Health insurance premium may reward customers who satisfy wellness standards by giving them reward points or decreasing their health insurance costs at renewal. This feature benefits both parties.
Health is wealth, as you’ve probably heard several times. Today, I’ll show you an easy approach to make this a reality.
Maintaining one’s health and immunity has always been crucial, but it has become more more so in the last two years of the epidemic. However, fitness and immunity do not ensure that you will never experience a medical emergency. Purchasing health insurance is a non-negotiable choice to protect yourself against situations beyond your control.
Your health insurance encourages you to maintain a healthy lifestyle. Do you realize that keeping your health may convert into genuine wealth when it comes time to renew your health insurance? Insurers may incentivize policyholders who achieve the wellness requirements by awarding reward points or decreasing their health insurance rates at the time of renewal under the Insurance Regulatory and Development Authority of India (IRDAI) rules on preventative and wellness features. This feature benefits both parties. Let us go through this in further depth.
What are the advantages of wellness?
A policyholder who remains active and healthy during the insurance year accrues or earns wellness benefits. The fitness requirements may vary across policies. The criteria might be as simple as obtaining a health exam or walking a specific amount of steps. These perks provide clients with a monetary incentive to take better care of their health.
It might take the shape of a reduced premium, a full premium waiver, a larger amount promised, coupons, or free services at the time of renewal. These incentives not only motivate customers to be fitter and healthier, but also encourage them to get health insurance and renew their coverage. These advantages may be included as part of the insurance or as an add-on option.
Why were these advantages created?
The IRDAI’s decision to implement these standards is part of a larger plan to encourage healthy living. In 2019, the Indian government launched the Fit India initiative to promote a healthy lifestyle and reduce the pressure on the country’s healthcare system. These advantages were also provided a year later to assist individuals in instilling and adhering to a healthy lifestyle.
Essentially, more health difficulties translate into a greater number of claims, which place a heavy burden on the insurance business, particularly insurance firms that must pay these claims. By including wellness benefits into the policy, the goal is to lower the likelihood of health difficulties and, as a result, the number of claims. This also enables insurers to keep cumulative price accessible for everyone while providing a broader variety of insurance benefits to the insured. As a result, it’s a win-win situation for both the policyholder and the insurance provider.
How do you use these advantages?
It is now quite simple to get these advantages. To measure your physical activity and health, all you need is a smartphone and a few applications. Here are a few popular methods for obtaining these benefits:
Monitoring Apps: Recently, several insurers have partnered with smart-wear businesses to measure daily activity levels, steps count, body mass index, and so on. The insurers get a complete health risk assessment of the policyholder by integrating the fitness equipment to their platform. This information allows companies to comprehend all elements of a policyholder’s health and, as a result, give renewal premium savings to those who live a healthier lifestyle. If your policy conditions allow it, you may even obtain a 100 percent discount on premiums at the time of renewal with certain policies. Aditya Birla’s ACTIVE Health Platinum Enhanced Insurance Plan, for example, waives the whole renewal fee if you meet your fitness targets.
Redeemable vouchers: Some insurance firms give benefits in exchange for redeemable vouchers to encourage policyholders to keep active and healthy. These offers provide perks such as fitness club membership, savings on health supplements, complimentary Zumba/yoga sessions, and more.
Reward Points to encourage good behavior: By adhering to the terms of your health insurance plan, reward points might be an excellent cost-cutting technique. Some health insurance companies work with medical institutions and hospitals to give discounts or concessions on various medical check-up programmed, pharmacy bills, and other expenses.
Wellness coach: Some insurers provide services similar to those of a wellness coach, who helps policyholders keep healthy. These include providing patients with a specific food plan, an exercise programmed, quitting smoking, and lowering fat percentage while maintaining a healthy BMI. It also helps policyholders live a healthier and more fulfilling lifestyle. When insurance customers meet their goals, they are awarded with points or other advantages that may be redeemed or utilized for a variety of health-related services.
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So, if you haven’t started walking, jogging, or eating a healthy diet yet, start now. Remember to go through the insurance terms with your insurer. Finally, remember to choose enough coverage and to renew your health insurance on time.