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A Guide to Paying Health Insurance Premiums in Instalments

In the backdrop of the COVID-19 pandemic,it is essential to get a health insurance policy that can save you from financial burdens in case of any medical emergency. It can help you avail the best treatments without dipping into your savings or compromising the future of your dependants. And since, in the view of prevailing conditions owing to COVID-19 outbreak, considering the need for easing the payment of health insurance premiums, all the insurers are allowed to collect health insurance premiums in instalments

Reasons to Buy Health Insurance with Instalment Payments for Premium

  • Affordable health insurance The easy monthly, quarterly, half yearly and annual instalment system of paying the premium will offer you the benefit of affordable care while protecting you against financial worries.] you can avail a high insurance coverage without having to pay the entire premium amount in one go.

  • Convenience With an option to convert your premium payments into monthly, quarterly, half yearly and annual instalments,you get the advantage of choosing from annual or monthly, quarterly, half yearly and annual premium payments,as per your convenience.  

  • Retain Liquidity Thanks to monthly,quarterly,half yearly and annual instalments,you will be able to retain higher liquidity,which is a must in during the current crisis. Avail the benefits of health insurance while paying small monthly, quarterly, half yearly and annual instalments,which will help you in insuring the health of your family members and yourself while retaining adequate liquidity to meet other expenses.

  • Continue to receive tax benefits* The premium paid to get health insurance can be claimed under Section 80D* of the Income Tax Act. This can help reduce your tax burden and end up saving money for other needs.

  • Pocket friendly Premiums Once you start paying the health insurance premiumon a monthly, quarterly, half yearly and annual basis,the pressure on your wallet will be lesser than a one-time payment. So,with the monthly, quarterly, half yearly and annual instalment facility, you can opt for a higher sum insured as well as choose to add more family members to one plan.

    Know more about our various Family Health Insurance Plans

    Other Reasons to Buy Health Insurance

  • Lifestyle diseases A fast-paced lifestyle often leaves you with little time to exercise,and leads to excessive stress,poor eating habits,and overall lack of discipline in life.These can pave the way for many lifestyle diseases like high blood pressure,diabetes,cardiovascular ailments etc. Hence,getting a health insurance policyis a must to tackle the cost of hospitalization and other bills. Many health insurance providers are also offering cover against COVID-19 now,getting which is a good idea to plan against unforeseen circumstances.

  • Inadequate insurance Many times,the insurance cover opted for is not sufficient to meet all the hospitalization and medical expenses in case of medical emergencies. So,it is wise to opt for a better health insurance cover that gives you adequate financial protection when the need arises.

  • Beat medical inflation With advances in science and technology,medical care and treatment facilities are improving,and medical costs are increasing as well. So,if you wish to opt for the latest medical treatments,it is important that your health insurance coverage is adequate to beat this medical inflation.

  • Big savings Get the benefit of lower premium per person as you add your family members to your health insurance policy. The insurance coverage is higher and the premium discounts give you big savings.

  • Early decision Getting a health insurance policy early in life helps you to get higher coverage against lower premium as the risk of diseases is lower at an early age. Also,continuing with the policy will keep the premium low and insurance coverage high over a period of time.

  • Tax saving The health insurance premium. You can also avail tax benefit under Sec 80 D of the Income Tax*. So,you can safeguard your health while reaping the benefits of tax saving.

    Know more about our Health Insurance Policy for Individuals

    Benefits of buying a health insurance policy online

    It goes without saying that buying a health insurance plan online is the need of the hour. And these days,you can pick the perfect health insurance from the comfort of your home!

    The many benefits of buying a health insurance policyonline are:

  • Convenience Owing to the coronavirus pandemic and the lockdown,it is safe to stay home unless you have to venture outside for essentials. Hence,applying for a health insurance policy online is your best bet. This option is safer and more convenient since you don’t need to go anywhere or meet anyone to discuss policy options or clearyour doubts and questions.Plus,you can save your time,effort and energy,and still opt for a health insurance plan that best suits your needs.

  • Secured Payment Modes Thanks to rapid changes in technology, paying premiums online has become much easier and hassle free,with many options to choose from. With just a few clicks,you can maintain your policy and avoid the risk of infection by staying inside.

  • Instant Policy Issuance Get the policy document immediately via email after paying the health insurance premium. So, you no longer need to wait for courier services to bring you your policy document. It is easier to track communications on email as well. However,if you have a pre exising illness you may have to undergo certain medical tests.

  • Instant Premium Calculation Since everyone has a different requirement,the online mode gives you the freedom to select the plans as well as the number and details of family members that would be covered by the health insurance policy. The premium is instantly calculated based on the data entered by you,which gives you the convenience of customizing the policy as per your requirements.

To conclude,the scope to pay health insurance premiumin instalments is likely to encourage people from various socio-economic backgrounds to secure their futures. So,buy HDFC ERGO health insurance today,after going through the terms and conditions carefully. 

Disclaimer:The above information is for illustrative purpose only. For more details,please refer to policy wordings and prospectus before concluding the sales. Ref. to IRDAI Circular No:IRDAI/HLT/REG/CIR/096/04/2020 publised as on 21st April 2020 on IRDAI website. T&C apply. my:health Suraksha HDFHLIP20049V041920 UID No. D2HI735 *Subject to change in tax laws


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