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Many people do not buy health insurance because it can be pricey. To make health insurance more affordable for Indians, Irdai in 2019 told health insurance companies to let people pay their annual premiums in equated monthly instalments (EMIs).
Irdai introduced this provision to enhance accessibility and affordability as many individuals, especially in small towns and rural areas, find it challenging to pay the entire premium at once, leading to inadequate coverage.
The ease of instalments enables individuals to afford higher coverage amounts without financial strain, ensuring access to necessary treatments.
Monthly premium payments align with their budgetary constraints while ensuring access to healthcare when needed.
Often, when people pay their health insurance premiums in monthly instalments, they might have to pay extra charges on premiums.
Policyholders who pay their health insurance premiums in instalments may also miss out on certain discounts offered when the premium amount is paid in a lump sum.
Search for health insurance plans with zero-cost EMI, meaning there are no additional costs when compared to a single annual premium and make sure the policy covers healthcare needs and the number of people to be covered in the insurance policy.
Compiled by Syed Muskan