Many people in India have financial difficulties paying for medical care because of the escalating cost of health care. In an effort to make purchasing health insurance more accessible, some insurance providers have begun to accept EMI payments. Insurance companies can now offer health insurance on an EMI basis after receiving approval from the IRDAI. Those who have been having trouble making their health insurance payments will like this news very much. They can now pay for their health insurance in manageable installments.
why did IRDAI launch the health insurance EMI Option?
In an effort to make health insurance more accessible, the Insurance Regulatory and Development Authority of India (IRDAI) has implemented an EMI option for premium payments. Those who purchase insurance through EMIs can spread out the expense of their coverage over a longer period of time.
Should You Consider Purchasing a Health Insurance Policy with EMI Installment?
Those who have trouble coming up with the money all at once can benefit from the health insurance EMI option. To avoid this problem, you may want to look into purchasing a health insurance plan that offers monthly installment payments (EMI).
What is the Mechanics of the Health Insurance EMI?
There is no difference between the EMI option for health insurance and any other product. The insured person makes EMI payments toward the premium, and the insurer covers any claims that may arise. One has the option of paying the premium quarterly, semiannually, or annually.
Benefits of Health Insurance EMI Installment Plans in India
- IRDAI’s health insurance on EMI is a boon to the country’s populace. Here are some potential benefits of making monthly payments toward insurance:
- Possible Health Insurance Coverage (whether you live in a small town or an urban metropolis). But because it will be so much less expensive this way, the rural residents will profit, too.
- It may be more affordable for city dwellers to pay monthly premiums out of their income. What’s more, it’s a fantastic chance for the insurance industry to flourish in major urban centres.
- The ability to spread out premium payments using EMIs simplifies the process and encourages financial discipline.
- Having health insurance can save you money on your taxes. You can deduct up to Rs. 25,000 from your taxable income if you pay for medical insurance premiums under section 80D of the Income Tax Acthttps://iadvisor.in/health-insurance-policy/.
- You can also receive certain other benefits that can be quite helpful, such as critical illness coverage, personal accident coverage, and hospital cash benefit.
Conclusion
With the advent of EMI installments for health insurance policies, what was once a challenging chore of paying for insurance has become much easier. Paying for medical coverage is now feasible in manageable installments. Niva Bupa Health Insurance offers competitive health insurance plans and a convenient EMI payment option. We have a variety of health insurance products from India’s top health insurance providers. Check out the many options and settle on a plan that works for you in terms of price and coverage.