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Policybazaar.ae launches
‘Premium Lock’, the UAE’s
first health insurance
add-on that freezes your
premium for up to 5 years
(DUBAI)
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Policybazaar.ae has
announced the launch of a
health insurance add-on,
‘Health Insurance Premium
Lock’, a first-of-its-kind
add-on that lets customers
freeze their health
insurance premium at the
rate they sign up at and
keep it there for up to five
years. No inflation-linked
increases. No jumps at
renewal. Just one number,
fixed in place, for half a
decade.
Available on
select health insurance
plans on Policybazaar.ae, it
is live now for residents of
Dubai and the Northern
Emirates.
Health
insurance premiums in the
UAE have long been a source
of quiet discomfort. Medical
cost inflation of 5–10 per
cent per year, combined with
age-band loading that can
spike premiums 20–25 per
cent the moment a customer
crosses a milestone
birthday, means renewal
after renewal arrives with
an unwelcome surprise.
What makes this
especially frustrating is
who is hit hardest: data
from Policybazaar.ae’s own
customer base shows that
close to 40 per cent of
customers who faced a
premium increase at renewal
had no pre-existing
conditions and had not made
a single claim. They had
stayed healthy and used
their insurance responsibly,
and were still penalized
simply for getting a year
older. It was one of the
leading drivers of
dissatisfaction and policy
lapses on the platform, and
it is precisely the problem
Premium Lock is built to
fix.
The add-on is
priced at a modest premium
above your standard plan
cost, making it one of the
most cost-effective
decisions a customer can
make at the time of
purchase. Customers who lock
in today protect themselves
from the cumulative weight
of year-on-year increases,
and the savings grow the
longer the lock holds.
Health Insurance Premium
Lock is available
exclusively on
Policybazaar.ae, nowhere
else in the UAE.
This
launch is also a reflection
of the UAE itself. The
country has consistently led
the region in building a
financial and insurance
ecosystem that puts the
customer first and has
created the conditions where
true product innovation is
not just possible but
expected. Health Insurance
Premium Lock could only have
come from a market with this
level of ambition.
Policybazaar.ae is proud to
bring it to life here, and
proud that the UAE continues
to be the region’s benchmark
for what customer-focused
insurance looks like.
Neeraj Gupta,
CEO, Policybazaar.ae,
stated, “Renewal
season should not be a
moment of anxiety; it should
be a formality. 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. Health Insurance
Premium Lock changes that
dynamic entirely. 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.ae is offering
it.”
Toshita
Chauhan, Chief Business
Officer, Policybazaar.ae,
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. The
savings compound
meaningfully over the lock
period, but beyond the
numbers, what we are really
giving people is something
far more valuable, the
certainty that their biggest
household decisions will not
be quietly undone at
renewal.”
Health Insurance Premium
Lock is open to adult
policyholders up to the age
of 60 with no declared
pre-existing conditions. It
is added at checkout on
Policybazaar.ae.
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