Health Insurance on EMIs

To make the medical insurance more affordable for people, IRDAI in 2019 asked the insurance providers to offer additional premium payment frequencies by filing minor modifications in the existing policies.

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      With the availability of paying health insurance premiums on EMIs, you can pay a fixed amount every month towards your mediclaim policy. You can enjoy your peace of mind without worrying about paying a hefty premium every year. Thus, paying health insurance premiums on instalments is a wise decision.

      Why Was this Provision Introduced by IRDAI?

      As most of the people in India do not have medical insurance cover. The reason behind it is the need to pay the premium at once, which might seem like a financial burden to some. The main objective is to make health insurance more accessible and affordable. Furthermore, people who do not want to pay the annual premium can now opt to pay the premium in EMIs.

      Reasons to Buy Health Insurance on Installments

      People who found it difficult to pay the premium in a lump sum can now consider paying the health insurance premium on monthly instalments for the following reasons:

      • Till now people in small towns, especially in rural areas are far from the concept of the health insurance cover. With instalments, it will become comparatively cheaper and accessible to them
      • The urban population is also going to benefit from this provision, as people find it more convenient to pay instalments than to pay the entire amount in a lump sum
      • It’s preferable to buy health insurance online, especially during the ongoing COVID-19 pandemic, when everyone is following the social distancing norms. The premium can easily be paid online through our site. Moreover, it is possible to opt for automatic debit on a specific date from their account, so that you do not miss out on the premium instalments
      • This new provision of health insurance premium payments in EMI will help in flourishing both the insurer and the policyholders in the long-run

      Why is it a Good Idea to Pay Health Insurance Premium on EMI’s?

      In Apr-Aug quarter 11% of the medical insurance claims alone were from COVID patients this year. As more and more customers are inclined towards buying health insurance online amid the going pandemic, the payment of premiums on EMI will make it easier for them to buy an insurance cover.

      Let’s discuss further why it can be a good option to pay your policy premium through monthly instalments:

      • Rise in Health-related Problems:Due to sedentary lifestyle and unhealthy eating habits, there is a significant rise in lifestyle diseases and critical illnesses like cardiovascular-ailments, diabetes, cancer, kidney failure, etc. Even if you pay your policy premium in instalments you can get coverage for hospitalization related to any such illnesses including Coronavirus treatment.
      • Expensive Medical Treatments: With the advancement in medical technology, the cost of hospitalization and treatments has become quite expensive. With easy EMI premium payment, it will be easier to financially cover your medical expenses with health insurance policy.
      • Opt for Higher Coverage Amount: With the flexibility to pay the premium in instalment, it becomes easier for the applicants to a higher coverage amount without the need to pay the premium in one go. You don’t need to compromise on the treatment as you can avail the benefits by paying the premium in instalments. The premium for young applicants will be lesser in comparison to senior citizens.
      • Coverage for Self and Family: Health issues do not come with prior notice and can put financial burden anytime. But you can now secure your family without worrying about the premium, as it can be paid every month or quarter as per your convenience and budget.
      • Easier to buy Health Insurance for Senior Citizens: With the option to pay the premium every month, elderly people will not have to compromise on their health, as they can now afford to pay for health insurance even with their limited monthly pension or income, without feeling the financial burden.
      • Tax Exemption Benefits: The premium paid in instalments is also eligible for tax benefits under section 80D of the Income Tax Act of 1961.

      How to Calculate Premium for Health Insurance?

      The information required to calculate the medical insurance premium is mentioned below-

      • Sum Insured Amount
      • Selected Health Insurance Plan
      • Type of Policy Coverage
      • Family Members Insured
      • Age of the Insured Family Members
      • City of Residence

      However, you can use a health insurance premium calculator online to evaluate the cost of the premium. All that is required is to enter the below information-

      • Personal details- DOB or PAN number
      • Gender
      • Policy Term
      • Sum Insured
      • Coverage for self, family or spouse
      • And then click to get the health insurance quotation
      Sum Insured Option (in Rs.) Members to be Insured Monthly Premium Exc. Taxes
      3 Lakh Self Rs 445 (approx.)
      5 Lakh Self + Spouse Rs 852 (approx.)
      Rs 7.5 Lakh Self + Spouse + 1 Child Rs 1170 (approx.)
      Rs 10 Lakh Self + Spouse + 2 Children Rs 1462 (approx.)

      Sample Table for Health Insurance Premium Paid in EMI’s

      *The premium mentioned is without GST for members lesser than 35 years of age from Tier 2 cities. The above table is for reference only, the premium varies based on the insurer and the type of health insurance plan purchased

      1. Filing Health Insurance Claim before Paying the Health Insurance for the Complete Policy Term

      So, if you are paying the premium every month, and you need to file a claim within six months of paying the premium, then the insurer will be processing your claim. However, it might deduct the remaining instalments or you would need to pay the pending premium amount to avail the claim benefits. Simply put, it will have no impact on the overall claim procedure.

      2. Changing the Mode of Premium Payment in the Existing Medical Insurance Plan

      The policyholders can change their mode of premium payment at the time of policy renewal. However, it is not possible to make modifications in the interim period. Those who are looking forward to opting for a different mode of premium payment would need to mention that in the policy form at the time of renewal.

      3. Premium Cost on Opting for EMI Paying Facility

      The basic premium cost doesn’t change whether you opt for a monthly, quarterly or half-yearly premium payment option. However, in some cases depending on the insurer and the type of health plans, some insurers can charge a slightly higher premium.

      4. The Free-look Period on Opting for EMI Facility

      Most of the health insurance plans provide a free-look period of 30 days after the policy commencement. During this period the policyholder can withdraw the policy without any penalties when opted for annual premium payment option. And if you chose to pay your policy premium on EMIs i.e. monthly, quarterly, or half-yearly, then the insurer might cut short the free-look period.

      In a Nutshell

      All the policyholders across India seem to have welcomed the EMI option to pay the health insurance policy premium. It makes health insurance reasonably priced for the lower-income groups and we have witnessed a sharp increase the policy buyers since the instalment option has been announced.

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      Disclaimer: The list mentioned is according to the alphabetical order of the insurance companies. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in

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      *We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30- minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881.

      *Product information is authentic and solely based on the information received from the Insurer. Policybazaar is acting only as a facilitator and claims settlement shall be at the sole discretion of the Insurer. Policybazaar does not provide any medical or surgical advice or diagnosis and is not responsible for your interactions / treatment by a medical practitioner/hospital. Please consult a registered medical practitioner for any medical or surgical advice. The Information that you obtain or receive from Policybazaar, and its employees, or otherwise on the Website is for informational purposes only. As per the Insurance guidelines, you are allowed to cancel the policy with-in 30 days from the date of Issuance of policy.This option is available incase of policies with a term of one year or more.

      *All the health insurance plans cover hospitalization expenses including COVID-19 treatment cover up to the specified limits. You can also buy specific COVID-19 health insurance policies such as Corona Kavach Policy and Corona Rakshak policy.

      **All savings and online discounts are provided by insurers as per IRDAI approved insurance plans. #Tax Benefits are subject to changes in tax laws. GST Exemptions depend on fulfilment of qualification criteria and submission of relevant documents.

      *₹1748/month is the starting price for a 1 crore health insurance for an 18-year-old male, with no pre-existing diseases. Discount on renewal premium is subject to the number of wellness points earned in the health insurance policy. For more details about the plans, please read the sale brochure carefully to get upto 100% discount on renewal premium.

      *₹400/month is the starting price for ₹ 5 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

      *₹541/month is the starting price for ₹ 10 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

      *₹762/month is the starting price for ₹ 1 Crore Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

      *₹243/month(₹ 8/day) is the starting price for a 5 lakh health insurance for a 20-year-old male, non-smoker, living in Bengaluru with no pre-existing diseases

      *₹2020/month is the starting price for ₹ 1 Cr Health insurance for a 50 year old male & 50 years old female, living in Bangalore with no pre-existing diseases rounded off to nearest 10.

      *₹390/month (₹13 per day) is starting price for 1 cr. Health insurance for 25 years old male, with pre-existing diseases, residing from tier 1 city rounded off to the nearest 10.

      *No medical tests are required unless requested by the insurer’s underwriter. In-case of pre-existing diseases relevant medical proof would be required as per the terms and condition of the policy opted.

      *The values taken for effective cost calculation are indicative values and may change as per the selected plan.

      *Coverage upto double the amount of Sum Insured is available on certain covers for a minimum plan of Rs. 5 Lakh on the first claim only to an individual of upto 45 years of age with no pre-existing diseases. The benefit is available with or without extra cost depending on the plan chosen.

      *Coverage of pre-existing diseases is provided by insurer as per their underwriting policy.

      *The scope of coverage may vary from plan to plan.

      ~Source: Google Review Rating available on:- http://bit.ly/3J20bXZ

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