An important purchase in today’s time, health insurance policy helps you safeguard your savings in a sudden medical crisis. It has countless benefits when it comes to treatment, in-patient hospitalization, medication, and so on.
However, health insurance even after being an important purchase was not under every individual’s financial capability. Some people still find it hard to buy and continue with the premium payments. This is where the option of EMI can come in handy.
Yes! It is possible to buy health insurance on EMI. Understanding its importance and that every individual must have it on their side in case a medical emergency arises, the IRDAI communicated with the insurance companies asking them to increase the number of instalments in buying the policies. This way, the policyholders can opt for paying small amounts every month instead of paying hefty premiums annually trendingbird.
Top 5 Reasons to Buy Health Insurance on EMI
Buying health insurance on EMI can be a wise choice to make. Below we have curated a list to help you understand why:
With the option to purchase a health insurance policy through EMI, more people even from the smaller Indian towns and villages can afford to invest in health insurance. In cities also, people who are newly employed or retired might not have a regular or high source of income and may find it difficult to pay for the health insurance premiums. Thus, by allowing the payment of premiums on a monthly basis i.e., via EMI, more people can afford it.
- Rise in treatment expenses
Expenses for medical treatment have risen rapidly. If diagnosed with a disease, or injured due to an accident, you may have to use up your savings. This is why, monthly payment of the health insurance policies via EMI option has made it easier for more people to seek proper medical treatment and get financial support through health insurance net worth.
- Option of wider coverage
Now that you have the option to pay for health insurance via EMI, it is possible to choose a health plan with higher coverage. While the higher coverage plan will be expensive, it is now possible for you to afford it, owing to the ability to pay health insurance premiums in small instalments on a monthly basis.
- Tax exemption benefit
Tax benefits on health insurance are offered under Section 80D of the Income Tax Act. These are applicable for policyholders who choose to make premium payments through EMI as well. So, you do not have to worry about availing tax benefits after opting for the EMI payment method. The deductions on income tax can be claimed by policyholders on the premiums they pay on a monthly basis towards their health insurance policy.
- Online payment method
Last but not the least, digitalisation has made the process hassle-free. Since the premiums can be paid online from the comfort of sitting at your homes, you can go for the auto-debit option. This way, you don’t have to remember and make payments manually towards the insurance policy. Each month on the same date, a fixed amount of premium will be deducted from your registered bank account arenagadgets.
Now that you have gone through the above-mentioned reasons to buy health insurance on EMI, we hope it was helpful. If you want to know more, or explore plans online, you can visit our Bajaj Finserv app.
Anywhere, Anytime insurance with the Bajaj Finserv App!
The Bajaj Finserv App is a high utility app that takes care of all your financial needs including insurance. On this app, you can explore health insurance plans from our trusted partners. Here you can view product features, compare prices, and purchase a plan that is best suited to your needs. All this in a matter of minutes on our 100% digital platform and from the comfort of your home. It truly is becoming the new way to buy insurance factnewsph.