Almost everything nowadays has the option of part-payments or an EMI. The majority of the time, consumers choose EMI payments because it does not put a financial burden on them. Health insurance is also available on EMI now, allowing you to pay the hefty premiums in affordable installments.
Having health insurance has become a necessity amid the current Coronavirus outbreak. With the number of positive cases rising by the day, an increasing number of people are at the risk of contracting the virus. Hospitalization caused by the Coronavirus can result in significant medical costs, so, a Health Insurance policy has become essential.
Although a large number of people have recognized the importance of health insurance, many of them are finding it difficult to afford the premiums since COVID has had such a severe economic impact. Job losses, salary cuts, and company uncertainty are only a few of the pandemic's severe economic consequences.
The basic objective behind this provision is to make Health Insurance more affordable so that, the people who are not able to afford Health Insurance because of the lump sum premium amount can pay them on a monthly, quarterly, or half-yearly basis.
Due to this, insurance companies have started to accept premium payments in the form of monthly installments, or EMIs. The IRDA has also mandated that all insurance companies are to accept monthly premium payments.
Here's how we think paying monthly insurance installments can help you:
Let us look at how paying a premium on an EMI can be a beneficial option:
Though paying premiums in installments is advantageous to you, there are a few things you should be aware of:
EMI payments are preferable for the customers who can make big purchases and pay for them in small affordable installments later. As a result, the option of paying your premiums in installments is advantageous to you because you may afford a higher level of coverage and invest in a complete health insurance plan. Choose this facility at your convenience, you can pay the premium in one lump sum or go for an annual premium. So, make a sound choice, but don't forget to invest in health insurance for financial stability during the uncertain time like this.
Written By : Naval Goel
Last Updated : March, 2022
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