This is how you will get cheap health insurance

Insurance. Image: Freepik

Vinod spends hours daily on the treadmill. When friend Amar asks the reason for this, he tells that he sweats to reduce the premium of health insurance. Amar does not understand how the insurance premium can be reduced by doing this? If you are also surprised like Amar, then understand. There is a direct relation between fitness and health insurance premium. Since insurance companies fix premiums on the basis of many things like age, past medical history, body mass index (BMI), smoking. If you exercise to stay fit. If you take a healthy diet, then the chances of getting sick are reduced. In such a situation, the possibility of claiming health insurance decreases. For this reason insurance companies give discount in premium.

standard of obesity
Body mass index ie BMI is the most popular method to check obesity. It tells whether the weight of the body is right in proportion to its length or not. If BMI is between 18.5 to 24.9 then the weight is normal. A BMI less than 18.5 means underweight. BMI being between 25 to 29.9 means over weight. If your BMI is above 30 then you are obese. With the help of BMI calculator, you can check BMI score online.

higher premium than obese people
Insurance companies are very careful about people who are overweight or obese. This is because people with higher BMI are more prone to diseases like diabetes, heart problems and hypertension. In such a situation, there is a high possibility of claiming their health insurance in the future. This is the reason why insurance companies charge higher premiums from people with high BMI than those with normal BMI. For this reason, Vinod is sweating on the trade mill so that he can reduce the premium of health insurance by reducing weight.

IRDA gave a boost
Insurance regulator IRDA had issued guidelines to promote wellness and fitness in the health insurance sector. According to this, insurance companies can give reward points to such policy holders, who adopt healthy behavior or do physical exercise. Apart from this, other offers including discount coupons, health checkup and diagnosis can also be made.

promoting insurance companies
To promote fitness, insurance companies are gradually adding new features to their health policies so that people stay connected with fitness activities. The more fit you are, the more rewards you will get. Like more discount on premium, gym membership, discount on premium at the time of renewal or facility to increase sum insured.

Some insurance companies are offering up to 100% discount on next year’s premium. If the policy holder fulfills the prescribed standards like walking 10,000 steps daily during the year. Records of physical activities can be kept through smart wear devices such as fit bands or mobile apps. Remember that different insurance companies have different reward policies and criteria. It also depends on the risk profile of the policy holder.

How much discount is available?
According to Fintech company Policy Bazaar, Care Supreme offers up to 30% wellness discount, Niva Bupa up to 30% in the name of Live Healthy Benefit and Star Health offers up to 10% discount under the wellness program. Similarly, Aditya Birla Health Insurance Active Fit has a wellness discount of up to 50%. One more thing, along with reducing the burden of health insurance treatment expenses, it also saves tax. Under Section 80 (D) of the Income Tax Act, if you take health insurance for yourself, wife and children, then the exemption limit is up to Rs 25,000.

Like Vinod, you can also reduce the premium of health insurance by running, jogging or exercising. Taking care of fitness will get separate rewards for the next years. Just as obesity increases the premium, habits like smoking, alcohol also increase the premium. While taking health insurance, give all the information correctly in the form. Otherwise the company can conduct a medical checkup. There is also a possibility that when you go to claim health insurance, it may be rejected citing wrong information.