Wednesday, April 22, 2020

Premium for Health Insurance – it will become possible to pay in instalments

Premium for Health Insurance - it will become  possible to pay in installments.

For last 6 years Insurance Foundation of India has been propagating that with a view to increase penetration of Health Insurance we should move away from compulsory yearly premium payment format to installments on the lines of Life Insurance premium which is :
  1. Monthly
  2. Quarterly
  3. Half yearly
  4. Yearly
IRDAI, the regulator has permitted general insurance companies or standalone health insurance companies to go ahead with installments format.

Implementation of the same will need few weeks of time as some changes in software are to be made. In near future we will see this being implemented and this will  bring relief to large number of policy holders, who might be feeling impact of reduced earnings due to Covid.

We are sure that penetration of Health Insurance will increase in the country. During 2020 21 we foresee health insurance premium to increase from Rs 50000 crores to Rs 70000 crores an increase of 40%

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