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Long-term Insurance Policies Proving Beneficial

November 21 2015
 
Long-term Insurance Policies

IRDAI has been considering a single-premium health plan for the Indian insurance sector for some time. Meanwhile, the long-term health policy proposed by it has turned out to become profitable on many fronts. It not only reduces administrative expenses of the insurer but also assures them of the loyalty of the customers for a long period.

With several insurers reducing benefits and changing policy regulations, long-term insurance is proving beneficial. The policy conditions do not fluctuate in the long-term period. Since, the insurers are revising policy terms only during renewals; customers are protected from premium changes. Failure to renew the policy in time might lead to loss of No Claim Bonus and exposure to financial losses during the period you are not covered by the policy.

Similarly, for a long-term two-wheeler insurance policy, the vehicle can be insured for up to three years. This protects customers from third party premium rate hike every year. No Claim Bonus can also be availed in certain long-term policies.

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