While health insurance plans in India are offered annually, people find it hard to pay the whole premium in one go. To overcome this, health insurers have also introduced monthly health insurance plans in India, offering more financial flexibility and affordability to the policyholders. Read on to learn more.
*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
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Below mentioned are some benefits of opting for monthly health insurance plans:
Monthly health insurance plans provide flexibility to those who may not be able to commit to an annual premium payment. By paying the premium monthly, individuals and families can better manage their finances and won’t be burdened to pay the entire premium in one go.
Monthly premium payment eliminates the need for arranging a higher amount of money to pay the whole premium in one go. This gives a huge relief to a large section of society, particularly those who may face financial constraints. Such people may prefer to pay for their insurance policies monthly, which is more convenient.
Opting for monthly health insurance plans ensures continuous coverage and ease of renewals. With annual payments, people may face the risk of missing their renewal dates, leading to a lapse in coverage. However, with monthly plans, policyholders can ensure their coverage remains uninterrupted, as premiums are automatically deducted every month. Moreover, they also get monthly reminders to pay the following month’s installment, making it difficult to miss the payment.
Monthly health insurance plans also offer peace of mind to people by allowing them to pay their insurance premiums in monthly installments and not in a lump sum. They also feel a sense of satisfaction that all of their savings are not being drained in paying the premium.
Monthly health insurance plans divide the annual premium amount of a mediclaim policy into 12 equated monthly installments or EMIs. As a result, the policyholder has to pay the yearly premium in EMIs instead of a lump sum.
For instance, if the yearly premium of an individual health plan is Rs 35,000, the policyholder will have to pay an EMI of Rs 2,916 (i.e. 35,000/12) for 12 months. As soon as the monthly premium or EMI is paid, the policyholder will get the receipts for the payment made.
If a policyholder is unable to pay a monthly premium installment by the due date, a 15 days grace period will be offered. All health insurance providers offer a grace period to pay the monthly premium. If the policyholder pays the premium within this grace period, they can get the accrued benefits; otherwise, their health policy will lapse.
You may also read: Paying Health Insurance Premium in Instalments is Now Possible
Here is how you can buy a monthly health insurance plan online from Policybazaar.com:
Monthly health insurance plans in India offer a flexible and convenient option to manage healthcare expenses effectively. By selecting a suitable monthly health plan, people can financially safeguard their health and well-being in a more accessible manner. However, it is also essential to carefully review the policy terms and conditions, coverage details, and customer reviews before making a final decision.
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