Health insurance is an essential insurance product that covers various medical bills of the insured. From hospital bills and pre- and post-hospitalisation expenses to home healthcare, day-care procedures, and AYUSH treatments, a healthcare policy covers them all. Considering that health issues and healthcare expenses are increasing rapidly, it is wise to stay covered under this insurance product for those uncertain times. If you are concerned about policy premiums, you can opt to pay through EMIs. Let's discuss this option in detail.
Can You Buy Health Insurance on EMI?
Yes, you can buy health insurance on EMI. In 2019, the Insurance Regulatory and Development Authority of India (IRDAI) asked insurance companies to offer flexibility in premium payment. This step was taken to make health insurance easily accessible to more people in the country.
Hence, if you are looking to cover yourself and your loved ones under health insurance but are worried about high policy premiums, you can pay them in easy monthly instalments and ease your financial burden.
Here's an example: suppose your monthly salary is INR 70,000, and the annual premium of your health insurance policy is INR 30,000. Given your other expenses, it may be challenging to shell out the entire premium amount upfront. On the other hand, if you choose the EMI payment option, you will have to pay a nominal amount of INR 2500 every month. This approach will help you stay covered under adequate health insurance while maintaining your budget.
The following are the advantages of buying health insurance on EMI -
Affordability:
The EMI option makes health insurance more affordable. It saves you from paying a large premium amount upfront and makes health insurance affordable.
Higher:
With the option to pay policy premiums in easy monthly instalments, you can choose a higher health insurance coverage. The same can come in handy during expensive medical procedures.
Beneficial for senior citizens:
Health insurance premiums increase with age, making it difficult for senior citizens with limited monthly income to pay large annual premiums. In such cases, opting for EMI can be a better option for them.
Conclusion
To sum up, buying health insurance on EMI can help alleviate your financial worries. This option enables you to access comprehensive health insurance coverage without the burden of making large annual payments for policy renewal. Thus, paying policy premiums in instalments allows you to maintain adequate health insurance without straining your budget.