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23 Oct 2019
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Many a time, people settle for a health insurance plan with low sum assured due to the hefty premiums it attracts. Because of this, they opt for either a low coverage or no health insurance at all. How about we tell you that buying adequate health insurance with sufficient coverage is now possible. That’s right! You can now avail health insurance on EMI and pay the hefty premiums in affordable instalments.

Insurance providers in India have started to accept the premium payments in the form of monthly instalments or EMIs. The reason behind this is that most people seeking health insurance plans find it difficult to make a single payment towards the policy. Hence, IRDAI has made it mandatory for all insurance companies to accept the monthly premium payments.

 

 

Why Was the Provision Introduced?

Majority of people in India do not have a health insurance policy. As a matter of fact, the reason behind it is the single large payment made towards the plan. The primary objective to impose this provision is to make medical insurance an affordable product. Further, people who cannot pay the lump sum amount can now pay the same in the form of EMIs.

But do you think this is a great way to promote the importance of medical insurance in the country?

In this article, we will be discussing just that. Let us begin by understanding the pros of purchasing health insurance on EMI.

 

Reasons to Buy Health Insurance on Installments

Every move or provision imposed by IRDAI benefits ordinary people of the country. Here's how we think that paying monthly instalments towards insurance can help you –

  • You get access to health insurance (whether you belong to a small town or an urban city). However, it is bound to benefit the small-town people, as it will turn out to be a lot cheaper this way.

  • In fact, it is beneficial for people living in urban areas, too, as they can pay premiums every month from their income. Moreover, it is an excellent opportunity for the insurance industry to flourish in big cities as well.

  • Thanks to the Internet, you can now seek health insurance online. Moreover, you can easily make your premium payments online through secure online portals. Also, if you are comfortable, then you can set up an automatic deduction of premiums from your account directly. This way, you will not miss out on the instalments.

  • If the insurance industry flourishes because of this, it is bound to offer a varied collection of insurance products to the audience. Not only will it improve the industry, but will also have a positive impact on customer services and enhance the claim process.

Health Insurance on Bajaj EMI Card – Making Health Insurance Affordable

With the availability of paying health insurance premiums in instalments, you can dedicate a fixed amount from your income every month towards it. That way, you do not have to keep worrying about your expenses. Thus, buying health insurance on EMI is a wise decision.

In fact, health insurance plans at Finserv MARKETS offer the facility of paying premiums through Bajaj EMI Card. With this card, not only can you pay the premiums with ease but can also split your medical expenses into affordable EMIs.

Reasons To Buy Health Insurance on EMI at Finserv MARKETS

The reasons you should buy health insurance on EMI at Finserv MARKETS are as follows –

Rise in medical costs:

Due to advancement in the medical field, the cost of medical treatments has undoubtedly increased over the years. Hence, to help you financially cover the expenses, the health insurance coverage will come in handy.

● Rise in health problems:

Due to work-life imbalance along with poor eating habits, there is a significant rise in diabetes and cardiovascular-related diseases. Our health policy will help you cover for these medical conditions.

● Tax Benefits:

Under section 80D of the Income Tax Act of 1961, you can avail health insurance tax benefits up to INR 50,000.

● Coverage for self and family:

 Medical issues can arise anytime and can affect anyone. You can now safeguard yourself and your family members with family health insurance plans.

● Unexpected Health Issues:

An appropriate medical insurance will cover you and your family members in case of unforeseen health emergencies.

● Save on Premiums:

Here, age happens to be a determining factor when buying health insurance. So, the younger audience will have to pay less premium compared to the senior people.

With Bajaj Allianz Health Insurance Plans available on Finserv MARKETS, you have access to one of the best medical insurance coverages. This way, you can cover yourself and your family members against any medical emergencies. Also, you can efficiently deal with unforeseen illness without burning a hole in your pocket with our cashless health plans.

Moreover, Finserv MARKETS offers swift claim settlement, reinstatement benefits, bespoke insurance plans, extensive coverage, and so much more. Safeguard yourself and your family members at affordable premiums. Browse and compare health insurance plans to choose the one that is most suitable for your needs.

So, why wait? Get Bajaj Allianz Health Insurance with us today!

“Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we work towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App”.

FAQS Related to Health Insurance On EMI

  • ✔️What happens if I am unable to pay the EMIs on time?

    If you are unable to pay EMIs on time, don’t worry. The insurer offers a grace period within which you can pay the EMI amount without having to worry about policy termination.

  • ✔️Can I apply for a Bajaj EMI Card online?

    Yes. You can apply for a Bajaj EMI Card online at Finserv MARKETS.

    1. Apply for it online
    2. Pay card fees
    3. Submit the documents
    4. Get the card activated
  • ✔️How long does it take for the EMI to get activated?

    Once the request for the card is approved, the EMI card is activated instantly.

  • ✔️What are the documents required for a Bajaj EMI Card?

    You need the following documents when buying the EMI card –

    1. PAN card
    2.  Aadhaar card
    3. Cancelled cheque
    4. Signed ECS Mandate