Check Health insurance on EMI Benefits
Updated On Dec 26, 2023
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To increase the affordability of health insurance for the people of India, in the year 2019, the Insurance Regulatory and Development Authority of India(IRDAI) asked insurance companies to start accepting health insurance premium payments in monthly installments.
With policyholders getting the option of making payments on health insurance premiums in installments (EMI), a fixed amount can be paid by them every month against their health insurance plan. With this welcoming change, now the middle-class income group people can have peace of mind rather than worrying about making payments towards heavy health insurance premiums.
Health Insurance On EMI
In India, the majority of individuals do not own health insurance coverage as the condition to make a payment towards the hefty premium for health insurance in a single stance might appear to be a financial burden on the middle-income class group. The primary objective behind the introduction of this provision by the Insurance Regulatory and Development Authority of India (IRDAI) was to make health insurance plans much more affordable and accessible to everyone in the nation. Moreover, individuals who were not comfortable paying premiums at once can now opt for the premium in EMIs.
Why paying Health Insurance Premium on EMI is a Good Idea?
Let us understand how paying a premium on EMI Medical Insurance can turn out to be a good option:
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Costly Healthcare Treatments
Due to the advancement in medical science, the expenses related to treatment and hospitalisation have become very costly these days. With ease in the premium payment on installment, it will become simpler to financially support yourself in covering healthcare expenses with a good health insurance plan.
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Choose Higher Coverage
The policyholders, who now have the flexibility to make payment of premiums in installments, it becomes simpler for them to now opt for higher coverage without the need to make payments for health insurance premiums in a single go. Now, individuals are no longer required to compromise on availing a good quality treatment as the benefits can be availed by paying the premium in installments.
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Cover for Self and Other Family Members
Any health emergency does not come with any prior notice, which could consequently put the individual in a financial burden. However, now you can safeguard your whole family without worrying much regarding paying a hefty premium amount as it can now be paid on both a monthly as well as quarterly basis.
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Increase in Health issues
Nowadays majority of people are living a sedentary lifestyle and have also adapted to unhealthy eating habits, there is a considerable rise in the number of lifestyle-related diseases and cardiovascular diseases such as cancer, kidney failure, diabetes, etc. Now you can easily avail of health insurance policies for any of the mentioned illnesses including health coverage for Coronavirus by paying the premium in installments i.e. either every month or quarterly basis.
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Tax Benefits
Under section 80 D of the Income Tax Act, a policyholder can avail of tax benefits even on premiums paid in installments.
Conclusion
The new provision related to paying health insurance plans on EMI has been welcomed by all the policyholders in India. With this option, now health insurance can be easily availed even by the lower income group due to the affordability factor. Hence, there has been a great rise in the number of policy buyers of health insurance in India after the introduction of the plan.
Disclaimer: This article is issued in the general public interest and is meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive and should research further or consult an expert in this regard.
