Paying Health Insurance Premium in Instalments is Now Possible

The COVID-19 pandemic has impacted businesses across all industries. To provide some relief to policyholders who are facing a liquidity crunch, the Insurance Regulatory and Development and Authority of India (IRDAI) directed all standalone health insurance companies and general insurance companies to allow policyholders to pay their medical insurance premiums in instalments. Read on to know more.

Read More

Policybazaar exclusive benefits
  • 30 minutes claim support*
  • 50,000 claims approved in last 15 months*
  • Schedule home visit with our advisors
  • Get a plan based on your medical needs

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

*Tax benefit is subject to changes in tax laws. Standard T&C Apply

Back
All health plans cover Covid-19 treatment
  • 1
  • 2
  • 3
  • 4

Who would you like to insure?

  • Previous step
    Continue
    By clicking on “CONTINUE”, you agree to our Privacy Policy and Terms of use
    Previous step
    Continue

      Popular Cities

      Previous step
      Continue
      Previous step
      Continue

      Do you have an existing illness or medical history?

      This helps us find plans that cover your condition and avoid claim rejection

      Get updates on WhatsApp

      What is your existing illness?

      Select all that apply

      Previous step

      When did you recover from Covid-19?

      Some plans are available only after a certain time

      Previous step

      Bajaj Allianz General Insurance Co. Ltd, Bharti AXA General Insurance Co. Ltd are a few insurance companies who have now extended the premium payment option for their customers.

      For example, Bajaj Allianz Health Guard health insurance plan provides premium instalment facility for both individual and family floater plans. The proposer can pay the premium instalments on monthly, quarterly, half-yearly and yearly basis.

      How does it work?

      If a customer opts to pay the premium in instalment, then the receipt of the down-payment received while purchasing the policy issuance will be sent to the customer. As the instalments are paid, the policyholder will get all the receipts for subsequent instalments.

      If you are not able to pay the premium then a 15 days grace period is also provided. If the policyholder pays within the grace period, he/she will be able to avail the accrued benefits with respect to cumulative bonus accrued and waiting periods.

      Payment of Claims in Monthly Instalments Premium

      In case the insured person chooses to pay the premium on monthly basis for your health insurance policy and have paid 3 or 4 instalments, then you insurer is liable to accept your claims in case there is any medical emergency. However, you will need to pay the balance premium in one go or the insurance provider will deduct it from the payable claim amount.

      The premium paid on installment basis will not impact the claim settlement process provided you pau the balance premium upfront or the insurer will deduct it from the claim amount.

      Search
      Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

      Health insurance articles

      Recent Articles
      Popular Articles
      Monkeypox: Dos and Don’ts of the Disease That You Should Know

      15 Sep 2022

      Monkeypox has slowly and steadily spread to more than 85 countries...
      Read more
      Why is It Important to Disclose Pre-existing Diseases to Your Insurer?

      06 Sep 2022

      As we grow old, the chances of developing a disease or a medical...
      Read more
      Benefits of Multi-Year Health Insurance Plans

      25 Aug 2022

      Ever since COVID-19 entered our lives, health insurance has come...
      Read more
      Does Health Insurance Cover Monkeypox?

      25 Jul 2022

      Monkeypox is the latest disease to make its way to India while we...
      Read more
      List of Diseases Covered by Bajaj Allianz Health Insurance Plans

      05 Jul 2022

      Barely any person has remained unaffected due to rising health...
      Read more
      PMJAY Scheme: Ayushman Bharat Yojana Eligibility & Registration Online
      Prime Minister Shri Narendra Modi announced the launch of (PMJAY) Ayushman Bharat Yojana in his Independence...
      Read more
      Best Health Insurance Plans in India 2022
      Finding the best health insurance plan from so many different health insurance companies can get confusing for many...
      Read more
      How to Apply for Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (PM-JAY)?
      Ayushman Bharat Yojana is a flagship health insurance scheme launched by the Government of India to offer universal...
      Read more
      Best Maternity Insurance Plans
      Maternity insurance offers comprehensive coverage for medical expenses incurred during pregnancy, including the cost...
      Read more
      Best Health Insurance Plans for Senior Citizens in 2022
      Senior citizens are the most prone to diseases. Considering the medical inflation in India, buying health insurance...
      Read more

      top
      Close
      Download the Policybazaar app
      to manage all your insurance needs.
      INSTALL