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What is Health Insurance on EMI?

Health insurance provides financial safety during times of a medical crisis. However, due to the lump-sum payment required to purchase a health insurance policy, many can’t avail of the benefits it offers. The option of health insurance on EMI eliminates this hurdle. The premium payments start as low as Rs. 600 and can be spread out as monthly, quarterly or annual instalments rather than a single payment. The instalments are computed based on the total sum insured, the policy premium, the duration of the instalments and the interest charges for EMI if applicable. Let’s find out more about the health insurance plans on EMI!

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

Health insurance is one of the best investments you can ever make for yourself and your family. Not only does health insurance protect you and your loved ones in times of sickness and disease, but it is also one of the best tax-saving investments you can make. 

Why Was the Provision for Health Insurance on EMI Introduced by the IRDAI?

There are many people in India who know the benefits of a health insurance policy but are hindered by its cost. This makes it difficult for many citizens to access the advantages offered by a health insurance policy, which seeks to make payments easier and more affordable in times of illness. 

 

In 2019, the Insurance Regulatory and Development Authority of India (IRDAI) asked health insurance providers to offer policyholders the ability to make their payments in more instalments than was previously offered. From having to pay a hefty annual premium, policyholders can now opt to pay health insurance monthly premiums, which are significantly more affordable. This has also increased the number of policyholders since health insurance is now more affordable and accessible for people living in different parts of the country.

Why Should You Buy Health Insurance on EMI?

The monthly payment of health insurance  premium offers several benefits for policyholders. Read on below to learn more. 

1. More Accessible and Affordable:

With the option to pay for health insurance by EMI , more people across smaller Indian towns and villages can afford to invest in health insurance. In cities also, people who are newly employed or retired and might not have a regular source of income may find it difficult to pay their health insurance premiums. Thus, by allowing the payment of premiums of health insurance on EMI, more people can afford to buy it.

2. Increasing Medical Costs:

Inflation has hit all aspects of our lives today and medical expenses have risen significantly. Monthly payment health insurance policies have made it easier for more people to be able to access medical care through insurance policies.

3. Higher Coverage:

Now that you can opt to pay for health insurance on EMI, it is possible to opt for a plan with higher coverage than the one you previously had. While the higher coverage plan will also be more expensive, it is now possible to afford it owing to the ability to pay health insurance premiums through EMI.

4. Tax Benefits:

Tax benefits on health insurance are offered under Section 80D of the Income Tax Act, and these are applicable for policyholders who choose to make premium payments through EMI as well. Deductions on income tax can be claimed by policyholders on the premiums they pay monthly towards the health insurance policy.

5. Online Payment:

Digitalisation has made processes involved in several industries more convenient. This is also true regarding the purchase of health insurance, especially since premiums can now be paid online. Consumers can opt for auto-debit of their health insurance monthly premium and ensure that the premium is automatically deducted from their bank accounts on a specific date each month. 

 

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What are the Disadvantages of Buying Health Insurance on EMI?

It is important to note the disadvantages of the health insurance EMI option for premium payment as well. Read below to learn more about the disadvantages.

1. Extra Premium:

Many health insurance providers may increase the EMI if policyholders choose to pay premiums in monthly instalments. As a result, paying health insurance on monthly premiums might actually end up costing more than if the entire premium had been paid annually.

2. Delay in Claims:

Some health insurance providers may also require a certain number of instalments or a certain premium amount to have been paid before policyholders can submit claims. The monthly EMI health insurance payment might actually need to reach a certain level before you can raise claims with the insurance provider.

3. Higher Sum Assured Might be Required:

Certain health insurance EMI plans are only available for those who opt for a higher sum assured. For instance, a provider might decide that only those who opt for a policy with a sum assured of Rs. 1 Lakh can claim the EMI-based health insurance plan.

4. No Discounts:

Health insurance providers often offer discounts to policyholders who make the lump sum premium payment annually. This offer might not be available for those who choose to pay premiums for health insurance on EMI, so they might end up paying more than those who bought the policy with an annual payment.

How to Choose the Right Health Insurance Policy on EMI?

Considering the number of providers offering health insurance monthly premium facilities, it can get difficult to determine which health insurance policy is best for you. Keep in mind to assess them on the factors listed below and you will be able to find the health insurance monthly payment policy that works best for you. 

1. Look for No-cost EMI:

No-cost EMI is a facility that ensures that you are not charged interest on the EMI payments you make. Make sure to check if the health insurance policy you have opted for offers a no-cost EMI facility as it would make your premiums significantly less expensive.

2. Check Coverage:

Insurers may offer different options for policyholders utilising the no-cost EMI facility. Make sure to check the coverage of your policy and whether your family members will be adequately covered too.

3. Check Exclusions:

Exclusions are usually listed in the insurance policy’s “fine print” and refer to the scenarios that will not be covered by the health insurance policy.

4. Check Insurer’s Customer Care Service Reviews:

Make sure you check the insurer’s record for settling claims as well as reviews of their customer service team. This will help you make a more informed decision regarding the health insurance policy you should opt for. 

Health Insurance on Bajaj EMI Card - Making Health Insurance Affordable

Bajaj Markets has long been known for making financial products affordable and accessible to large sections of society. You can find a range of health insurance on monthly EMI policies on the platform and pay the premiums using your Bajaj EMI Card or any other debit or credit card. 

Why Should You Buy Health Insurance on EMI From Bajaj Markets?

There are several benefits to buying health insurance EMI plans from Bajaj Markets. Read on to learn more. 

1. Better Management of Health-related Challenges:

By purchasing health insurance on a monthly EMI plan from Bajaj Markets, you can ensure that you face no financial hassles in case of any disease or illness.

2. Adequate Coverage:

Since Bajaj Markets offers health insurance on EMI, you can opt for a plan that offers a higher sum assured and even ensures coverage for your dependents.

3. Maintaining Financial Safety:

One of the primary reasons to invest in a health insurance plan is so that policyholders don’t have to dip into their savings in case of sickness. Plans offered by Bajaj Markets ensure that policyholders and their family members are adequately covered and never required to use their savings for treatment.

How to Calculate Premium for Health Insurance?

In order to calculate the premium you would be required to pay for health insurance plans, you require certain details, such as:

 

  • Amount of sum insured,

  • The health insurance plan selected,

  • Type of coverage offered by the plan,

  • Number of family members insured and their ages, and

  • City of residence.

Premium Chart for Health Insurance on EMI

When you choose a health insurance monthly payment policy, your premium is calculated as per three variables, including the total sum insured and policy premium, instalments’ duration, and interest charged on the premium, if any. Read below for a sample of how your premium amount changes as per different factors. 

Sum Insured

Number of People Insured

Estimated EMI

Rs. 5 Lakhs

1

Rs. 600 to 800

Rs. 10 Lakhs

2

Rs. 1,500 to 1,800

Rs. 20 Lakhs

3

Rs. 3,600 to 4,000

Rs. 30 Lakhs

4

Rs. 8,000

Things to Keep in Mind While Buying Health Insurance on EMI

There are a few things you must keep in mind while buying an EMI-based health insurance plan. Read below to learn more.

 

  1. Check the process for raising claims before your entire premium amount is paid.

  2. You can indicate at the time of renewal of your health insurance policy that you would like to change the mode of payment from annual to monthly or even vice versa.

  3. Assess whether your premium is higher if you pay it monthly, rather than if you made an annual lump sum payment.

  4. Many providers offer a free-look period of 15 days for insurance policies that are paid for annually. Check with your provider on whether your free-look period will also be reduced if you opt for a policy with monthly EMIs. 

Conclusion

Buying health insurance on monthly EMIs ensures that the policy is affordable and does not cost you too much. However, make sure to check the plans on offer and compare them with your requirements before buying a policy.

Health Insurance Plans Available at Bajaj Markets

FAQs on EMI Health Insurance

  • ✔️How can you opt to pay for health insurance through EMIs?

    You can inform your policy provider at the time of purchase that you would like to pay your premiums monthly.

  • ✔️Who can opt for paying health insurance premiums through EMI?

    Anybody can opt for paying health insurance premiums through EMI as long as it is a facility offered by the insurance provider.

  • ✔️Are health insurance premiums higher or lower when paid through EMI?

    These rules might vary among providers so it is best to check with your health insurance provider on whether your premium will be higher or lower or the same if you opt to pay it in monthly instalments.