5 min read
Updated on Oct 09, 2022
There’s good news for those who already have a health insurance policy or are planning to take one soon. The Insurance Regulatory and Development Authority of India (IRDAI) has introduced a new feature – you can now pay your health insurance premium on EMIs. This would save you from worrying over paying heavy premium amounts in a lump sum every year.
According to the IRDAI, this feature has been introduced to make health insurance plans accessible as well as easily affordable to the general public. Let’s learn more about this new provision of health insurance on EMIs and why it is such a good idea after all.
With the introduction of this new scheme, you can enjoy the benefit of paying a small fixed amount towards your health insurance policy every month, instead of the usual entire payment in one go every year. This makes medical insurance affordable to all, including the rural population, who currently are bereft of any health insurance cover.
Here are some reasons why health insurance on EMI basis is a good idea for all:
We discussed the benefit of paying premiums on health insurance on EMI basis over paying them all at once annually. But why should we take health or medical insurance in the first place? Why is it so important to have health cover over your head? Let’s look at a few good reasons:
As stated above, premiums on health insurance could only be paid annually up to now. However, the recent introduction of the new feature that allows health insurance premiums to be paid on EMI basis has brought some relief to insurance-holders. As per the new provision by the IRDAI, health insurance premium can now be paid in the following ways –
This means that policy-holders may still choose to continue making annual premium payments, if they deem it so convenient. However, most people are likely to benefit more from monthly or quarterly payment options since they don’t need to pay a heavy amount in one go.
The new policy feature has surely brought in an element of hope for the common man who can now think of buying the best health insurance in India without worrying about having to pay a huge amount of premium all at once.
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