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Health Insurance is incredibly important for every individual, adhering to the skyrocketing medical costs and diseases amongst Indians. Irrespective of your status, an unfortunate medical emergency may impact anyone.

People, however, are reluctant to secure themselves with a health insurance plan. It’s mainly because of the premium costs. Buying a health policy becomes a potentially daunting task when people find out that the premium payment is to be made in a single go. 

But not anymore!! 

According to the Insurance Regulatory and Development Authority of India (IRDAI), a regulatory change has been made to make the insurance payment more convenient. Individuals now can make the payment on EMIs, be it monthly, quarterly, half-yearly and yearly installments, depending on their preference.

Types of Health Insurance Policy

Before heading to the benefits, let’s discuss the types of health insurance policies.

  • Individual Health Insurance

With this kind of insurance policy, each member that’s insured is likely to get the entire amount individually. Whether it’s a cashless hospitalization or other possible medical benefits, this policy is for a solitary individual.

  • Family Floater Health Insurance 

Under the Family Floater Health Insurance policy, the amount is entitled to all family members. It may, however, be used by one member or by multiple members of the same family.

  •  Top-up Health Insurance 

If you’re an individual with limited health cover insurance, then this top-up health insurance plan is something important. Whether your existing insurance plan is limited or you have limited coverage from your employer, choosing this health policy would serve the purpose.

  • Critical Illness Health Insurance 

With this insurance plan, policyholders are likely to get a lump sum amount if they are diagnosed with serious illnesses such as heart attack, cancer, kidney failure, asthma, etc.

  •  Group/Employee Health Insurance 

This form of insurance policy is usually purchased by the organizations to cover the workers against the costs of medical care.

  • Personal Accident Cover

Personal accident insurance protects you and your family from expenses incurred as the result of an accident (in the event of injury, disability, or death). 

  •  Senior Citizen Health Insurance

This health insurance plan is for senior citizens to help offset the expenses associated with their medical care.

  • Maternity Health Insurance

Specifically designed for pregnant women, this health insurance covers both the mother and the child against costs of prenatal, post-natal, and hospitalization expenses, including the complications that occur due to pregnancy.

Reasons To Buy Health Insurance on Installments

Here’s the list of reasons to buy health insurance on EMIs.

  • No cost EMI: With hassle-free monthly installments, you may effortlessly convert your premium into installments.
  • Your choice is valued: With EMIs, you’ll have multiple options to choose monthly, quarterly, half-yearly, and yearly installments depending on your preference.
  •  Pocket-Friendly Premiums: You may easily choose the high sum insured plans to cover your family in a single plan by paying your premium amount in installments.
  • Easy to Buy for Senior Citizens: With installment facility, you may now pay for insurance even with limited income, without being tied to heavy premiums.
  • Eligible for Tax Benefits: When you choose to pay the insurance amount in installments, you’re eligible for tax benefits under section 80D of the Income Tax Act, 1961.

Top 5 Factors That may Decide Your Premium

The following are the 5 important factors that may ultimately decide your premium.

  • Family History: If your family has a diabetes history, there are higher chances that this may impact your premium calculation. In such scenarios, the amount of insurance premium is subject to change.
  • Pre-Existing Illness: Before getting a health insurance policy, if you’re suffering from any health condition or ailment, there are significant chances that your premium will likely rise. Consider choosing a health insurance policy when you are healthy and fit to avoid paying a substantial premium amount.
  • Smoking Habits: If you’re an individual who smokes more often, then you may need to pay a huge premium amount. Smoking arguably affects your lungs and could even cause severe respiratory ailments.
  • Residence: If you live in a metro city, then there are chances that your premium may skyrocket as the cost of treatment is significantly higher as compared to tier 2 or 3 cities.

Reasons to Choose PolicyX.com to Buy Health Insurance on Installments

If you are planning to buy health insurance on EMIs, look no further than PolicyX.com! Being a credible health insurance provider in India, it endeavors to make your insurance payment hassle-free and convenient. Here are the reasons to choose health insurance on EMIs.

  • Transparency: When you buy an insurance policy from PolicyX.com, you may have access to detailed information about the plan like its related terms & conditions, features, and eligibility. This would ultimately ensure transparency so you can make the right decision without breaking your bank. Also, you can leverage a health insurance premium calculator to choose a plan that may perfectly cater to your requirements.
  • Easy & Convenient: Now, you don’t need to wait in long queues to buy health insurance. We allow you to easily compare, choose, & pay for the policy that suits your requirements. To make the process simple and fast, there’s a secure payment gateway available.
  •  Customer Service- We are blessed to have a superb customer service team who are always on guard to clear our customers’ queries. Whether it’s 11 PM or 8 AM, our customer care team will attend to your queries. 

Final Thoughts

The change in premium payment mode options has been welcomed by the policyholders with open arms. Since health insurance has now become affordable for all groups, more people are relentlessly approaching to buy health insurance on EMI. If you too are looking to consider the same, make sure to do it at the earliest and secure yourself and your family against health perils.

Frequently Asked Questions (FAQs)

  1. What if I claim before paying my health insurance premium for a full year?

In such cases, you will have to either pay the entire amount of premium in a single go or allow the insurer to deduct the remaining premium from the amount payable.

  1. Will there be any change in the premium amount if I choose the monthly premium option?

Whether a policyholder wishes to opt for a monthly, quarterly, or half-yearly basis (excluding yearly payment option) there would be no change in the basic premium. There are chances your insurance company might increase the premium, depending on your plan.

  1. Can I change the option of my existing health policy to pay the monthly premium?

Yes, you can! If you want to change the option of your existing policy and turn it into monthly installments, you can do so at the time of policy renewal. Any change in the premium payment mode in the interim period is not allowed.

  1. Will the free-look period be shorter if I choose a health insurance monthly premium?

No, it will remain the same as mentioned in the policy document. 

Naval Goel is the founder of PolicyX.com. He is an Associate Member of the Indian Institute of Insurance`, Pune. He has been authorized by IRDA to act as a Principal Officer of PolicyX.com Insurance Web Aggregator.
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