A healthcare policy provides financial protection against medical expenses, helping you access the finest treatment without fretting about the bills. While many recognise the advantages of health insurance, the annual policy premiums can prevent them from investing in this insurance product. If you find yourself in this situation, opting for EMI payment can be a solution! Insurance companies offer health insurance on EMIs, so you can invest in a healthcare policy without worrying about making hefty upfront premium payments. Let's explore the benefits of choosing the EMI option for health insurance premiums.
What are the benefits of choosing the EMI option for health insurance premiums?
Choosing the EMI option for health insurance premiums offers the following benefits -
Affordable coverage:
The EMI option spreads the policy premium over several months and makes health insurance coverage more affordable. Thus, you can cover yourself and your loved ones under adequate health plans without worrying about paying huge premiums at one go.
Access to comprehensive coverage:
If you choose the EMI option, you can choose a comprehensive health insurance policy for better coverage and financial security. The premiums of a comprehensive policy are more when compared to a basic plan, and this often prevents people from investing in this insurance product. However, when you can pay policy premiums in easy instalments, you can choose comprehensive coverage and secure your health and finances.
Access to quality treatment:
The health insurance EMI option makes premium payment easier. Hence, you can choose a higher sum insured and use your health plan to avail of quality treatment at reputed healthcare centres.
Easier for senior citizens:
Senior citizens with limited monthly income or pension may struggle to make upfront premium payments. The EMI option allows them to pay their health insurance premiums in easy monthly instalments and enjoy continuous coverage.
Tax deductions:
Under Section 80D of the Income Tax Act, you can claim a deduction of up to INR 25,000 or INR 50,000 (senior citizens) on the premiums paid towards health insurance. These deductions can be claimed even if the premiums are paid in instalments.
Conclusion
To sum up, paying health insurance premiums through EMIs offers significant advantages to policyholders. The flexible payment method enhances affordability for low-income groups, helping them opt for quality healthcare for quicker recovery. Hence, we can say that the EMI option expands the reach of health insurance and promotes overall well-being.