might deplete the coverage. Unlimited restoration benefits come to the rescue, allowing the policyholder to completely refill the sum assured up to the base amount. This feature, found in many plans, ensures the sum insured is replenished in case it falls short or gets exhausted during a claim, offering invaluable support throughout the policy term.
Young age equates to cost-effectiveness in insurance. While having a health insurance policy is essential for financial security, prevention remains superior to cure. Recognizing this, the Insurance Regulatory and Development Authority of India (IRDAI) incentivizes policyholders with good health through reward points during renewal. Some insurers offer upfront discounts and lower annual premiums to individuals maintaining good health, along with discounts on health check-ups and other attractive benefits, depending on specific terms and conditions.
For young couples planning a family, maternity benefits are paramount. Coverage against normal and C-section deliveries, newborn baby expenses such as immunization fees, ambulance costs, and stem cell preservation are essential considerations. Opt for a plan in advance that provides comprehensive protection, including pre- and post-hospitalization, road ambulance costs, and more, ensuring financial security during the parenthood journey.
Health is unpredictable, emphasizing the importance of a healthy lifestyle and a robust health insurance plan. Compare online options, assess features, inclusions, and exclusions. Prioritize understanding the insurer’s claim settlement ratio and carefully read the policy’s fine print before making your selection. Your health and financial well-being deserve nothing less than the best.