Paying your health insurance on EMI gives you affordability and convenience while taking higher premiums. Health care costs are skyrocketing each year, and the pandemic has taught us that medical emergencies are unpredictable. It could happen to anyone at any time, no matter how careful one is. Though we cannot predict the future, taking the right call will get you the best medical facility without having to worry about paying hefty hospital bills. Nowadays, most insurers offer Health insurance on EMI after the provisions made by The Insurance Regulatory and Development Authority of India (IRDAI).
Reason for Introducing EMI Provision in Health Insurance By IRDAI
With the Covid-19 pandemic outbreak, several people have lost their jobs. To support the common masses and make health insurance accessible worldwide, the IRDAI announced health insurance premiums in instalments. Let us explore what the new changes are
- Paying the premium in instalments enables you to pay on a monthly, quarterly, or half-yearly basis.
- With the new policy, you could convert higher premiums into feasible monthly premiums.
- The average range of premium instalments comes from about Rs 400 to Rs 1,400.
- The EMI feasibility makes health insurance affordable and accessible for many people in the nation.
Why Paying Health Insurance Premium on Installments Is A Good Idea?
The new policy of paying health insurance in instalments has its own set of advantages. This move has benefitted several policyholders and people for whom the policy was out of reach in numerous ways.
Let’s explore why paying the health insurance premium on instalments is a good idea for all:
High-priced Healthcare Treatments
- Not only in India, but healthcare costs are also rising all over the world.
- The Indian healthcare sector has excellent facilities to offer, but they are unaffordable to a commoner.
- A five to seven day stay at a private sector hospital for COVID-19 treatment could cost you around Rs 35,000-Rs 40,000.
- With health insurance, one can avail of the healthcare benefits without having to pay cash.
- With the introduction of a premium payment on instalments, covering healthcare expenses with a good health insurance plan has become simpler.
Flexibility to Choose Higher Coverage Plans
- EMI policy is a practical, affordable and accessible solution for those pondering over buying an insurance premium of higher coverage.
- It gives you the flexibility of choosing a health insurance premium without making payment in a single go.
- You no longer have to think twice about availing a good quality treatment as you can benefit from higher health insurance on EMI.
Cover for Self and Other Family Members
- You can avail health insurance for you and other family members under a single insurance plan.
- There are insurance plans that allow you to add a new family member easily and maternity cover.
- You can avail of an economic plan by covering all family members from aged parents and in-laws under one plan instead of getting individual plans for each.
- The family members share the amount assured.
Increase in Health Issues
- Health issues have been rising since the preceding decade due to lifestyle changes and sedentary habits.
- Health issues related to obesity like type 2 diabetes, High blood pressure, certain types of cancer, sleep apnea, osteoarthritis, fatty liver disease, heart disease, and strokes have been rising, with most people living an inactive lifestyle. So, health policies have adapted changed according to times to adapt them.
- It is possible to avail insurance policies for the illness mentioned above, including the novel Coronavirus.
Tax Benefits
- Availing health insurance gives you tax benefits Up to ?1 Lac under 80D of the Indian Income Tax Act.
- Tax Benefits are applicable for premiums paid in EMI too.
The new policy by IRDAI has been welcomed by all India’s policyholders, especially the lower-income group. Paying health insurance by EMI does not take a toll on their family budget. You don’t have to premium policy with a higher sum assured at one go.
Cover 360 aims to make insurance easy for you. We partner with the best insurance companies and bring all the best insurance plans to one place. You can choose a suitable plan for your family from one location instead of having to open multiple tabs to compare. We also offer customised expert services to fulfil all your requirements and decide on the right plan. You can get our services and support anytime through phone, chat, WhatsApp, or emails at your convenience.