Benefit Year Insurance Term

It is a yearly cycle for the health insurance plan in which your plan benefits and rates are set. As an example, if your policy came into force on 1st July 2013, the benefit year would be from 1st July 2013 to 30th June 2014. On timely renewal, the next benefit year would be the time span between 1st July 2014 to 30th June 2015 and so on.