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What is Long-Term Health Insurance?

Long-term health insurance is a health insurance plan with a tenor of around 2 or 3 years. With long-term medical insurance, you can get coverage for pre-existing diseases (PED), which may not always be applicable in the case of regular health insurance plans. However, for the plan to cover PED, you would have to successfully complete the waiting period specified under the plan.

Key Features of Long-Term Health Insurance

Check out the below table to understand the key features of a long-term health insurance plan:

Policy Tenor

2 to 3 years

Payment

One-time payment for a policy duration of 2 or 3 years

Renewability

You do not have to renew the plan every year

Why is Long-Term Health Insurance Necessary?

With the rising health concern and medical costs, people have started understanding the importance of health insurance. Most individuals thought health insurance was nothing but a waste of money. However, now, they see insurance through a different lens. Long-term health insurance plans especially offer additional benefits apart from providing coverage. It saves you from renewing the plan every 12 months. This also means you do not have to go through the whole research as well as paper work frequently. With long-term health insurance, you do not have to worry about the premium rates going up every year.

What About Pre-Existing Diseases?

Long-term health insurance plans generally cover the pre-existing diseases once you complete the waiting period. The waiting period can range from 2 to 4 years as per your insurance company. So, if your policy has a waiting period of 3 years, and you have already completed 2 years, but for the 3rd year you chose to purchase a long-term health insurance policy with a 3-year tenor. Should you be waiting for 3 more years to raise a claim against a pre-existing disease? No. You can start claiming reimbursement from the 4th year.

Long-Term Health Insurance Plans with Features and their Prices

Long-Term Health Insurance Plans

Network Hospitals

Coverage

Premium

Bajaj Allianz Health Guard

6,500+

₹2 Lakh to ₹50 Lakh

₹15,371 ( 3 years)

Aditya Birla Active Assure Diamond Plan

6,000+

₹4 Lakh to ₹2 Crore

₹14,031 ( 3 years)

CARE Health Insurance Plan

5,050+

Up to ₹50 Lakh

₹15,620 ( 3 years)

Bajaj Allianz Extra Care Top-Up Plan

6500+

₹3 Lakh to ₹50 Lakh

Available for only 1 year

How to Buy Long-Term Health Insurance

Here’s how you can buy a long-term health insurance plan on Bajaj MARKETS:

 

Step 1: Scroll up to the top of this page and click on ‘Get Quote’

 

Step 2: Provide the necessary details like name, age, medical history, etc.

 

Step 3: Pick from the list of available long-term health plans. You can also select add-on covers to enhance your coverage.

 

Step 4: Finally, upload the required documents and make instant health insurance premium payment online.

 

Step 5: And voila! Your insurer will send the policy document via email shortly.

Benefits and Effects of Investing in a Long-Term Plan

Long-term health insurance plans offer a multitude of benefits to the policyholder. Wondering what they are? Here’s a quick glimpse at a few of them.

 

  • No Need to Renew the Policy Every Year

This is one of the biggest advantages of a long-term health insurance policy. Since you’re effectively buying a plan for 2 to 3 years, you don’t have to keep renewing your plan each year. You can simply pay the premiums once, sit back, and enjoy coverage for the next 2 to 3 years.

  • Savings on Premiums

Many health insurance companies offer long-term plans on lower premiums, especially if you choose to pay a lump-sum single premium. Thanks to such discounts, the long-term health insurance cost gets reduced significantly, lessening your financial burden.

  • Coverage for Pre-Existing Diseases

As you’ve already seen above, long-term health insurance plans generally cover pre-existing diseases (PED). Such plans are a great boon to individuals already suffering from diseases.

  • Protection From Premium Fluctuations

You never know when the health insurance costs might see a rise. However, you can protect yourself from future premium increases by opting for long-term health insurance. So, even if the health insurance premium rises during the tenor of your health insurance plan, you will continue to remain unaffected by it.

Disadvantages of Long-Term Health Insurance

Here are a few disadvantages of having a long-term health insurance policy:

  • Long-Term Commitment

What if things don’t work out between you and your insurer in the future? What if your expectations change, or maybe you just end up realising this isn't the type of service you deserve? Long-term health insurance plans come with a commitment of 2 to 3 years. Hence, you cannot say farewell to the insurance company for the aforementioned number of years.

  • Lump-Sum Payment

Since this plan covers you for more than one year, you will have to pay for the entire tenor at once. And that could affect your finances significantly. So, let’s say you buy a 3-year plan. If a plan for one year costs ₹5,000, you might have to pay ₹15,000 for 3 years. Even if you win a massive discount, you will be paying more than ₹5,000 in lump sum.

Long-term vs Regular Health Insurance Plan

Now that you’re aware of long-term health insurance, let’s take a look at the differences between it and a regular plan.

Long-term health insurance

Regular health insurance

The tenor of these plans range from 2 to 3 years.

The tenor of a regular health insurance plan is just 12 months.

There’s no need to renew the plan each year.

To enjoy continuous coverage, you would have to renew the plan every 12 months.

Pre-existing diseases are covered, albeit with a waiting period.

Pre-existing diseases are not covered.

Generally, long-term health insurance plans tend to be more comprehensive.

Although regular health insurance plans provide adequate coverage, they may not be as comprehensive as long-term health insurance.

Who Should Opt for a Long-Term Plan?

If you’re an individual who prefers to not go through the hassle of renewing their health insurance plan each year, then long-term health insurance might just be what you’re looking for. Alternatively, if you’re an individual who is suffering from any pre-existing diseases (PED), regular health insurance plans may not be able to provide you with any coverage for them. In such cases, a long-term health insurance policy would be the perfect option since you can get coverage for PED after the expiry of the waiting period.

 

Long-term health insurance is best suited for individuals who need a holistic and extensive cover against medical emergencies. However, if you are someone who likes to stay upgraded with the latest trends in the market, this plan isn’t for you.

Is This Plan Available for Senior Citizens?

Since senior citizens are at a higher risk of contracting critical diseases, health insurance companies do not offer long-term health insurance plans to them.

Conclusion

As you can see, long-term health insurance plans come with a plethora of benefits to the policyholder. However, before you go ahead and invest in one, always make sure to read through the terms and conditions of the policy thoroughly. This will not only allow you to make a more informed decision, but also ensure that you get the best long-term health insurance for yourself. At Bajaj MARKETS, we enable you to buy the best health insurance plans that offer maximum coverage and lucrative add-ons seamlessly. So, head over to our ‘Health Insurance’ page and explore your options.

Best Health Insurance Plans Available at Bajaj MARKETS

FAQs on Long Term Health Insurance

  • ✔️Why should I buy a long term health insurance policy?

    One of the primary reasons why you should purchase a long term health insurance plan is that you don’t have to renew your policy each year. Also, you get coverage for any pre-existing diseases that you might already be suffering from, provided that you ride through the waiting period. 

  • ✔️What does cashless settlement mean?

    Cashless settlement is when your insurance service provider settles all your medical bills directly with the healthcare provider. Under this, you won’t have to pay anything out of your own pocket.

  • ✔️Are pre-existing conditions covered in long term health insurance plans?

    Yes. Long term health plans cover pre-existing conditions and diseases. However, the coverage for those conditions begin only after the specified waiting period expires.

  • ✔️How much does long term health insurance cost?

    The cost of a typical long term health insurance varies from one individual to another and depends on a host of factors such as age, pre-existing conditions or diseases, and the amount of sum insured, among others.

  • ✔️Can I buy more than one long term health insurance plan?

    Of course. You are free to purchase any number of long term health insurance plans as you like.