UAE-based broker Policybazaar has launched an add-on enabling customers to freeze their health insurance premium at the rate they sign up at and keep it there for up to five years.
Available on select health insurance plans the add-on is live for residents of Dubai and the Northern Emirates that use the firm’s website.
The firm said the add-on is priced at a “modest premium” above the standard plan cost but did not give any other details.
It is open to adult policyholders up to the age of 60 with no declared pre-existing conditions and is added at checkout.
Outlining the potential savings, the firm said a 34-year-old with no pre-existing conditions could save around 6,230 Emirati Dirhams and for a 43-year-old with no pre-existing conditions, it estimated savings at 7,863 Emirati Dirhams.
Neeraj Gupta, CEO of Policybazaar, said the approach changed the renewal dynamic: “What we heard from our customers, year after year, was that the moment their renewal landed, the trust they had built with their insurer took a hit.
“The price you see when you first sign up, that is the price you carry forward. We built this because our customers deserved it, and we are proud that only Policybazaar is offering it.”
Toshita Chauhan, chief business officer at Policybazaar, added: “The most common thing we heard at renewal was ‘nobody told me it would go up’.
“That single sentence shaped everything about how we designed Health Insurance Premium Lock. The moment you buy it, whatever your age, whatever your plan, that premium is yours to keep for five years.”
