Health insurance is a necessity, but let’s be honest, nobody wants to pay more than they have to. If you're looking for ways to save on premiums for individual health insurance plans, you’re in the right place! The good news is that with the right strategies, you can get comprehensive coverage without breaking the bank. Here’s how:

1. Choose the Right Coverage, Not the Cheapest Plan

It’s tempting to go for the lowest premium, but be cautious. Many health insurance plans with cheap premiums come with high deductibles, limited coverage, and excessive out-of-pocket expenses. Instead of picking the cheapest option, compare policies based on:

• Coverage benefits (hospitalisation, daycare procedures, OPD, etc.)

• Sub-limits on treatments (room rent capping, specific disease limits)

• Claim settlement ratio and insurer reliability

Balancing affordability with adequate coverage ensures you don’t end up paying hefty medical bills later.

2. Opt for Higher Deductibles

A deductible is the amount you pay before your insurance kicks in. If you opt for a higher deductible, your premium reduces significantly. This is a great option for young and healthy individuals who do not require frequent medical care.

3. Maintain a Healthy Lifestyle

Yes, your lifestyle affects your health insurance premiums! Insurers often charge higher premiums to individuals with pre-existing conditions like diabetes or hypertension. Staying fit, exercising regularly, avoiding smoking, and maintaining a healthy diet can help you secure lower premiums.

4. Buy Health Insurance Early

The younger you are when you purchase a health insurance plan, the lower your premium. Insurance companies consider younger individuals less risky, meaning you can lock in a lower rate for years to come. If you wait until later in life when health issues arise, you’ll end up paying much more.

5. Consider a Family Floater Plan

If you have dependents, instead of buying separate individual health insurance plans, consider  family health insurance plans. These plans cover all family members under one policy, and the premium is often lower than purchasing multiple individual policies.

6. Compare Policies Online

With the rise of digital platforms, comparing health insurance plans online has never been easier. Use comparison websites to check:

• Premium costs

• Coverage benefits

• Exclusions and inclusions

• Claim settlement ratio of insurers

Comparing before buying ensures you get the best deal without unnecessary extras.

7. Take Advantage of No-Claim Bonus (NCB)

If you don’t file any claims during a policy year, insurers reward you with a No-claim Bonus (NCB). This benefit either reduces your next premium or increases your sum insured without additional cost. To maximise savings, try to pay for minor medical expenses out of pocket instead of making claims.

8. Opt for Long-Term Plans

Most insurers offer discounts when you buy health insurance for two or three years upfront instead of renewing annually. This not only helps save money but also protects against premium hikes.

9. Look for Employer-Provided Health Insurance

Many companies provide group health insurance for employees at subsidised rates. Even though these plans may not offer extensive coverage, they can reduce your need for high coverage in an individual health insurance plan, thus lowering your premium.

10. Utilise Tax Benefits Under Section 80D

Did you know you can save money on taxes while securing your health? Premiums paid for health insurance plans are eligible for tax deductions under Section 80D of the Income Tax Act. You can claim up to:

• ₹25,000 for self, spouse, and children

• ₹50,000 if you’re covering senior citizen parents

This effectively reduces your overall health insurance expense.

11. Choose Insurers with High Claim Settlement Ratios

A low-cost health insurance plan is useless if your claims get rejected. Always check an insurer’s Claim Settlement Ratio (CSR) before purchasing a policy. Companies like Niva Bupa have a strong reputation for hassle-free claim settlements, making them a trustworthy choice.

12. Use Wellness Programs and Discounts

Many insurers, including Niva Bupa, offer wellness programs that reward policyholders with discounts on premiums for maintaining a healthy lifestyle. Tracking steps, completing health check-ups, and achieving fitness goals can help you save even more.

Final Thoughts

Saving on individual health insurance plans isn’t just about picking the cheapest option—it’s about making smart decisions. By maintaining a healthy lifestyle, buying early, comparing options, and leveraging discounts, you can get the best coverage at an affordable price.

If you’re looking for a reliable insurer with flexible plans and excellent customer service, Niva Bupa offers comprehensive health insurance plans that balance affordability with extensive benefits. Explore your options and secure your health while saving on premiums!