Insurance Regulatory and Development Authority is rethinking on a single-premium health insurance plan for Indians. Until it happens and IRDA concludes the issue, there are other ways of saving money on your premium. 
If you are in verge of buying a fresh health insurance policy or renewing your existing policy, do your homework properly. Ask your general insurance advisor about two-year health insurance plans. This may benefit you on more than just the premium front.
There are insurers who offer 5-8% lower premium for a person buying two-year plan. Moreover, Apollo Munich Health Insurance offers a 7.5% discount on a two-year plan (Optima Restore for Individual). Similarly, HDFC ERGO General Insurance Company's Health Suraksha is also one of the insurance policies to save on your insurance’s investments. Considering long-term policy, policyholder being loyal to them for a longer term, policy reduces the administrative expenses of the insurer. This loyalty acts as an assurance that the insurer counts. 
Undoubtedly, one can easily seek better returns at 8.5% or make more money in other investments. But then apparently, insurers are cutting down benefits and changing policy terms frequently. It is better to opt for a long-term policy where policy terms remain same or intact for the mentioned policy period. 
It is immensely imperative to read all the policy documents before signing them which state that the terms of the cover can be revised midway through the policy year. Nevertheless, insurers revise the policy terms only during the renewals. This shields you from policy revisions and premium changes for a longer-term. 
As extensively seen that people don’t bother or forget to renew their health insurance policy. This may hit you badly as you would lose benefits such as culmination of waiting period and no claim bonus if there is a gap between renewal and expiry. Remember, you can’t claim tax deduction once your policy expires out of non-renewal. 
Talking about motor insurance, it also renders a heavy discounts on long term plans. Unlike health insurance, motor and two wheeler insurance plans come not just for 1 and 2 years but also for 3 years. New India Assurance offers 30% discount for a three year and 20% discount for a two-year policy cover on both third party and own damage in two wheeler insurance plans. Though, premium payment should be upfront to claim the discount. Claims made during the policy tenure would not impact the premium. 
In fact, no claim bonus offered on long-term insurance plans is comparatively higher than other short term plans. General insurers also claim that longer-term policies protect policyholders from a hike in third party premium rates each year.
Several general insurers are coming up with long-term insurance plans which can benefit you heavily in saving your penny. It is highly advised to do your homework before opt for a long-term insurance plan.