Is it a Good Idea to Buy Health Insurance on EMI?
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Is it a Good Idea to Buy Health Insurance on EMI?
Posted On : 04 January 2021, 6 Months Ago. Health-Insurance
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In 2018, the findings of the National Family Health Survey (NFHS-4) conducted by the Ministry of Health and Family Welfare has revealed that health insurance coverage in India is abysmally poor and that less than one-third (29%) of households have at least one member covered under a health insurance scheme. The report further states that only 20 percent of women and 23 percent of men between the age group 15-49 years are covered under health insurance.

One of the key reasons behind poor penetration of health insurance in India are the health insurance premiums payable at once, and large health insurance cover would only mean a large premium amount bringing down its affordability. However, the advent of COVID-19 pandemic has made people take a note on the importance of having a health insurance cover, and given the job losses, pay cuts and a slide down in the incomes of business and salaried class triggered by the pandemic, the Insurance Regulatory and Development Authority of India (IRDAI) has allowed the provision to buy health insurance on EMI (equated monthly instalments). It is now affordable to buy health insurance on EMI by paying premiums on a monthly, quarterly, half-yearly basis, in addition to the existing option of annual premium payment.

 

Reasons to Buy Health Insurance on EMI

 

Here’s why it is a good idea to buy health a mediclaim policy on EMI:

 

1. No Cost EMI Health Insurance:

 

The single annual premium of a health insurance policy can now be converted into flexible EMIs without any additional costs, making it a no cost EMI health insurance.

 

2. Accessibility and Affordability:

 

Irrespective of the place of residence, the health insurance EMIs increase the accessibility and affordability of the mediclaim policy for its buyers. For those living in small towns or rural areas, buying a mediclaim policy on EMI shall prove to be a lot cheaper and beneficial. On the other hand, for those living in urban areas, too, paying health insurance EMI from their monthly income is a convenient way to manage overall finances.

 

3. Flexible Payment Option:

 

Choosing a large health insurance cover to suit your medical needs along with your family’s is now possible with flexible premium payment through EMIs on a monthly, quarterly, or half-yearly basis. You don’t have to compromise anymore on the quality of the treatment for the fear of paying large single premium to gain higher coverage.

 

4. Beneficial for Senior Citizens:

 

Buying a mediclaim policy on EMI is an attractive and affordable option for senior citizens with limited monthly income. Pocket-friendly health insurance EMIs enable them to avail the best-in-class medical treatment without having to worry about managing their finances.

 

5. Hassle-free Mode of Payment:

 

Being able to pay the health insurance EMIs online makes it a pleasant and comfortable experience for the customers saving the hassle of issuing cheques or cash. Also, you would receive reminder alerts about your EMIs when due and choosing an auto-debit option ensures that you don’t miss out on an EMI payment.

 

6. Tax Benefits:

 

A premium amount of upto Rs.50,000 contributed towards your mediclaim policy as EMIs can be claimed for tax exemption under Section 80D of the Indian Income Tax Act, 1961

 

Choosing the Right Health Insurance Policy on EMI

 

Choosing a right health insurance policy on EMI depends on several factors such as policy features and benefits, terms and conditions, eligibility, and most importantly the credibility of the insurance provider in providing customer service. With a variety of affordable, no cost EMI health insurance plans that promise comprehensive, customized health coverage amounts, cashless OPD and paperless reimbursements, a 30-minute cashless claims processing and direct claim settlement without any third-party agents across a health network beyond 4,500 hospitals, Max Bupa could be your trusted health insurance provider with its individual health insurance and family health insurance plans to fulfil your medical needs along with your family’s in times of emergency.

 

Conclusion:

 

Thus, it is clear that buying health insurance on EMI is advisable. But it is important to keep the aforementioned factors in mind while purchasing the same. This will help smoothen out the process and benefit one in the long run.

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