Premium Lock in Health Insurance: Lock Your Premium for Up to 5 Years

Premium Lock is a new add-on to health insurance that helps eligible policyholders lock in their current premium for up to 5 years. This gives you better financial stability, easy renewals without worrying about increased premiums, and long-term savings on your health plans.

What is Premium Lock in Health Insurance in the UAE?

Premium Lock is an optional add-on available with Hayah and DIC health insurance plans offered exclusively through Policybazaar.ae and powered by Care Health Insurance.

As the name suggests, this rider allows you to lock your health insurance premiums at the entry-age pricing for up to 5 years. During the period, the premium remains protected from

✅ Annual medical inflation

✅ Age-related premium increase

✅ Standard annual increases upon renewal

Premium Lock in UAE Health Insurance: Key Highlights

What are the Benefits of Premium Lock?

When you include the Premium Lock feature in your medical insurance policy, you can enjoy exclusive perks:

Protection Against Medical Inflation

Healthcare expenses are high in the UAE, and they even increase every year. Since insurers revise premiums based on rising healthcare costs, you may face higher renewal rates annually. Premium Lock saves you from these inflation-driven increases.

Avoid Age-Band Premium Hikes

Age plays a crucial role in deciding the premium. As you keep moving into higher age brackets, your premium tends to increase accordingly. Premium Lock freezes your premium at your entry age.

Long-Term Cost Savings

You save by avoiding yearly premium revisions. In fact, your cumulative savings can go beyond 40% over a 5-year period, depending on your age and premium structure.

Better Financial Planning

Since the premium remains fixed for a certain period, you can plan your finances more effectively without stressing out about insurance renewal increases.

Simple Add-On Structure

Premium Lock works as an add-on to your base health insurance policy. You simply pay:

1. Base plan premium
2. Premium Lock rider premium

Both remain fixed during the lock duration unless policy conditions are violated.

How Much Do I Need to Pay to Include the Rider in My Policy?

You can add Premium Lock to eligible health insurance plans on Policybazaar.ae at an additional cost of just 7% of the base plan premium per year. In return, your health insurance premium stays locked at the age you enrolled for up to five years. This protects you from annual medical inflation and age-band premium hikes that can increase renewal costs by 20–25%.

How Does the Premium Lock Work?

Premium Lock freezes your premium for up to 5 years from the date of purchase. However, the lock remains active only until the first inpatient hospitalisation claim is made or the 5-year period ends. Once the lock ends, normal renewal pricing applies again.

Example of How Premium Lock Works

Scenario

• Base Health Insurance Premium: AED 3,500 per year
• Premium Lock Rider Cost: AED 245 per year
• Total Annual Premium: AED 3,745

Without the add-on, the premium may increase yearly due to inflation and age-band changes. But with a premium lock, you continue paying AED 3,745 every year for 5 years.

Source- This image is AI-generated

Which Plans are Eligible for the Rider?

Premium Lock is applicable to Hayah and DIC health insurance plans (mentioned below) bought through Policybazaar.ae. However, regional eligibility applies. The add-on is currently available in Dubai and the Northern Emirates.

Eligible Plans

Who Can’t Opt for Premium Lock?

The following category of individuals is not eligible for this add-on coverage:

Individuals Above 60 Years

Users aged above 60 years at the time of enrollment cannot purchase Premium Lock.

Policyholders with Pre-Existing Conditions Cover

If any insured member declares a pre-existing condition during policy purchase, the rider cannot be added.

Policies for Children

Standalone child policies do not qualify. The primary insured member must be an adult.

Customers Making Certain OPD Claims

The lock benefit may become void if:

• Maternity-related OPD claims are made
• Oncology or cancer-related OPD claims are made

Health Misdeclaration Cases

If an undeclared pre-existing condition is discovered later, the Premium Lock rider will be removed immediately, with no refund of the rider premium.

Is the Add-on Still Valid During Policy Renewal?

Yes, Premium Lock remains active during policy renewal for up to 5 years, provided all policy terms and conditions continue to be met. However, the lock may end if:

• An inpatient hospitalisation claim is filed
• The policyholder upgrades to a higher category plan
• The customer changes to another product line
• Regulatory changes introduce mandatory benefits with additional costs*

*In case of mandatory regulatory revisions, only the additional mandated cost may be added to the premium during the lock period.