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23 Oct 2019
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A lot of insurance providers 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 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.

 

The Pros of Paying Monthly Instalments Towards Health Insurance

Believe it or not, but 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 product 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.

 

The Cons of Paying Monthly Instalments Towards Health Insurance

Now that you have understood the benefits of paying EMIs for health insurance, it is essential to understand the disadvantages as well. Here's a list of cons associated with paying monthly for health insurance –

  • We all know for a fact that whenever we purchase any product with EMI, the instalments made towards it increase the actual cost of the product. Similarly, when it comes to health insurance, you (the policyholder) might end up paying approx. 3 to 5 per cent more, which is considered an enormous amount (taking the sum assured into account). On the other hand, the quarterly premium rates might be 3 per cent more. Whereas, the monthly premium rates might be 5 per cent more expensive than the basic health plan.

  • You will have to opt for health insurance that comes with a policy term of 2 to 3 years or more.

  • Moreover, it is noteworthy that you cannot claim for insurance before paying premiums for at least one year. Alternatively, it is not the case if you make annual premium payments towards health insurance.

 

To Conclude

Keeping the cons in mind, we still believe that purchasing health insurance with monthly premium instalments is a wise move. Almost all leading and upcoming insurance providers offer this opportunity.

Still, don't believe us?

Here are a few reasons why you should buy health insurance –

  • 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.

 

Are You Looking for Health Insurance?

Then, get in touch with us at Finserv MARKETS. With Bajaj Allianz Health Insurance 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”.