Travelling abroad is an exciting adventure, but it often comes with various preparations, including a health insurance plan. However, can you temporarily pause your health insurance policy to save on premiums while away? This option provides a flexible way to ensure you have coverage when you return without the need to pay for it when you’re not using it.
Insurance policies overlap, mirroring the diversification of investments. Individuals may hold multiple policies with similar coverage, such as health insurance. This overlap can occur when an individual has a personal health insurance policy and is included in a family health care plan. Furthermore, employers often provide additional coverage, resulting in another policy in the individual’s name. While multiple policies can offer extra security, it’s essential to understand the terms and conditions of each to avoid redundancy and ensure comprehensive coverage.
Having multiple policies is perfectly acceptable; some believe the more, the merrier!
In specific scenarios, a policyholder might have the opportunity to pause or deactivate one policy when another begins to apply. This situation often arises when travelling abroad, where insurance may be a visa requirement. For instance, while an individual’s primary health insurance plan remains active in their home country, they might be mandated to purchase travel insurance for their international trip. In such cases, the traveller may temporarily pause or suspend their primary policy to save on premiums, as the travel insurance covers them during the journey. This flexibility allows policyholders to navigate international travel requirements while managing their insurance costs effectively. ##
Therefore, why temporarily suspend your primary health insurance policy until you are covered by the new policy abroad?
Policyholders must be aware that they must notify their insurer of their departure and arrival at least 48 or 72 hours before the scheduled event.
What benefit is there to turn off a feature in an insurance policy? When renewing their policy, policyholders may be eligible for a health insurance premium concession. ##
Insurance providers often offer pro-rated premiums for the switch-off period as a concession during the subsequent renewal to ensure that policyholders pay for the coverage they use. This practice allows policyholders to save on dividends when they temporarily deactivate a policy, as the insurance company adjusts the charges based on the duration of non-coverage. It’s a practical way for policyholders to manage their insurance costs while maintaining comprehensive health insurance coverage when needed, making it a flexible and cost-effective option, particularly for travellers or those with overlapping insurance policies.
In a world where travel has become more accessible, knowing that you can pause your health insurance policy abroad is a valuable option. It allows you to balance coverage and cost-effectiveness, making your travels worry-free. So, whether you’re exploring new destinations or taking an extended trip, consider this option to make the most of your health insurance and journeys.
##All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.