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What Should You Opt for? Short Term or long Term Health Insurance ?

Short-term health insurance in India has many benefits like flexible duration. You can select a policy for any term you want, from three months to one year. Read more about it.

  • 2,133 Views | Updated on: Dec 26, 2023

Over the years, the health insurance industry in India has evolved significantly. The insurance companies offer a wide variety of plans to suit the specific needs of the different customers. While it is generally advised to purchase a comprehensive and long-term health insurance policy to get maximum protection, many people opt for a short-term health insurance plan.

What is short-term health insurance?

A short-term health insurance policy provides temporary health coverage, and it remains valid for a shorter duration. Such plans are generally valid for 12 months or less. Many people prefer buying a short-term health care policy to get medical coverage in specific situations like when they are outside the enrolment period or need emergency coverage.

Benefits of buying short-term health insurance

Buying a temporary or short-term health insurance policy can be a wise choice if you are young and healthy but want to avoid paying the high medical bills due to unexpected hospitalisation or surgery.

Here are 8 reasons why buying a short-term health insurance policy is a wise idea.

  • 1. Customisation
  • Short-term health insurance policies are generally highly customisable and provide several options for you to choose from as per your specific need. For example, the policy duration is flexible; you can select a policy for any term you want, from three months to one year. You can also cancel the policy at any time you want without any hassles or penalties.

  • 2. Affordable premium
  • When you buy a health insurance policy, the premium is a critical factor to consider; it must be affordable. And, with short-term healthcare policy, the premiums are generally inexpensive. The premiums for short-term plans are about 30% to 50% cheaper than long-term health insurance policies.

  • 3. Easy to purchase
  • You can easily purchase a short-term plan at any time you want. Many insurance companies in India offer such plans, and it can be an excellent alternative to buying a standard policy for your short-term needs. Also, with online services provided by the insurance company, you can purchase a policy of your choice with just a click of a button.

    Make sure that you carefully read the policy terms and conditions before making the final purchase decision.

  • 4. NCB
  • Many insurance companies offer NCB (No Claim Bonus) on short-term healthcare plans. Many people feel that buying health insurance at a young age is unnecessary. However, whenever they are awarded an NCB discount, they feel motivated to renew the policy and stay insured.

    If you have a short-term health insurance policy, you can renew the policy and enjoy the NCB benefits in the form of a premium discount when you renew the policy.

  • 5. It fills the temporary coverage gap
  • Short-term health care plans are specifically designed to fill the temporary coverage gaps. You may need a temporary policy if you have missed open enrolment for a standard policy, lost or left a job, or need temporary coverage for an emergency.

    Now that you know the benefits of a short-term health insurance plan, you must understand what is covered under such plans.

  • 6. Hospitalisation expenses
  • Expenses related to hospitalisation, including doctor consultation fees, medicines, bed charges, surgery costs, operation theatre/ICU charges, etc.

  • 7. Ambulance fees
  • During an emergency, you may need to avail of an ambulance service to transport the patient from one place to another. Your short-term insurance may cover the ambulance cost.

  • 8. Regular health check-up
  • Most insurance companies ask the policyholders to undergo a health check-up periodically to keep a tab on their health status, and they cover the cost for the same.

    The list of expenses discussed above is not comprehensive, and the coverage may differ from one insurance company to the other.

Final Word

Buying a short-term health insurance policy is an excellent way to get protection against medical emergencies; you can get coverage against the expenses at an affordable premium. Moreover, it allows you to get medical cover for a short period when you in between jobs or if you simply not interested in buying a standard policy.

- A Consumer Education Initiative series by Kotak Life

Amit Raje
Written By :
Amit Raje

Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.

Amit Raje
Reviewed By :
Prasad Pimple

Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors

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