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No Room Rent Capping | No Medical Check-up up to 55yrs | Tax Benefit up to 75k | Buy Health Insurance starting @ ₹244 pm

Health Insurance On EMI

In a world that has no dearth of health-related risks, health insurance is an easy yet effective tool to have some degree of control over your health. You can buy Individual Health Insurance Plans or Family Floater Health Insurance Plans and have a financial safety net for any eventuality pertaining to your health. One of the factors that result in people opting for a low sum insured in their respective health insurance policies is the quantum of the premium. This is why buying health insurance on EMI is an excellent option.

 

Even with the ever-rising awareness on the significance of health insurance across the country, the lump-sum payment required to purchase a health insurance policy was proving to be a major bottleneck to the enhancement of the penetration of health insurance in India. However, the Insurance Regulatory Development Authority of India (IRDAI) decided to make premium payments more flexible and less of a financial burden.

 

It was in the year 2019 that the industry regulator paved the path for the introduction of a higher degree of flexibility in the frequency of insurance premium payments. Therefore, health insurance on EMI came into the picture in India. EMI health insurance is, as its name suggests, a health insurance plan whose premium can be paid in monthly installments rather than a single payment.

 

With the primary objective of making health insurance more accessible and affordable for people across income groups, the IRDAI asked insurance companies in the country to incorporate the feature of several frequencies of premium payment in their plans. Therefore, in addition to the one-time payment option, you can now pay your health insurance premium on a monthly (that is, EMI), quarterly, or annual basis.

Why Was The Provision For Health Insurance On EMI Introduced By The IRDAI

The main reason behind the low penetration of health insurance in India is the unavailability of sufficient funds with individuals so as to make the one-time payment or health insurance policies. With there being the freedom to select a premium payment frequency of their choosing, people can look at health insurance as an important financial product rather than a financial burden.

 

The availability of health insurance on monthly EMI has been envisaged as being the harbinger of a higher penetration of health insurance in the country and the driver of increased feasibility of health insurance. If you wish to buy your health insurance policy with a single payment, you can still choose that route.

 

However, if you do not have sufficient funds for the purpose or wish to have health insurance on EMI for a more balanced and spread out approach to health insurance expenditure, then you can exercise that option as well. You, the policyholder, therefore, have the freedom to choose the frequency of the premium payment.

Why Should You Buy Health Insurance On EMI?

There are several reasons why you must buy health insurance on EMI, such as:

1. It can prevent a sudden outflow of money

If you opt for health insurance with EMI facility, then you can purchase an adequate health insurance policy without a substantial outflow of money in one go. Therefore, your budget shall not be drastically affected in the process.

2. It can encourage financial discipline

The selection of EMI health insurance is also beneficial from the perspective of financial discipline. The monthly liability of your health insurance premium can be instrumental in you eliminating unnecessary expenses and allocating your income more prudently.

3. It can enable you to choose a high sum insured

Since the cost of your health insurance policy will be spread out over a longer period as opposed to a one-time payment, you can afford to pay a higher amount of premium and, therefore, choose a higher sum insured in health insurance policy.

4. The option to choose auto debits for the premium

If you are wondering whether buying health insurance on monthly EMI would be a repetitive hassle, then you must park those worries. You can easily set up automatic debits from your bank account for the payment of your health insurance policy premium every month. Since the payments will be auto-debited from your account, you need not worry about missing any installments. However, you must be mindful of keeping the required balance in the account on a consistent basis.

Health Insurance On Bajaj EMI Card - Making Health Insurance Affordable

If you are planning to purchase health insurance with EMI facility, then you can opt either for a Bajaj EMI Card or other credit/debit cards to make the payment. At Bajaj MARKETS, we have health insurance plans by the country's leading insurance companies, and you can buy said plans on EMI.

 

After selecting a particular health insurance policy on the official website or mobile application of Bajaj MARKETS, you can make the premium payment using a Bajaj EMI Card or other credit/debit cards as well. Your entire premium obligation would be converted into affordable EMIs.

Why Should You Buy Health Insurance On EMI From Bajaj MARKETS?

The decision to use a Bajaj EMI Card to purchase your EMI health insurance entails a whole host of benefits. Some of these benefits are as follows:

1. Better management of your health-related challenges

If you choose to purchase health insurance on EMI, then you can have sufficient financial protection to handle several health-related challenges.

2. Adequate health insurance coverage

With the purchase of health insurance on EMI with a Bajaj EMI Card, you can benefit from the facility of monthly payments of your health insurance premiums. This can enable you to opt for a higher sum insured and, in turn, higher premium for your health insurance policy. Having a high health insurance sum insured is prudent, particularly if you are buying a Family Floater Health Insurance Plan.

3. The safety of your savings

One of the main reasons for purchasing a health insurance plan is having sufficient coverage for any potential health emergency so that your savings remain undisturbed in such an event. However, it is also important to ensure that the burden of your health insurance premium payment does not force you to delve into your savings. This is why buying health insurance on monthly EMI is an excellent choice.

Sample Table For Premium For Health Insurance On EMI

The health insurance premium for monthly installments is computed on the basis of three factors, namely:

  1. Your total sum insured and policy premium

  2. The duration of the installments

  3. The interest charges for EMI health insurance (if applicable)

 

The following table sheds light on the estimated EMIs for different health insurance plans with varied health insurance sum insured.

Sum Insured

Number of people insured under a plan

Estimated EMI for health insurance premium

Rs. 5 Lakhs

1

Rs. 600 to Rs. 800

Rs. 10 Lakhs

2

Rs. 1500 to Rs. 1800

Rs. 20 Lakhs

3

Rs. 3600 to Rs. 4000

Rs. 30 Lakhs

4

Rs. 8000

To Sum It Up

Now that health insurance on EMI is available, you can easily opt for that if you wish to. In addition to the reduction of the impact of the financial burden of a health insurance policy, buying health insurance on EMI can also enable you to choose a higher sum insured for your and/or your family's health insurance policy

Best Health Insurance Plans Available at Finserv MARKETS

Frequently Asked Questions About Health Insurance On EMI

  • ✔️Can I purchase health insurance on EMI?

    Yes, you can purchase health insurance on EMI. You can visit the official website of Bajaj MARKETS or our mobile application to select a health insurance policy and use a Bajaj EMI Card or any other debit/credit card to make the premium payment. 

  • ✔️What will happen if I fail to pay an EMI on my health insurance policy?

    If you fail to pay an EMI on your health insurance policy, then your health insurer will offer you a grace period. During the aforementioned period, you can pay your EMI and your policy shall remain intact. However, failure to pay your health insurance EMI within the grace period can lead to the termination of the policy. 

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

    Yes, you can apply for a Bajaj EMI Card online. All you have to do is visit the official website of Bajaj MARKETS. You can complete the entire application, including the payment of the card fee online, and the card shall be issued to you. 

  • ✔️What are the different frequencies available for health insurance premium payments?

    You can pay your health insurance premium in one of the following frequencies:

    • Single payment or lump sum payment

    • Annual payments (for multi-year policies)

    • Quarterly payments

    • Monthly payments or EMIs 

  • ✔️How long does it take for a Bajaj EMI Card to be activated?

    Once your request for a Bajaj EMI Card has been accepted and approved, the card gets issued to you. You can then start making purchases with the card, including health insurance on EMI.