Leading PMI provider Bupa says its new type of health protection will address market concerns about affordability and premium increases.

Fixed Price Plus premiums are up to 65% lower than equivalent insurance, with an excess of either £1,000 or £2,000. It combines comprehensive medical and serious illness cover with a one-off lump sum of up to £20,000.

There is also a fixed price guarantee, which enables customers to fix the cost of their cover for five or ten years.

Additional benefits are access to a high-interest health savings account to cover bills below a customer's chosen excess and a 24-hour health advice line, staffed by a team of medical professionals.

"This is a further move towards establishing a longer-term relationship with customers. It offers the protection that matters most to people at a price that is affordable and fixed," said Steve Flanagan, Bupa sales director.

Initial commission is 35% for the first year's subscription for the five-year fixed option or 45% for ten years and 9% for the fixed sum option.