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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
    • Star Health Health Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have my health insured with Star health from last 6 months, i pay a premium of Rs 5500 for this insurance policy and it is a family coverage. I have not claimed anything so far from this insurance policy and the coverage value is Rs 10 lakhs.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 20, 2018
    • Star Health Health Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have a health insurance policy with Star health from last 15 years and it is a good policy. It is a family policy with the coverage value of Rs 7 lakhs for this insurance. I have no claim experience so far from this insurance and i pay a premium of Rs 4000 for this insurance.
      Was this review helpful? 1
      , chennai
      Reviewed on Jul 18, 2018
    • ICICI Lombard Health Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've an employer provided health insurance policy with the ICICI Lombard. The company is paying the premium. It offers of a coverage of 2 lacs for me annually. I do not have any claim experience with the policy. So far there hasn't been any issues with the policy. I'll have to wait and see how they respond to my claims in future if I'll have any.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 17, 2018
    • HDFC Ergo Health Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have choose this Hdfc 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 quiet high , I make the payment through on line.
      Was this review helpful? 1
      , ahmedabad
      Reviewed on Jul 17, 2018
    • ICICI Lombard Health Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I took health insurance from Icici health insurance . I have choose this insurance mainly because of convincing premium with too many benefits . This policy covers Cashless hospitalization. , pre diseases coverage . Overall am satisfied with customer care and service. Am getting income tax benefits
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 17, 2018
    • Star Health Health Insurance
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I took health insurance from Star health insurance . I have choose this insurance mainly because of convincing premium with too many benefits . This policy covers Cashless hospitalization , pre diseases coverage . Overall am satisfied with customer care and service. Am getting income tax benefits
      Was this review helpful? 1
      , vadodara
      Reviewed on Jul 17, 2018
    • review Health Insurance
      "Not satisfied"
      0.5 1.0/5 "Really Bad"
      I took health insurance from Iffco tokio health insurance . I have choose this insurance mainly because of convincing premium amount . I have closed this insurance as they told it cover pre disease coverage . During claim process , there is no proper response from the customer service and response .
      Was this review helpful? 0
      , vadodara
      Reviewed on Jul 17, 2018
    • New India Health Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've a health insurance policy which is provided by the employer in partnership with the New India Insurance . The company is paying the premium, so far there hasn't been any claim experience with the policy. It offers 10 lacs hospitalization coverage and a whopping 1 Crore accidental benefits. Considering the features and benefits it is recommendable health insurance policy to have.
      Was this review helpful? 1
      , mumbai
      Reviewed on Jul 16, 2018
    • Bajaj Allianz Health Insurance
      "Useful Service"
      0.5 4.0/5 "Great!"
      I've an employer provided insurance policy with the Bajaj Allainz. The company is paying the premium, I do have a claim experience with the policy where I claimed 100% amount needed for the treatment. It was a cashless treatment and the whole process was smooth and hassle free.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 16, 2018
    • ICICI Lombard Health Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've a health insurance policy with the ICICI Lombard. It took almost one month to receive the policy document soft copy. I am paying a premium of 650 per month. They're yet to send me the hard copy. Overall it hasn't been a good experience with the policy so far.
      Was this review helpful? 0
      , delhi
      Reviewed on Jul 14, 2018
    • Reliance General Health Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've been using the Health Insurance policy from the Reliance General Insurance. The company is paying the premium. The policy covers me and my parents. The policy offers an annual coverage of 5 lacs for me and 2 lacs for my parents. So fat I do not have any claim experience with the policy.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jul 14, 2018
    • HDFC Ergo Health Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've an employer provided health insurance policy with the HDFC Ergo. It offers an annual coverage 5 lacs, the company is paying the premium. I do have any claim experience with the policy. I have claimed this policy two times for me and wife both they approved. The claim processing was really easy and they settled almost 30000.
      Was this review helpful? 0
      , pune
      Reviewed on Jul 14, 2018
    • Star Health Health Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have a health insurance policy with Star health from last 7 years and it is one of the good insurance policy. I pay a premium of Rs 10000 for this insurance and it is a family heath policy. My claim experience was good and i have claimed 2 times. The coverage value was 90% and it was a cashless treatment.
      Was this review helpful? 1
      , ahmedabad
      Reviewed on Jul 12, 2018
    • review Health Insurance
      "Good to take the Health insurance policy"
      0.5 4.0/5 "Great!"
      I have a claiming experience. There is plenty of hospitals covered in Hydrabad area. The claiming experience is good and it was done within 15 days. I claimed the maximum amount of Rs. 25000 till now and i can claim upto 5 lakhs for me and my family. Cashless treatment facility is also treatment. The company will take care of premium amount and all.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 11, 2018
    • ICICI Lombard Health Insurance
      "Good Service"
      0.5 3.5/5 "Pretty good"
      I've a health insurance policy from the ICICI Lombard which is provided by the Company. The company is paying the premium. It covers almost all treatments, I do not have any claim experience with the policy. I'll have to wait and see how they respond to my claim in case if I'll have any.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 11, 2018
    • HDFC Ergo Health Insurance
      "Best policy"
      0.5 4.5/5 "Excellent!"
      I have my health insured with HDFC ERGO from last 3.5 years, i am happy with the coverage value of this insurance policy. I have not claimed anything so far from this insurance policy. I paid a premium of Rs 10000 for 2 years and the coverage value is Rs 10 lakhs for this insurance.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 11, 2018
    • Bajaj Allianz Health Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've been using the Health insurance policy from Bajaj Allianz for a while now. The Experience is good, don't have any claim experience. I pay a premium of 8000 Per year. I never had any claim experience with the policy so far. When considering the features it is a good policy to have.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 10, 2018
    • Star Health Health Insurance
      "Average Policy"
      0.5 3.0/5 "Satisfactory"
      I have my health insured with Star health from last 2 years, i am not aware of the premium amount as my company pays it. It is a family health policy and the coverage value is Rs 4-5 lakhs. My claim experience was not up to the mark as they covered only 80% and it was a cashless treatment.
      Was this review helpful? 1
      , mumbai
      Reviewed on Jul 10, 2018
    • Star Health Health Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I hold a health insurance with Star health from last 7 years, i am not aware of the premium amount as my company pays it. It is a family health policy where the coverage value is Rs 3 lakhs. I have not claimed anything so far from this insurance policy.
      Was this review helpful? 1
      , kochi
      Reviewed on Jul 05, 2018
    • HDFC Ergo Health Insurance
      "Very Good health insurance policy"
      0.5 5.0/5 "Blown Away!"
      I have not used the claim for the policy. The benefits is excellent with HDFC Ergo. I can claim the policy upto 3 lakhs if its exhausted i can avail more than 6 lakhs. I used to pay the premium of Rs. 3500 per years. The cashless treatment is available and its a ax benefitable policy. I have already recommended many of my friends
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 05, 2018
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