Premium Lock Explained: Can UAE Residents Really Freeze Health Insurance Prices for 5 Years?

The renewal-time price hike is a major concern for health insurance policyholders. You pick a plan and get used to it. But then your birthday rolls around, and so does a bigger premium. However, the Premium Lock feature, specifically available on Policybazaar.ae, promises to hold your rate steady for up to five years instead of resetting it every 12 months.

For those comparing the best medical insurance UAE, make sure to look for this feature.

What is the Premium Lock Feature?

Premium Lock is an add-on offered by DIC and Hayah insurance only through Policybazaar.ae. It is powered by Care Health Insurance.

In regular policy renewals, your insurer checks your existing policy. Age, claims history, and medical inflation can push your premium upward. With Premium Lock, instead of a yearly reset, the insurer commits to keeping your base premium unchanged for a fixed term of up to 5 years — as long as you renew continuously and don't alter your coverage. You can get the rider at only 7% of your base plan per year.

Where the Limitations Kick In?

With Premium Lock, the health insurance premium can remain locked for up to five years, subject to the applicable policy terms and conditions. The lock-in benefit is available as long as no inpatient claim is made during the tenure. Moreover, the rider cannot be added to a plan if an individual has declared pre-existing medical conditions.

Secondly, most lock agreements come with continuity conditions. Change your plan or choose a different company, and the policy becomes invalid.

Third, this feature is only applicable to specific plans and insurers, not across every product an insurer sells. 

That said, you can find several plans offered by DIC and Hayah. Thus, you can find the cheapest health insurance Dubai through these providers. 

Key Benefits of Adding Premium Lock to Your Health Insurance

Healthcare costs in the UAE tend to rise over time, which may also affect medical insurance premiums at renewal. The Premium Lock feature can get you the best health insurance UAE by keeping the premium fixed for up to 5 years. Here are some of its key benefits:

Protection from Medical Inflation

For regular plans, insurers may adjust premiums in response to changing healthcare expenses as per the annual medical inflation. But such an exclusive feature protects you from premium increases during the applicable lock-in period.

Protection Against Age-Related Premium Increases

Your age is a primary factor in deciding your medical insurance premium. As you move into a higher age band, your premium may increase annually during the renewal.

Premium Locks freezes the price on your entry age for the specified period, subject to the policy terms and conditions.

Smooth Financial Planning

Your premium is fixed for a certain duration. This efficiently helps you plan your annual healthcare and insurance expenses.

Contributes to Long-Term Savings

Premium Lock reduces your overall insurance costs over time as it limits the increased premiums. Depending on your age, policy structure and premium, your savings could be significant over several years.

The Bottom Line

By choosing Premium Lock, you save on your funds for up to 5 years. All you need to pay is 7% of the base plan yearly. This exclusive feature by Hayah and DIC on Policybazaar.ae eliminates the unnecessary insurance price hikes that generally happen due to annual medical inflation, age-band increase, and annual renewal price hikes.