Multi-year health insurance can save you from rising premiums: Explained

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For example, Tata AIG’s MediCare Premier multi-year policy allows policyholders to use available restorations any time within the policy period for sums insured above Rs 50 lakh.

Another factor that policy buyers must keep in mind is that when a multi-year health insurance policy term concludes, they have the option to renew it.

Additionally, seniors can benefit from tax deductions of up to Rs 50,000 annually on multi-year premiums, as in the case of a one-year policy.“These plans provide seniors with stable premiums, ensuring affordability and consistent coverage,” Singhal said.

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Category: BusinessFinance

Markets: India

Topics: Health insurance Health insurance tax benefits Tax benefits health insurance India Lump-sum insurance premium Health insurance renewal tax Multi-year health policy benefits Financial planning health insurance Annual vs multi-year insurance Health insurance policy Income tax deduction insurance Section 80D tax deduction Annual health insurance premium

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Article Type: News Report

Published On: 2024-11-06 @ 15:05:53 (5 hours ago)

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News Source URL: business-standard.com

Language: English

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Copyright Owner: © Business Standard

News ID: 23445080

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