New Delhi, April 7 -- Rising insurance premiums pinch pockets, especially those of senior citizens. We have no control over medical inflation, which causes premiums to rise, but there are ways to get a discount on premiums.

One way is to buy a multi-year insurance policy in which you have to pay the entire premium at one go. The overall outgo will be less than what you would have paid yearly for the same period. For example, if you pay three premiums at one go, the total cost will be less than paying annual premiums every year for three years.

A couple of insurers have started offering five-year policies with a one-time premium payment. For example, a 61-year-old would have to pay an annual premium of Rs.40,356 for ICICI Lombard Elevate...