India, Jan. 20 -- Most individuals are used to renewing their health insurance plan, whether it is an individual or family floater plan, on an annual basis. If, for any reason, the premium is not paid by the renewal date, the cover will lapse. During such a period, if the individual is hospitalised, the insurance company will reject the claim. To overcome the annual practice of renewing the health insurance plan every year, these days, insurance companies offer multi-year health insurance plans. In this article, we will understand what is a multi-year health insurance plan, its benefits, and whether you should go for it.

A multi-year health insurance plan allows an individual to pay the policy premium for multiple years at one go. Usuall...