Soon, pay health insurance premium in instalments

Zee Media Bureau

New Delhi: Your health insurance provider is soon likely to offer you an option to part pay your insurance premium.

According to a report in Hindustan Times, the Insurance Regulatory and Development Authority of India (IRDAI) will soon allow insurance companies, who would apply for approval of schemes, to offer part payment of health insurance premium to customers. “The companies will have to file for the products with us and we will look into it,” IRDAI chairman TS Vijayan told Hindustan Times.

The IRDA aims at reducing the burden of insurance premium and increase the number of people availing benefits of health cover.

Though the scheme, would not be offering the option of EMI payment, the part payment of premium will surely offer relief from the burden of large healthcare insurance premiums. 

According to government data tabled in Parliament last week, only 18 per cent of the urban population is covered by any medical insurance. In rural areas, the figure is even lower at eight per cent.