Often people settle for health insurances with low cover due to hefty premium rates. It is the main reason why people in India either don’t get health insurance at all or get insurance with low coverage than they need. Fewer people know of the fact that they can get the health policy they desire on EMI and premiums divided into manageable instalments.
Many of the providers have started accepting premium amounts in easy instalments. The reason behind this has been people who refuse to get health insurance due to higher premium. IRDAI thus mandates all the insurance providers to include EMI as an option to pay the sum.
Reason for the Provision
Getting health insurance plans is not talked about in India. You will often find that most people don’t have health insurance. This is not a surprising number as in nation with people who are near the poverty line not everyone can afford high premium rates. Now people who cannot pay the sum can get the premium into easy instalments which is also a great way to promote the buying behaviour. Thus, the simple reason could be the promotion of medical insurance in the country.
Why should you get a Health Insurance in instalments?
All the methods that have been made mandatory by IRDAI for health insurance on EMI are in the favour of people. Getting health insurance is an important aspect of life. Health insurance keeps you covered in hard times. It protects you from the financial crisis. Ways in which paying monthly instalment of the premium can help you are:
The person gets the full access to health insurance without any terms and conditions changing because the policy is on EMI.
It is beneficial for the people as they can pay the premium easily from their monthly income. Thus, it has great scope for people in big cities.
With technological advancement, you can now seek any policy online. Almost all the processes of getting insurance have shifted online. You can also pay your premium online through secure portals. Also, if comfortable a person can set up an auto deduction from their account. It will make sure the person does not miss any premium and can rest assured.
Reason to Get Health Insurance
Rise in medical Cost: In recent years we all have seen a tremendous rise in medical costs. Many of the treatment are almost unaffordable. In these times health insurance could be helping hand. It could help in planning out all the expenditures.
Indian Government for the promotion of health insurance also gives tax benefits to those salaried individuals who have a health insurance cover.
The rise in Health problem
With rising medical cost, we all have seen a rise in medical conditions. In older days getting cancer and another critical ailment was rare. Nowadays, it’s common. We know many people who die of these diseases.
Buy coronavirus health insurance for the hard times of this pandemic. Health insurance will protect your family and will make sure that you are financially covered.