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  • Payment of Health Insurance Premium in Installments

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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

  • Page 1 of 50 1 2 3 4 5
    • HDFC Ergo Health Insurance
      "GOOD"
      0.5 4.0/5 "Great!"
      I have been using with the health insurance policy with the HDFC ERGO GENERAL INSURANCE from past one year and i have paid the premium of 24k for this health insurance. They have provided me with the 12lakhs as medical coverage for my complete family.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 16, 2018
    • Religare Health Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have a health insurance policy from the Religare Insurance company. I am paying a premium for a per year. I do not have any claim experience with this policy. Overall it has been a smooth experience with the policy so far. I'll have to wait and see how they respond to my request in future.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 16, 2018
    • HDFC Ergo Health Insurance
      "GOOD SERVICE"
      0.5 5.0/5 "Blown Away!"
      I am using the health insurance policy with the HDFC ERGO GENERAL INSURANCE from past two years where i have no claim experience with this policy also added on that the premium i pay seven thousand rupees per year. The medical coverage is for six lakhs for complete family.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 16, 2018
    • HDFC Ergo Health Insurance
      "GOOD SERVICE"
      0.5 5.0/5 "Blown Away!"
      I am using the health insurance policy with the HDFC ERGO GENERAL INSURANCE from past two years where i have no claim experience with this policy also added on that the premium i pay seven thousand rupees per year. The medical coverage is for six lakhs for complete family.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 16, 2018
    • Religare Health Insurance
      "Necessary policy for all family"
      0.5 4.0/5 "Great!"
      I have no claim experience with Religare health insurance policy. I have purchased the policy 1 month before. They have offered me a coverage value of 5 lakhs. I have taken the policy for my family. I have no idea about the list of hospital. They are providing the cashless facility. I pay the premium of Rs. 11700.
      Was this review helpful? 0
      , faridabad
      Reviewed on Nov 16, 2018
    • Apollo Munich Health Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have a health insurance policy with Apollo Munich, this policy cover accident claim and there customer support team have explain me about this policy and the premium i pay 25,000-30,000 per year it nominal, i pay through on line, till now there service was good.
      Was this review helpful? 0
      , noida
      Reviewed on Nov 16, 2018
    • Star Health Health Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have a health insurance policy with Star health insurance, the premium i use to pay is up to 13,000 a per year its nominal for me, from past 1 year i have been using this insurance there customer service explain me about policy and i use to pay through on line like they use to send me the link i use to pay it.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 16, 2018
    • HDFC Ergo Health Insurance
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I have been using my health insurance policy with the HDFC ERGO GENERAL INSURANCE and the premium i am paying six hundred and thirty five rupees per month also it gives the coverage up to one crore rupees. It is a corporate policy, i am using from past 10 years but i had no claim experience.
      Was this review helpful? 0
      , bhubaneshwar
      Reviewed on Nov 16, 2018
    • Cigna TTK Health Insurance
      "Average"
      0.5 4.0/5 "Great!"
      I have chosen Health insurance with Cigna TTK. They provided me a cashless facility and reimbursement for my doctor bills. I have taken the policy for my entire family. I pay yearly 10K as a premium through ECS. The claim experience is excellent and the reimbursement was immediate. The policy coverage for me is 5L and rest of family members is 3L. They have more network of hospitals but they pay more attention on the medical bills.
      Was this review helpful? 0
      , thane
      Reviewed on Nov 15, 2018
    • Apollo Munich Health Insurance
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I had a health insurance for my family with Apollo Munich. My experience is good. Due to some reason, I was unable to pay the premium. The policy has been lapsed. I have paid 12K for a year. The payment mode is net banking. The policy coverage was 5L. It was covering almost all diseases, If I use even 5L at one time again they will provide 5L which was very good.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 15, 2018
    • HDFC Ergo Health Insurance
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have been using HDFC ERGO health insurance for while , I never had any claim experience with the policy. I will have to wait and see how they respond to their claim requests in future, overall service was good it cover accidental policy and they charge nominal premium amount.
      Was this review helpful? 0
      , anantapur
      Reviewed on Nov 15, 2018
    • Star Health Health Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      I have been using my health insurance with Star health insurance,there premium they charge is nominal only i use to pay my premium amount on monthly bases and it use to get auto debited with my bank account and they have explain me all policy which is cover in this policy clearly, till now i did not face any issue with this insurance.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 15, 2018
    • Reliance General Health Insurance
      "Good Policy"
      0.5 5.0/5 "Blown Away!"
      I have a company provided health insurance with Reliance, i am not aware of the premium amount as my company pays it. There was no claim experience so far with this insurance policy. This policy has a coverage value of Rs 4 lacs.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 15, 2018
    • ICICI Lombard Health Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      I have been holding my health insurance with ICICI lombard from past 1 year, the premium i pay on yearly bases up to 9000 rupees it was nominal for me and i use to pay through on line and there customer service was good they explained me all policy clearly.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Nov 15, 2018
    • review Health Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken my health insurance with IFFCO TOKIYO , i dont pay premium the company directly pay on my behalf so i dont know how much i need to pay insurance and this insurance include accidental policy and it has got tie up with various hospitals.
      Was this review helpful? 0
      , dariba
      Reviewed on Nov 14, 2018
    • ICICI Lombard Health Insurance
      "Good card"
      0.5 4.0/5 "Great!"
      I have taken my health insurance with ICICI LOMBARD , i pay premium on monthly bases and till now i have not utilized this insurance ye so i have no idea how it will work and i use to my premium through on line and so far service was good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 14, 2018
    • HDFC Ergo Health Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken my health insurance with HDFC ERGO , i have not opt there policy yet and i use to pay premium on monthly bases up to 400 rupees and it use to get auto debit from my account and while i applied for health insurance customer service had explained me about all procedure , so far the process went smoothly and it good.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 14, 2018
    • National Insurance Health Insurance
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      This insurance policy has been taken through the company which i am working, the premium amount has been taken every month and it was a good service which they had been making so far. I had two times availed the claim through them and the method in getting the claim has also been good.
      Was this review helpful? 0
      , gandhidham
      Reviewed on Nov 14, 2018
    • ICICI Lombard Health Insurance
      "Best Policy"
      0.5 5.0/5 "Blown Away!"
      I have taken Health insurance from Icici Lombard insurance for my parents . Am satisfied with the premium amount which is quiet good. I make the payment yearly, but it has the benefits of cashless hospitalization and pre disease coverage . Am satisfied with their service and response.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 10, 2018
    • Cigna TTK Health Insurance
      "Good policy"
      0.5 4.0/5 "Great!"
      I got health insurance from Cigna TTK insurance through my company , The premium amount is been paid through my company . This policy covers Cashless hospitalization. Pre diseases coverage . Overall am satisfied with policy coverage and policy benefits .
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 10, 2018
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