How wellness benefits can help lower your health insurance premiums

Maintaining your fitness and immunity has always been important; Of course, this has become even more important in the last two years of the pandemic.

Your health insurance encourages you to stay healthy. Did you know that maintaining your health can turn into real money when you renew your health insurance?

Even so, fitness and immunity is not a guarantee that you will never face a health emergency. To protect yourself from factors beyond your control, buying health insurance is a non-negotiable decision.

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With the Insurance Regulatory and Development Authority of India (IRDAI) guidelines on preventive and wellness facilities, insurers can incentivize policyholders who meet wellness criteria by offering reward points at the time of renewal or by reducing their health insurance premiums.

This facility is a win-win for both the parties. Let us understand about it in detail.

What are welfare benefits?

Wellness benefit is earned or earned by a policyholder who remains fit and healthy during the policy year. Fitness criteria may vary from policy to policy.

Parameters can be walking a certain number of steps, enrolling for a gym membership, or taking a health assessment. These benefits are a monetary incentive for customers to take better care of their health.

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Why did these benefits come into existence?

IRDAI’s move to introduce these guidelines is part of a larger agenda to promote healthy living. The Indian government came up with the Fit India movement in 2019 to advocate for a healthy lifestyle and help reduce the burden on the country’s healthcare infrastructure.

How do you capitalize on these benefits?

Now it is very easy to earn these benefits. All you need is a smartphone and an app to track your physical activity and fitness. Here are some common ways to take advantage of these benefits –

App Monitoring: Recently, several insurance companies have collaborated with smart-wear companies to track daily activity levels, steps count, body mass index, etc. By linking the fitness device to their platform, insurers get a comprehensive health risk assessment of the policyholder.

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This information helps them to understand all aspects of the policyholder’s health and, in turn, provides a discount on renewal premium to those leading a healthy life. In some plans, you can also get 100% discount on premium at the time of renewal if the terms of your policy allow it.

For example, Aditya Birla’s Active Health Platinum Enhanced Insurance plan waives off the entire premium at the time of renewal, if you achieve your fitness goals.

Reward Points That Encourage Healthy Behavior: By maintaining the norms of your health insurance plan, reward points can be a good cost-saving measure. Some health insurance companies collaborate with medical facilities and hospitals and, thus, offer discounts or concessions on various medical check-up programs, pharmacy bills, etc.

Wellness Coach: Some insurers also offer services like wellness coaches that guide policyholders to stay fit. These include sharing a personalized diet chart with them, exercising routine, quitting smoking habits and reducing fat percentage while managing correct BMI.

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Redeemable Vouchers: To encourage the policyholder to stay fit and healthy, some insurance companies offer rewards against redeemable vouchers. These coupons offer benefits such as membership in fitness clubs, discounts on health supplements, complementary Zumba/Yoga classes, and more.

So, if you haven’t started walking, jogging or a nutritious diet yet, do it right away. Don’t forget to discuss the terms of the policy with your insurer. Lastly, remember to opt for adequate coverage and renew your health insurance on time.

It also helps the policyholders to maintain a healthier and better lifestyle. Once the insured achieves the goal they set for themselves, they are rewarded with points or other benefits that can be redeemed later or used for various health related services.

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How wellness benefits can help lower your health insurance premiums

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(Except for the headline, this story has not been edited by News East India staff and is published from a syndicated feed.)