With the rising cost of health care in India, many people find it difficult to pay for their medical expenses. Health insurance companies have started offering EMI instalments for their policies to make it easier for people to pay for their health insurance. The IRDAI has allowed insurance companies to provide health insurance EMI instalments policies. This is a big relief for people who have been struggling to pay for their health insurance premiums. Now, they can pay for their health insurance in easy instalments.
Why did IRDAI Introduce Health Insurance EMI Option?
The Insurance Regulatory and Development Authority of India (IRDAI) has introduced the EMI feature for health insurance policies because it wants to make insurance affordable for everyone. By paying the premium in EMIs, policyholders can spread the cost of their insurance over a period of time and make it more affordable.
Who Should Consider Buying a Health Insurance EMI Policy?
The EMI option for health insurance is beneficial for people who face difficulty in paying the lump sum premium amount at once. If you are one of those people, you should consider buying a health insurance policy with an EMI option.
How Does the Health Insurance EMI Work?
The EMI option for health insurance works in the same way as it does for any other product. The policyholder pays the premium amount in EMIs, and the insurance company pays the claims. One can choose to pay the premium in monthly, quarterly, or half-yearly instalments.
Benefits of Health Insurance EMI Installments in India
The provision for health insurance on EMI given by IRDAI benefits the people of the nation. Here’s how paying monthly instalments towards insurance might help you:
- You may get health insurance (whether you live in a small town or an urban metropolis). However, because it will be much cheaper this way, it will undoubtedly benefit the little-town folks too.
- People who live in cities may benefit since they can pay monthly premiums from their salaries. Furthermore, it is a wonderful opportunity for the insurance sector to develop in big cities.
- EMI option makes it easier to pay the premium and also helps in saving.
- Health insurance also has tax benefits. Under section 80D of the Income Tax Act, you can get a deduction of up to Rs. 25,000 for paying health insurance premiums.
- You can also get some added advantages like critical illness cover, personal accident cover, and hospital cash benefit, which can come in very handy.
Best Health Insurance EMI Option Providers in India
- Aditya Birla Health Insurance
- Bajaj Allianz Health Insurance
- Bharti AXA Health Insurance
- Care Health Insurance
- Cholamandalam Health Insurance
- Edelweiss Health Insurance
- Future Generali Health Insurance
- IFFCO Tokio Health Insurance
- Kotak Mahindra Health Insurance
- Liberty Health Insurance
- Magma HDI Health Insurance
- ManipalCigna Health Insurance
- National Health Insurance
- New India Health Insurance
- Niva Bupa Health Insurance
- Oriental Health Insurance
- Reliance Health Insurance
- Royal Sundaram Health Insurance
- SBI Health Insurance
- Star Health Insurance
- Tata AIG Health Insurance
- United India Health Insurance
- Universal Sompo Health Insurance
Conclusion
Paying for health insurance can be a difficult task, but it has become much easier with the introduction of EMI instalments for health insurance policies. Now, you can pay for your health insurance in easy instalments. With Cover360, you can get the best health insurance policies with an EMI facility. We have a wide range of health insurance plans from leading insurers in India. You can compare the plans and buy the one that suits your needs and budget.
So, what are you waiting for? Get a health insurance policy today and make your life easier.