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Payment of Health Insurance Premium in Installments

Following a regulatory change by the IRDAI, health insurers have started accepting payments in monthly installments for health insurance premiums. Since single payment is difficult for many monthly earners, this is a welcome move.
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In a regulatory move, to make all ends meet IRDAI (Insurance Regulatory Development Authority of India), now allows the health insurance providing companies in India to accept monthly premiums for their health insurance policy. Earlier people had to pay a one-time premium unless the policy was to be renewed. This led many, including the IRDAI to believe that perhaps it was necessary that monthly installments was necessary to be introduced in the system.

Why Has the Provision been Introduced?

As per the Annual Report released by IRDAI for FY-2014-15 the general insurance industry has witnessed the issuance of approximately 1,09,00,000 health insurance policies. These policies are supposed to cover 28.80 crore people as policyholders. The data further showed that there is a major number of people who are covered by government schemes as well as group insurance policies, while the individual health insurance business has fallen marginally.

The main idea behind this regulatory move is as simple as it seems: making health insurance a more affordable product so that people who were unable to pay lump sums earlier may now be able to afford medical insurance. The other options also include payment of premiums on monthly, quarterly or half yearly as well as the currently in practice annual basis of instalments. Insurance policies which have higher amounts of sum assured earlier had multiple annual premiums to be paid for coverage. But is this move a great move or just not quite what it seems?

Pros of Being Able to Pay Monthly Installments for Health Insurance Policy:

We often come with the precarious idea that every move made by the IRDAI has got to benefit ordinary masses. It sure is intended to, which is why it generally works out. Here are some of the reasons why this new idea could actually help the health insurance sector grow and benefit the product consumer base at the same time:

  • More accessibility of the product in small towns and rural areas of the country is something that people can expect from this move because the investment for health will get a lot cheaper this way. As it based on the reports by NSSO (National Sample Survey Office) rural population in India whose health has been insured is only 14.1%.
  • It is not any better in the urban areas since NSSO’s numbers for the statistics for urban regions in India is a mere 18%. This means that there is still a huge opportunity for the health insurance industry to grow in the cities as well.
  • With the advent of internet, making payments online has also become easier with higher penetration of the medium in made remote places. This was not the case even a decade back. Internet has evolved to a state today where it is no longer a luxury or want but a poor necessity and hence paying premium installments will not be a cumbersome job for people anymore.
  • With premium installments, people can now opt for different policies or change it in the future, when they are able to afford higher sum assured.
  • In fact, people who have policies currently that barely cover their health expenses will now be able to afford higher coverage, since they will have a higher buying power with lower premiums having to being paid.
  • If the health insurance industry experiences a boon through this move, then it will automatically offer more competitive products. This will improve everything the industry, starting with the basic customer service and an enhanced claim process.

What Could Go Wrong When Paying Monthly Installments for Health Insurance Policy?

Though this list is smaller and may not be too important to some, is still essential to be aware of, especially for people to know what they are getting into:

  • Not only for health insurance, but if you come to think of any other product, even if it is buying a cell phone with EMI, installments always make the actual cost of the product much higher. The policyholder in such cases ends up paying approximately 3 to 5 percent more which is a big amount if you consider the sum assured. The quarterly premium rates will be around 3% higher while the monthly premiums will make the product 5% more expensive.
  • Also people will have to opt for an insurance which is at least requires 2 to 3 years of policy term.
  • To add more oil to the fire, people cannot claim the insurance money before at least a year of premiums have been paid. This was not the case with annual premiums being paid earlier.

However, all parties in question are positive about this move because of the major affordability factor and maybe this general insurance will actually be more accessible to lower income groups now.

GST rate of 18% applicable for all financial services effective July 1, 2017.

Disclaimer: Premiums may vary depending upon factors like age, location and prevailing taxes/GST.

Payment of Health Insurance Premium in Installments Reviews

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  • review Health Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have taken my health insurance with Adiyta birla insurance, there service is good, there agent had explain me about the policy which is covered in this insurance and they have tie up with many hospital and they have shared me there location , and the premium amount they have charged me was nominal, i use to pay through on line.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 23, 2019
  • Apollo Munich Health Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have taken my health insurance with Apollo Munich, there service is good, there agent had explain me about the policy which is covered in this insurance and they have tie up with many hospital and they have shared me there location , and the premium amount they have charged me up to 13,000, i use to pay through on line.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jan 22, 2019
  • United India Health Insurance
    "Best Policy"
    0.5 3.0/5 "Satisfactory"
    I have chosen the United India health insurance policy without any reason. I got this policy for my entire family. I pay the premium amount of Rs. 16000 nearly. I have a claim experience with them and they have processed the claim in 3 days. They have given a claim upto 80%
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 22, 2019
  • review Health Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have a health insurance policy with BHARATHI AXA , this policy cover accident claim and there customer support team have explain me about this policy . And the premium i pay per year it nominal, i pay through on line. Till now i have no claim experience with them, i have took the policy like in every five years they will reduces 5 % if i do not claim it, till now there service was good.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jan 22, 2019
  • United India Health Insurance
    "Good Policy to take"
    0.5 5.0/5 "Blown Away!"
    I have purchased my United India health insurance in the year of 2002. I pay the premium amount of Rs. 12000. This is a primary plan. Me, my wife and my son has been covered in this policy. I have received the covered amount of Rs. 10 lakhs. I have not faced any issue in this policy.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Jan 22, 2019
  • HDFC Ergo Health Insurance
    "Average service"
    0.5 3.0/5 "Satisfactory"
    I have been using my health insurance with HDFC ERGO, they have charged me premium amount up to 500 rupees , this health insurance is a complimentary insurance issued my bank as i took this bank credit card, the premium amount it was to get deducted on yearly basis, and it use to get deducted from this bank credit card, and after that it converted in to Emi option, and till now i had no experience with this insurance, there is cash less treatment option available.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 22, 2019
  • Bajaj Allianz Health Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I took my Health insurance with Bajaj allianz general insurance, they have tie up with many hospital, and they have shared me location regarding this, so far there was no claim experience with them . There is cashless treatment option available , the premium amount they have charged me previously on monthly basis, it was nominal premium charges, i have been paid for 4-5 years continuously, now maturity period got completed.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jan 22, 2019
  • HDFC Ergo Health Insurance
    "Not satisfied with the service"
    0.5 1.0/5 "Really Bad"
    It was not quite a good experience i had with them where i had started this insurance policy in the year of 2009 and i had been paying the premium amount of 50,000 annually. There was not any single claim which i had made so far, until last year i had tried for a claim and the bill was around 40,000 and they had provided me with only 12,000 which was really a bad experience.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 21, 2019
  • Star Health Health Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been using my health insurance with Star health insurance, there service is good,i have applied two health loan , one for me and one for my parents, i had claim experience with it , as one year ago,i avail this insurance for my parents, there was cashless option available , and the premium amount they have charged me was nominal, for my parents i use to pay up to 27,000 as yearly basis, and for me 12,000 as yearly basis.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 21, 2019
  • HDFC Ergo Health Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been using my health insurance with HDFC ERGO , the agent that explain me clearly about the policy, and there benefits,and they have tie up with many hospital and they have shared me excel regarding this, i had claim experience on 2016 , my claim experience with this bank was good, the premium amount they have been charged on yearly basis,they have charged premium nominal.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 21, 2019
  • ICICI Lombard Health Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have taken my health insurance with ICICI Lombard general insurance, there service is good, there agent had explain me about the policy which is covered in this insurance and they have tie up with many hospital and they have shared me there location , and the premium amount they have charged me was nominal,i use to pay on yearly basis.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 20, 2019
  • HDFC Ergo Health Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I took my medi claim with HDFC ERGO, they have tie up with many hospital,and they have shared me the location regarding this,they have mention the location on excel,and the premium amount they have charged me is nominal,they have charged me on yearly basis.overall service is good.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 20, 2019
  • HDFC Ergo Health Insurance
    "Average Policy"
    0.5 3.0/5 "Satisfactory"
    I have purchased the health insurance from HDFC Ergo. For some enquiry, i have called the customer care service and they have resolved my query immediately. I have not made any claim experience so far. I pay the premium amount of Rs. 37000 and myself has been covered in this policy.
    Was this review helpful? 0
    , gurgaon
    Reviewed on Jan 20, 2019
  • Star Health Health Insurance
    "Less premium with Extra benefits"
    0.5 3.0/5 "Satisfactory"
    Taken my health insurance policy recently from Star. Till now i have not spoke with the customer care. Since my age is above 50, i made the premium amount of Rs. 17000. Myself, my wife and child has been covered in this policy. They have given me a coverage value of Rs. 4 lakhs. Almost major hospital has been covered in this list.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 20, 2019
  • ICICI Lombard Health Insurance
    "Average Policy"
    0.5 3.0/5 "Satisfactory"
    My health insurance was purchased from ICICI Lombard. To apply the claim, its a lengthy process. I had a claim experience and they have given the claim upto 80%. I pay the premium amount of Rs. 12500 every year. My entire family has been covered in this policy.
    Was this review helpful? 0
    , indore
    Reviewed on Jan 20, 2019
  • HDFC Ergo Health Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I experience my health insurance with HDFC Ergo,they have tie up many hospital ,i have not have claim experience yet,there is cashless treatment option available,the premium they have charged me on monthly basis,they have charged me up to 700 which is nominal , i pay premium through on line.
    Was this review helpful? 0
    , kolkata
    Reviewed on Jan 20, 2019
  • ICICI Lombard Health Insurance
    "Bad experience"
    0.5 1.0/5 "Really Bad"
    I hold health insurance with ICICI lombard,they have tie up with many hospital , and even they have shared me the location in pdf form, and i pay previously premium on yearly basis, but now it is flexible pay option is available, and i use to pay on monthly basis, up to 878 rupees ,it is bit high compare to market value,there is cashless treatment available.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Jan 19, 2019
  • Max Bupa Health Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    I have chosen this MAX BUPA insurance mainly because of convincing premium benefits . This policy covers Cashless hospitalization. , pre diseases coverage . Overall am satisfied with customer care and service. Am getting income tax benefits and the premium amount which am paying is satisfied , Am making the payment through online .
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 19, 2019
  • Star Health Health Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been using health insurance with Star health insurance, the agent had clearly explain me amount the claim policy, and they have tie up with my hospital, and they have charged me location regarding to hospital location, there premium amount is on yearly basis, and it use to get auto debited from my account.
    Was this review helpful? 0
    , thane
    Reviewed on Jan 19, 2019
  • HDFC Ergo Health Insurance
    "Best Policy"
    0.5 5.0/5 "Blown Away!"
    I have taken Health insurance from Hdfc ergo insurance . Am satisfied with the premium amount which am making the payment for every 2 years . This policy gives good coverage with cashless hospitalization and pre disease cover . Even they have given network list of hospitals . While taking the policy they have explained very well about policy and claim .
    Was this review helpful? 0
    , bhubaneshwar
    Reviewed on Jan 19, 2019
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