Does the United India Insurance Company Limited accept the health insurance premium in instalments ?
As far as I am aware, they don't
Ok ! Thank you for the answer !
But didn't IRDA allow for this provision for Health Insurance Premium Payment ? Is it discretionary on the part of Insurance Company then, and not compulsory ?
Yes, some companies offer EMI options as per their convenience
If necessary, you can avail monthly payment option using your credit card if needed, but it becomes expensive that way
Ok ! Thank you for the reply ! The crux is there is no instalment provision across the board. Companies have nothing to lose in allowing premium payments in instalments - the cover will cease to exist if the insured misses the due date of next instalment.
Anyway ! Government companies are always late in adopting new things.
And about getting the insurance cost expensive in case of payments in instalments : It should not make it costlier than the difference of interest on the remaining unpaid instalments - they should not make it costlier than that.
Dipak R Gandhi