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Monthly payment option in health insurance

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21 Aug, 2022 by  Avishek A

Is there any health insurance which provides option for monthly payment.

As per irda, even health insurance are eligible for monthly payment & insurance providers should support it without any additional interest, but unable to find any except Navi.

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Most major debit and credit cards offer these plans.



However lately only Navi offers premium payment option on monthly basis from my understanding from what I am aware of.



Do exercise caution when choosing an insurer purely on ease of payment basis though.



All the best

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22 Aug, 2022
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Hi,


Yes, there are options for monthly payment with a downpayment option in Health Insurance too


Can help you with EMIs as an option to buy the policy

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22 Aug, 2022
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Dear Avishek,


Many insurers these days have option for monthly premium mode. There are few instances where one has tied up with a third party and the amount is actually a loan issued to policy holder. The policy holder pays EMI to this third party. There are also some cases wherein the insurance company is doing self financing of behalf of the policy holder. In both instances one pays some extra premium that other one would have paid if monthly premium is not opted.


I hope this answers your query.


Regards

Rohit Dhingra

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23 Aug, 2022
Niraj SK

Hi, Yes the monthly payment plans are available in may insurance companies. However since there is a mandatory rule for premium payment upfront before coverage is started as per Insurance Act, many insurers have tied up with finance companies and they provide full premium to the insurer however charge monthly EMI without any interest to the policy holder. This arrangement is internal and the transaction happens through the insurer to keep track of EMI payments

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