Following the directive of insurance regulator IRDA, many insurance companies have started offering monthly, quarterly and half-yearly options for health insurance premiums. Insurance experts say this option is good for those facing a cash crunch. He can opt for monthly premium payment but this increases costs.
At the same time, there is also the risk of policy lapse if the monthly premium is missed. In the monthly premium payment option, insurance companies offer a grace period of seven or 15 days. The policy lapse on not depositing premium in between. On the other hand, the insurance company charges more money than the annual premium to increase the cost of IT infra and other expenses. However, there is no change in the benefits available under the policy.
Claim process also complicated
The claim process also complicates the monthly payment of health insurance premiums. According to the IRDA directive, if a consumer pays the monthly premium then the insurance company will pay the claim after deducting the amount of the outstanding premium. For example, if the premium for a policy is 12 thousand rupees and you choose to pay 1000 rupees monthly. In such a situation, if you claim 50 thousand rupees after just two payments, then the insurance company will give 40 thousand rupees after deducting the premium dues of 10 thousand rupees.
Became the first choice of youth
According to PolicyBazaar, around 40% of youth aged 25 to 30 are opting for a monthly policy to buy health insurance. At the same time, 30 percent are opting for the policy annually. The prevalence of buying health insurance is increasing much faster in metro cities than in tier two and three cities. Health insurance is spreading at a rapid pace after the Corona crisis.
IRDA gave relief to consumers
The Insurance Regulatory Authority of India (IRDA) had instructed insurance companies to make available health insurance in installments amid the Corona epidemic. IRDA had given the option to pay health insurance policy premiums on monthly, quarterly, half-yearly or yearly basis, on monthly, quarterly, quarterly or yearly basis. After this, insurance companies have started it.
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