How to Pay Your Health Insurance Premium Online?

Ways to Pay Your Health Insurance Premium Online

There are multiple ways through which you can pay your health insurance premium online. However, the modes of payment may vary from one insurance provider to another. Take a look at the various online modes of health insurance premium payment:

• Debit Cards – You can pay the premium by entering the details of your debit card along with the OTP received on your mobile phone.
• Credit Cards – You can also use your credit card to pay the premium by entering the card details and the OTP received on your phone.
• Internet Banking – You can transfer the premium amount to the insurance provider by logging on to your net banking account and entering the PIN.
• UPI – You can pay the premium amount by entering your UPI id along with the PIN. 
• Wallets - You can log in to your wallet online using your phone and by entering the OTP received on your phone to pay the premium amount.

Steps to Buy Health Insurance and Pay Your Premium Online

A health insurance policy can be purchased online on the website of the insurance company or insurance broker websites like Policybazaar.com. In both cases, you can pay the health insurance premium online. Take a look at the steps to buy a health insurance policy and pay the premium online:

• Visit the official website of Policybazaar Insurance Broker Private Limited
• Go to the ‘Insurance Products’ tab on the menu bar and select the type of health insurance you want to buy
• You will be redirected to a page with a form on it. 
• Enter your personal details like name, gender & mobile number and click on ‘View Plans’
• Choose the family members to be insured and the age of the eldest member
• Select the city where you live
• Provide details of your medical history 
• Health insurance plans from different insurance companies will be displayed
• Compare different plans and choose the plan you wish to buy
• Choose any add-ons that you wish to add to your policy and fill up your proposal form
• Select the payment mode through which you wish to pay your premium online
• Enter the required details and make the premium payment
• Once the insurance provider has received the payment, they will issue your health insurance policy.

Every health insurance policy is valid for a fixed period. The policyholder needs to renew the policy before the expiry date to ensure continued protection. The same steps can be followed to pay the renewal premium of your health policy.

Things to Remember While Paying Your Health Insurance Premium Online

Here are a few crucial things that you must keep in mind while paying your health insurance premium online:

• Always buy health insurance online from a website that is registered with the IRDAI (Insurance Regulatory & Development Authority of India). All IRDAI-approved websites will have a license number at the bottom of the website.
• Always enter your bank account or card details on a secured internet connection only. This way the chances of facing any fraud reduces.
• If you need to renew your policy, make sure to pay the renewal premium to the insurance company before the policy expiry date. This will ensure that there is no gap in your policy coverage and you have medical coverage at all times.
• The premium paid to buy or renew a health policy is eligible for tax deductions under Section 80D of the Income Tax Act. Thus, you can claim the premium by filing an income tax return.
• Do not hide your medical history while buying or renewing your health insurance policy even if it increases your premium. If you do not disclose any pre-existing illness and your insurance company finds out about it later, your claim will be rejected and your policy may be canceled.
• Make sure to read the policy document carefully before buying or renewing a medical insurance policy. Doing so will help you have a clear idea of the coverage, benefits and exclusions of the policy. Thus, you will get your desired coverage for the premium that you have paid.
• You can also use a health insurance premium calculator online on Policybazaar.com to check the premium of different health plans before buying. This will help you compare different plans and choose the plan that best suits your needs.

Summing It Up

Buying or renewing a health insurance policy has become extremely easy online. All you need to do is choose the plan you want to purchase and pay the premium online to get the policy without stepping out of your home. Moreover, given the various modes of online payments, you can pay your premium online safely. Just remember the above-mentioned tips to have a hassle-free and seamless experience.