One of the key reasons that has made health insurance more accessible to Indians is that today policy buyers have the option to buy health insurance policy on EMI. In order to drive affordability, the Insurance Regulatory and Development Authority of India (IRDAI) had allowed insurers to sell health insurance policies on EMI.
However, you need to be aware of a few important factors before buying a policy on EMI. Let’s discuss in detail.
The introduction of EMI in health insurance policy purchase has made health insurance more accessible. Here are the reasons why you could opt for buying health insurance on EMI.
1. Accessibility and Affordability
It gives you the freedom to buy, and is easy on the wallet as the amount to be paid would be distributed over the tenure of your preference, thereby allowing you to spend and make other investments in parallel.
2. Larger Health Cover
As the payment is being spread across the preferred duration, people have the space to opt for a larger cover, especially if they wish to cover their family as well, and still not feel the pinch on their wallet.
3. Beneficial for Senior Citizens
Buying via EMI is helpful especially for senior citizens as they have limited monthly income, thereby making it pocket friendly for this segment of users.
4. Ease of Payment
The ability to pay for insurance cover on EMI reduces the hassle of paying via cheque or cash, and EMI payments can be done via digital platforms, where people can even opt for the auto-debit option.
5. Tax Benefits
People can avail of tax benefits up to Rs.50,000 under Section 80D of the Indian Income Tax Act, 1961.
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Previously, health insurance premiums were to be paid in a lump sum amount rather than in monthly instalments. In the year 2019, the Insurance Regulatory Development Authority of India (IRDAI) decided to introduce a flexible way of paying insurance premiums to lower the financial burden for most citizens.
The basic objective of this initiative was to make health insurance more affordable and accessible to people.
The one-time payment option still exists; policy holders now have the option to choose from various payment cycles such as monthly, quarterly and semi-annually. By introducing flexible EMI options, IRDAI wishes people to view health insurance as a financial investment rather than a financial burden.
The EMI premiums for health insurance depend on a lot of parameters such as your medical records, pre-existing illness, lifestyle & habits, profession, etc. There are various health insurance EMI calculators available online that take all these points in consideration to provide accurate numbers.
These provide fast and accurate results and also can be done from the comfort of your home. To get the results, you have put in the following details:
After providing the above mentioned details correctly, you will get the amount of your EMI. Knowing your EMI amount beforehand will help you manage your finances accordingly.
Health insurance with EMI option will be convenient for those who want a significant amount of sum insured but are dependent on a monthly income. It is also a good option for senior citizens who have to rely on passive modes of income and for younger professionals who are just starting out in their careers.
Why wait? Get yourself and your family a Health Insurance cover today!
Ans. It is always a good idea to purchase health insurance on EMI. This facility makes health insurance more affordable and accessible for everyone.
Ans. If someone fails to pay the EMI of health insurance on time, the benefits provided by the insurer cease to be in effect until renewal which might include a penalty.
Ans. Here are the different payment frequencies for Mediclaim on EMI:
One-time or lump sum payment
Monthly payments or EMIs
Annual payments, available for multi-year policies
Ans. Policyholders can choose their prefered payment frequency while applying for a Navi Health Insurance policy. It is a digital paperless process and involves no intermediary. Once you submit your claim, it takes 90 seconds to get health insurance and 20 minutes to get approval for cashless claims.
Ans. As an adult insured person, you can get yourself a minimum coverage amount of Rs.1 lakh to Rs.5 lakh with Navi Health Insurance.
How about an affordable health insurance policy 👨⚕️ starting at a monthly premium of just ₹235? Install the Navi app now and get your policy in under 2 minutes.
Disclaimer: This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
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