Big insurance offers! 80-100 per cent discounts - All you need to know about renewal of health policies

Private health insurers are encouraging their customers to lead healthy and active lives by offering steep discounts on the renewal premia between 80 and 100 per cent, along with a host of other rewards and benefits.

Most health insurance provides no-claim bonus for claim-free years but that usually ranges from 25 per cent to 50 per cent.

While Aditya Birla Health Insurance is offering up to 100 per cent return of the premium if the customer has accrued adequate number of 'Activ Dayz' (one Activ Day means 10,000 steps a day, or any fitness activity specified by the insurer), another firm Future Generali earlier this month launched a policy offering a flat 80 per cent discount on renewal if the customer did not make any claim in the previous policy year.

Aditya Birla Health will give a customer up to 100 per cent health returns if the insured earned enough health returns by looking after his/her health by being physically active on a regular basis.

The insurer will monitor the active lives of its customers through the Activ Health app.

The company said the new product is an enhanced version of its existing Activ Health policy offering extensive wellness benefits for those customers who lead a healthier lives.

Last week, Aditya Birla Health Insurance claimed that it is the only insurance company offering up to 100 per cent discount on the premium and up to 100 per cent reload of the sum insured through this enhanced version of the Activ Health policy.

Explaining the features, its Chief Executive Officer Mayank Bathwal said the company has been consistently encouraging policyholders to stay active and healthy.

The new policy is an industry-first initiative, offering up to 100 per cent health returns through incentive-based health and wellness programmes, he said.

"A customer can get up to 100 per cent health returns on the renewal premium by completing the adequate number of Activ Dayz (one Activ Dayz is equal to 10,000 steps or 300 calories burned or a daily 30 minute gym session or a fitness assessment test every six months).

"This offering is a wellness programme beyond reactive care insurance that is suitable for all," Bathwal told PTI.

A consumer is rewarded through a cash-equivalent that can be used for either health-related expenses like buying medicines, paying for diagnostic tests, day care treatment, out-patient expenses, and alternative treatments, or can be used towards the payment of future premium, it added.

It also offers double sum insured in two claim-free years, which means such a customer can earn 50 per cent no-claim bonus for every claim-free year and a maximum up to 100 per cent of the sum insured.

Earlier this month, Future Generali India Insurance launched a health super saver policy offering a flat 80 per cent discount on the premium in the consecutive years, provided there was no claim in the first and the second years.

The policy has two variants -- 1X and 2X. Super saver 1X plan gives 80 per cent discount on the premium on renewal if the previous year was claim-free, while the super saver 2X plan offers the policyholder up to 80 per cent discount on the premium for the next consecutive two years of the plan, if the first two years of the plan tenure were claim-free or up to first claim.

Further, an additional family discount of 10 per cent also is available if two or more family members are covered on an individual sum insured basis.

The product can be bought by a one-day old infant and a senior citizen of 70.

Explaining the features, its Managing Director and Chief Executive Officer Anup Rau had told PTI that a customer would get 80 per cent off in the second year if there was no claim in the first year with no other conditions.

He said the objective is to instill the need and importance of health insurance among the youth as they are mostly reluctant to pay health premia considering this as a loss if there is no claim raised.