What is Health Insurance EMI and How Does it work?

Medical insurance coverage is a necessity in today’s day and age. With the ever-increasing cost of healthcare treatment, any minor medical procedure can easily eat-up your contingency fund. On the other hand, a major medical procedure can burn a hole in your pocket and further lead you into a debt-trap. Thus, having a health insurance plan helps safeguard your finances as well as seek timely medical attention. However, not every individual in India has a medical insurance cover. To make health insurance plans more affordable, the Insurance Regulatory and Development Authority of India (IRDAI), asked the insurance companies to offer other payment options to policyholders apart from annual payments. Thus, this additional payment interval enables you to opt for EMI health insurance and makes insurance more accessible to lower-income groups. What otherwise seemed like a financial burden for some paying the premium at once, has now become convenient with the availability of health insurance on EMI.

Reasons to Buy Health Insurance on Installments

There is an increasing number of instances of health ailments catching up fast among the urban population. Certain lifestyle-related diseases are seen to grip even the rural population for which no appropriate treatment is sought due to high treatment cost. With the facility to pay the premium on EMI, health insurance has become affordable for all income groups. This facility not only benefits a particular class, but in general for all insurance buyers. Now you no longer need to worry about paying the entire premium at once, but instead in equated instalments which can be either monthly, quarterly, or half-yearly depending on your insurance company. Buying health insurance on EMI combined with the facility to buy online helps you follow social distancing norms when dealing with the pandemic. Further, this facility of buying on EMI, health insurance premiums can also be auto debited from your account without having you to remember the payment dates.

Pros of buying health insurance on EMI

Now that you know what makes buying health insurance on EMI a success, let us look at some other advantages that you can get -

Increasing health-related problems:

The modern-day lifestyle is more sedentary in nature which paves the way for various lifestyle-related diseases. The reduced physical activity among the working strata gives rise to critical ailments like cardiovascular diseases, diabetes, cancers of different intensity and even organ failures. Purchasing a family health insurance is the safest way to secure your family’s future. But everyone cannot bear the hefty insurance premium rates. Thus, providing the option to split the premium into smaller sums in the form of health insurance on EMI benefits a larger group of people.

Soaring treatment costs and higher sum insured:

Having adequate medical insurance cover to secure you is essential. But a higher sum insured amount translates to a higher premium quote. Paying this insurance premium in a single instalment isn’t feasible for many policyholders. But the facility of health insurance on EMI comes as a boon for such individuals. The same premium when divided into smaller amounts is manageable for many.

Benefits senior citizens:

Senior citizens with their limited retirement corpus cannot afford to purchase health insurance having a high premium. But these senior citizens are also the most vulnerable to ailments and thus, require a comprehensive health insurance plan. With the availability of health insurance on EMI, such senior citizens can now opt for medical insurance coverage with their savings. These are some of the key benefits of buying health insurance on EMI. If you are someone who cannot manage to pay the entire premium at once, splitting its outflow can help avail the necessary medical coverage, all within your budget. Compute your premiums with the online health insurance premium calculator.   *Standard T&C apply. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.