At times it is seen that people buy health insurance of very low coverage or worse they don’t buy at all. The most commonly stated reason is the hefty premiums that they need to pay for the insurance. Well, parting with your hard-earned money is never easy but at what cost? What if we tell you that now you can get sufficient coverage even on a tight budget? That’s right! You can now opt for insurances of high levels by paying the cost at affordable instalments. With this solution, you will not only be able to protect your finances but focus on the patient instead of fretting over arranging funds during times of crisis. Sounds like a plan, right?
Insurance companies and various survey reports have revealed that people often avoid buying health insurance because paying the premium at one go is not easy for many. Targeting to solve this issue, IRDAI made it mandatory for all the insurance providers to accept payment of premiums in instalments if the customer wants to avail of this offer. In this article, we will discuss some major reasons that justify buying health insurance on EMI.
Availability and Affordability
Whether you put up at a rural or an urban area, you will get access to health insurance. Though the ‘Payment in Instalments’ provision was introduced for the benefit of small towners, everybody can enjoy this facility. The burden of high price lessens on the people of rural areas plus it helps the industry in flourishing the business on a larger scale.
The Web Has it Covered
Busy schedule? Unable to visit the insurance company office? Payment time running out? No worries! You can seek for the best insurances online. Moreover, you get an option of paying your monthly EMIs online without the hassle of going all the way down to the office.
You can also avail the auto-repayment (only if you are comfortable) that helps the company deduct the amount on the due date directly from your bank account without making you worry about missing the last date.
Tax Benefits
You also receive huge benefits on taxes and can save big time on premiums. Under Section 80D of the Income Tax Act 1961, you can avail up to 50,000 of tax benefits on health insurance. Besides you can also buy extended policies which not only safeguards you but also your family without any additional premiums.
Win-Win situation
Ever since this provision was introduced, the industry flourished a lot, hence the insurance providers now offer a varied collection of insurance products. This not only proves beneficial for the company but also have a positive effect on customer services and improve the claim process.
Due to the rise in the medical and healthcare costs that came along as a by-product of technological advancements, a health insurance policy is a must today. Accidents never come with early announcements making it capable of draining you emotionally and financially.
